Cibc World Market Inc. Invests $3.09 Million in Albemarle Corporation $ALB

Cibc World Market Inc. acquired a new position in Albemarle Corporation (NYSE:ALB) during the 2nd quarter, HoldingsChannel reports. The fund acquired 22,855 shares of the specialty chemicals company’s stock, valued at approximately $3,086,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Addison Advisors LLC acquired a new position in Albemarle during the 2nd quarter worth about $28,000. Elyxium Wealth LLC acquired a new stake in shares of Albemarle in the fourth quarter valued at about $34,000. Torren Management LLC bought a new position in shares of Albemarle during the fourth quarter worth about $38,000. Sound Income Strategies LLC raised its position in shares of Albemarle by 190.1% during the first quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company’s stock worth $52,000 after acquiring an additional 192 shares during the last quarter. Finally, Root Financial Partners LLC lifted its stake in shares of Albemarle by 121.5% in the fourth quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company’s stock worth $42,000 after acquiring an additional 164 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ALB has been the subject of several analyst reports. Zacks Research lowered shares of Albemarle from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. Morgan Stanley reiterated a “reduce” rating and set a $161.00 price objective on shares of Albemarle in a research report on Monday, August 10th. Vertical Research raised shares of Albemarle from a “hold” rating to a “buy” rating and set a $224.00 target price for the company in a research note on Tuesday, May 26th. Mizuho dropped their target price on shares of Albemarle from $205.00 to $185.00 and set a “neutral” rating on the stock in a report on Wednesday, July 1st. Finally, Robert W. Baird cut their price target on shares of Albemarle from $236.00 to $224.00 and set a “neutral” rating on the stock in a research report on Thursday, June 18th. Fifteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $190.04.

Albemarle Price Performance

Shares of ALB opened at $134.59 on Thursday. The firm has a market cap of $15.88 billion, a PE ratio of 498.50 and a beta of 1.33. Albemarle Corporation has a 52-week low of $71.25 and a 52-week high of $221.00. The business’s 50 day moving average price is $130.20 and its two-hundred day moving average price is $160.09. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.35 and a current ratio of 2.09.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, topping the consensus estimate of $3.20 by $0.55. The company had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.61 billion. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The company’s quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.11 EPS. On average, equities analysts anticipate that Albemarle Corporation will post 11.63 EPS for the current year.

Albemarle Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be issued a $0.41 dividend. The ex-dividend date is Friday, September 11th. This is a positive change from Albemarle’s previous quarterly dividend of $0.41. This represents a $1.64 dividend on an annualized basis and a yield of 1.2%. Albemarle’s dividend payout ratio is 600.00%.

Albemarle Profile

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.