Albemarle Corporation $ALB Shares Bought by Handelsbanken Fonder AB

Handelsbanken Fonder AB boosted its holdings in shares of Albemarle Corporation (NYSE:ALB) by 368.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 379,127 shares of the specialty chemicals company’s stock after buying an additional 298,207 shares during the quarter. Handelsbanken Fonder AB’s holdings in Albemarle were worth $53,624,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. MH & Associates Securities Management Corp ADV acquired a new position in Albemarle during the 4th quarter valued at about $26,000. Elyxium Wealth LLC acquired a new position in Albemarle during the 4th quarter valued at about $34,000. Torren Management LLC acquired a new position in shares of Albemarle in the fourth quarter valued at about $38,000. Strategic Advocates LLC acquired a new position in shares of Albemarle in the third quarter valued at about $25,000. Finally, BOKF NA increased its holdings in shares of Albemarle by 5,771.4% in the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 404 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Albemarle

In other news, CEO J Kent Masters sold 16,393 shares of the company’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $183.72, for a total value of $3,011,721.96. Following the sale, the chief executive officer owned 87,519 shares in the company, valued at $16,078,990.68. This represents a 15.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.42% of the stock is owned by insiders.

Albemarle Stock Down 3.9%

Shares of ALB opened at $168.82 on Wednesday. Albemarle Corporation has a 52 week low of $53.70 and a 52 week high of $221.00. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $19.91 billion, a price-to-earnings ratio of -49.51, a PEG ratio of 0.88 and a beta of 1.36. The stock’s 50-day moving average price is $182.39 and its 200-day moving average price is $159.78.

Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $1.71. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the business earned ($0.18) earnings per share. The company’s revenue was up 32.7% compared to the same quarter last year. On average, sell-side analysts predict that Albemarle Corporation will post 12.45 EPS for the current year.

Albemarle Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be paid a $0.405 dividend. The ex-dividend date is Friday, June 12th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.0%. Albemarle’s dividend payout ratio is presently -47.51%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Robert W. Baird increased their price objective on Albemarle from $210.00 to $236.00 in a report on Thursday, May 7th. JPMorgan Chase & Co. cut their price objective on Albemarle from $195.00 to $145.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. Deutsche Bank Aktiengesellschaft increased their price objective on Albemarle from $210.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Citigroup increased their price objective on Albemarle from $210.00 to $225.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Finally, Rothschild & Co Redburn lowered Albemarle from a “buy” rating to a “neutral” rating and set a $188.00 price objective on the stock. in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $200.26.

About Albemarle

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.