HB Wealth Management LLC Has $51.66 Million Stock Position in Albemarle Corporation $ALB

HB Wealth Management LLC lowered its stake in shares of Albemarle Corporation (NYSE:ALB) by 5.2% during the second quarter, HoldingsChannel reports. The fund owned 382,612 shares of the specialty chemicals company’s stock after selling 20,945 shares during the quarter. HB Wealth Management LLC’s holdings in Albemarle were worth $51,664,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of ALB. Evexia Wealth LLC boosted its holdings in Albemarle by 2.3% in the 1st quarter. Evexia Wealth LLC now owns 2,088 shares of the specialty chemicals company’s stock valued at $387,000 after purchasing an additional 47 shares during the period. Parallel Advisors LLC increased its position in shares of Albemarle by 2.5% during the fourth quarter. Parallel Advisors LLC now owns 2,468 shares of the specialty chemicals company’s stock valued at $349,000 after purchasing an additional 60 shares during the period. Eaton Financial Holdings Company LLC increased its position in shares of Albemarle by 1.2% during the fourth quarter. Eaton Financial Holdings Company LLC now owns 5,769 shares of the specialty chemicals company’s stock valued at $816,000 after purchasing an additional 66 shares during the period. Sigma Planning Corp raised its stake in shares of Albemarle by 2.3% in the first quarter. Sigma Planning Corp now owns 2,952 shares of the specialty chemicals company’s stock valued at $530,000 after purchasing an additional 66 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC lifted its position in Albemarle by 1.9% in the fourth quarter. Signature Estate & Investment Advisors LLC now owns 3,592 shares of the specialty chemicals company’s stock worth $508,000 after purchasing an additional 67 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Stock Performance

Albemarle stock opened at $126.51 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.09 and a quick ratio of 1.35. The stock has a fifty day moving average price of $128.03 and a two-hundred day moving average price of $158.57. Albemarle Corporation has a 52-week low of $71.25 and a 52-week high of $221.00. The firm has a market capitalization of $14.93 billion, a P/E ratio of 468.57, a P/E/G ratio of 0.74 and a beta of 1.33.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.20 by $0.55. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same period last year, the business earned $0.11 earnings per share. The business’s revenue was up 31.1% on a year-over-year basis. As a group, analysts anticipate that Albemarle Corporation will post 11.39 EPS for the current fiscal year.

Albemarle Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $1.64 annualized dividend and a yield of 1.3%. This is an increase from Albemarle’s previous quarterly dividend of $0.41. Albemarle’s payout ratio is 600.00%.

Wall Street Analyst Weigh In

ALB has been the topic of several analyst reports. Citigroup lowered their price target on shares of Albemarle from $225.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Rothschild & Co Redburn decreased their target price on shares of Albemarle from $188.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 1st. Royal Bank Of Canada decreased their target price on shares of Albemarle from $166.00 to $157.00 and set an “outperform” rating on the stock in a research report on Monday, August 10th. Morgan Stanley reissued a “reduce” rating and issued a $161.00 target price on shares of Albemarle in a research note on Monday, August 10th. Finally, Truist Financial cut their price target on shares of Albemarle from $245.00 to $225.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Fifteen analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Albemarle presently has a consensus rating of “Moderate Buy” and an average price target of $190.04.

Albemarle Company 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.