Night Squared LP Purchases Shares of 21,135 Albemarle Corporation $ALB

Night Squared LP purchased a new stake in shares of Albemarle Corporation (NYSE:ALB) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 21,135 shares of the specialty chemicals company’s stock, valued at approximately $2,989,000.

A number of other large investors have also added to or reduced their stakes in ALB. Norges Bank purchased a new stake in Albemarle during the fourth quarter valued at about $165,271,000. Phoenix Financial Ltd. purchased a new stake in Albemarle during the fourth quarter valued at about $130,415,000. Northwestern Mutual Wealth Management Co. raised its position in Albemarle by 4,338.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company’s stock valued at $104,444,000 after purchasing an additional 721,793 shares in the last quarter. AQR Capital Management LLC raised its position in Albemarle by 22,047.4% during the second quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company’s stock valued at $44,613,000 after purchasing an additional 710,589 shares in the last quarter. Finally, Samlyn Capital LLC purchased a new stake in Albemarle during the third quarter valued at about $47,088,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Albemarle Stock Down 1.6%

Shares of NYSE:ALB opened at $166.25 on Wednesday. Albemarle Corporation has a 1 year low of $55.90 and a 1 year high of $221.00. The company has a market cap of $19.61 billion, a PE ratio of -48.75, a P/E/G ratio of 0.85 and a beta of 1.30. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21. The stock’s 50-day moving average is $180.92 and its 200 day moving average is $167.97.

Albemarle (NYSE:ALB) last announced its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the business earned ($0.18) EPS. Albemarle’s revenue was up 32.7% compared to the same quarter last year. Sell-side analysts anticipate that Albemarle Corporation will post 12.39 EPS for the current year.

Albemarle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Friday, June 12th. Albemarle’s payout ratio is presently -47.51%.

Analysts Set New Price Targets

ALB has been the topic of a number of research reports. HSBC raised their price target on Albemarle from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Oppenheimer lifted their price objective on Albemarle from $216.00 to $222.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Vertical Research upgraded Albemarle from a “hold” rating to a “buy” rating and set a $224.00 price objective on the stock in a report on Tuesday, May 26th. Jefferies Financial Group lifted their price objective on Albemarle from $230.00 to $244.00 in a report on Monday, May 11th. Finally, Scotiabank lifted their price objective on Albemarle from $200.00 to $215.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $203.04.

Insiders Place Their Bets

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $183.72, for a total transaction of $3,011,721.96. Following the sale, the chief executive officer directly owned 87,519 shares of the company’s stock, valued at approximately $16,078,990.68. The trade was a 15.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.42% of the company’s stock.

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.