Convergence Investment Partners LLC Invests $1.45 Million in Albemarle Corporation $ALB

Convergence Investment Partners LLC purchased a new position in Albemarle Corporation (NYSE:ALB) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,245 shares of the specialty chemicals company’s stock, valued at approximately $1,449,000.

Several other institutional investors have also recently made changes to their positions in ALB. Assetmark Inc. increased its stake in Albemarle by 10.9% in the fourth quarter. Assetmark Inc. now owns 782 shares of the specialty chemicals company’s stock valued at $111,000 after acquiring an additional 77 shares during the last quarter. Quotient Wealth Partners LLC increased its stake in Albemarle by 2.8% in the fourth quarter. Quotient Wealth Partners LLC now owns 3,163 shares of the specialty chemicals company’s stock valued at $447,000 after acquiring an additional 85 shares during the last quarter. Per Stirling Capital Management LLC. increased its stake in Albemarle by 2.8% in the third quarter. Per Stirling Capital Management LLC. now owns 3,332 shares of the specialty chemicals company’s stock valued at $270,000 after acquiring an additional 91 shares during the last quarter. Signaturefd LLC increased its stake in Albemarle by 7.8% in the fourth quarter. Signaturefd LLC now owns 1,402 shares of the specialty chemicals company’s stock valued at $198,000 after acquiring an additional 102 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Albemarle by 18.2% in the third quarter. EverSource Wealth Advisors LLC now owns 677 shares of the specialty chemicals company’s stock valued at $55,000 after acquiring an additional 104 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Morgan Stanley increased their target price on Albemarle from $170.00 to $189.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 28th. Argus increased their target price on Albemarle from $185.00 to $230.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Oppenheimer increased their target price on Albemarle from $216.00 to $222.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Rothschild & Co Redburn cut Albemarle from a “buy” rating to a “neutral” rating and set a $188.00 target price on the stock. in a research note on Wednesday, April 22nd. Finally, UBS Group increased their target price on Albemarle from $230.00 to $264.00 and gave the company a “buy” rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $200.26.

Albemarle Stock Down 5.6%

Shares of NYSE:ALB opened at $180.46 on Friday. The stock’s 50-day moving average price is $182.00 and its 200-day moving average price is $158.29. Albemarle Corporation has a 12-month low of $53.70 and a 12-month high of $221.00. The stock has a market capitalization of $21.28 billion, a P/E ratio of -52.92, a price-to-earnings-growth ratio of 0.91 and a beta of 1.36. The company has a current ratio of 2.07, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23.

Albemarle (NYSE:ALB) last announced its quarterly earnings data 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 firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the firm earned ($0.18) earnings per share. The company’s revenue for the quarter was up 32.7% compared to the same quarter last year. On average, equities analysts anticipate that Albemarle Corporation will post 12.45 earnings per share for the current year.

Albemarle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be paid a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, June 12th. Albemarle’s dividend payout ratio (DPR) is -47.51%.

Insider Buying and Selling at Albemarle

In other news, CEO J Kent Masters sold 11,783 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the completion of the sale, the chief executive officer directly owned 134,628 shares in the company, valued at approximately $22,995,808.68. This represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.42% of the company’s stock.

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.