Albemarle (NYSE:ALB) CEO Sells $3,011,721.96 in Stock

Albemarle Corporation (NYSE:ALB) CEO J Kent Masters sold 16,393 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $183.72, for a total transaction of $3,011,721.96. Following the completion of the transaction, the chief executive officer directly owned 87,519 shares of the company’s stock, valued at $16,078,990.68. The trade was a 15.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

J Kent Masters also recently made the following trade(s):

• On Tuesday, March 10th, J Kent Masters sold 11,783 shares of Albemarle stock. The shares were sold at an average price of $170.81, for a total transaction of $2,012,654.23.

Albemarle Stock Performance

Shares of Albemarle stock traded down $6.92 during midday trading on Tuesday, hitting $168.82. The company had a trading volume of 2,086,310 shares, compared to its average volume of 2,569,425. The stock has a market cap of $19.91 billion, a price-to-earnings ratio of -49.51, a PEG ratio of 0.91 and a beta of 1.36. 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 fifty day simple moving average of $182.25 and a 200 day simple moving average of $159.28. Albemarle Corporation has a 12-month low of $53.70 and a 12-month high of $221.00.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, beating the consensus estimate of $1.24 by $1.71. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period last year, the firm posted ($0.18) EPS. Albemarle’s revenue was up 32.7% on a year-over-year basis. As a group, analysts predict that Albemarle Corporation will post 12.45 earnings per share for the current fiscal year.

Albemarle Announces Dividend

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

Hedge Funds Weigh In On Albemarle

Institutional investors have recently made changes to their positions in the company. Nordea Investment Management AB purchased a new position in shares of Albemarle during the 4th quarter valued at approximately $6,171,000. Altfest L J & Co. Inc. purchased a new position in shares of Albemarle during the 4th quarter valued at approximately $1,055,000. Pacific Heights Asset Management LLC lifted its position in shares of Albemarle by 53.8% during the 3rd quarter. Pacific Heights Asset Management LLC now owns 200,000 shares of the specialty chemicals company’s stock valued at $16,216,000 after buying an additional 70,000 shares in the last quarter. Rakuten Investment Management Inc. purchased a new position in shares of Albemarle during the 3rd quarter valued at approximately $1,298,000. Finally, Aegis Wealth Management LLC purchased a new position in shares of Albemarle during the 3rd quarter valued at approximately $324,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on ALB. Weiss Ratings upgraded shares of Albemarle from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, May 7th. Oppenheimer increased their price target on shares of Albemarle from $216.00 to $222.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Bank of America increased their price target on shares of Albemarle from $190.00 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Argus increased their price target on shares of Albemarle from $185.00 to $230.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Finally, Citigroup increased their price target on shares of Albemarle from $210.00 to $225.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $200.26.

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.