Albemarle Corporation $ALB Holdings Decreased by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. lowered its stake in Albemarle Corporation (NYSE:ALB) by 43.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,736 shares of the specialty chemicals company’s stock after selling 9,693 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Albemarle were worth $2,257,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AQR Capital Management LLC increased its stake in shares of Albemarle by 25.5% during the first quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company’s stock valued at $229,000 after acquiring an additional 654 shares during the period. Integrated Wealth Concepts LLC lifted its position in Albemarle by 26.2% in the first quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company’s stock worth $346,000 after purchasing an additional 996 shares during the period. United Services Automobile Association acquired a new stake in Albemarle in the first quarter worth approximately $208,000. Empowered Funds LLC bought a new position in Albemarle during the 1st quarter valued at $411,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Albemarle by 536.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after purchasing an additional 483 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Zacks Research raised Albemarle from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 11th. Scotiabank raised their target price on Albemarle from $200.00 to $215.00 and gave the company an “outperform” rating in a research note on Thursday, May 14th. Wells Fargo & Company lifted their target price on Albemarle from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Albemarle from $210.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Finally, Robert W. Baird cut their price target on shares of Albemarle from $236.00 to $224.00 and set a “neutral” rating for the company in a report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $204.48.

Albemarle Stock Performance

ALB opened at $126.07 on Tuesday. The firm has a market cap of $14.87 billion, a PE ratio of -36.97 and a beta of 1.34. 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 business has a fifty day simple moving average of $162.40 and a 200-day simple moving average of $168.96. Albemarle Corporation has a fifty-two week low of $64.95 and a fifty-two week high of $221.00.

Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $1.71. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The company’s quarterly revenue was up 32.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.18) EPS. As a group, equities analysts predict that Albemarle Corporation will post 13.06 EPS for the current fiscal year.

Albemarle Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were paid a $0.405 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.62 dividend on an annualized basis and a yield of 1.3%. Albemarle’s dividend payout ratio (DPR) is currently -47.51%.

Insider Transactions at Albemarle

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the business’s stock in a transaction dated 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 owned 87,519 shares in the company, valued at approximately $16,078,990.68. The trade was a 15.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.