Oakmont Investment Advisors Inc. Purchases New Position in Albemarle Corporation $ALB

Oakmont Investment Advisors Inc. purchased a new stake in Albemarle Corporation (NYSE:ALB) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 7,050 shares of the specialty chemicals company’s stock, valued at approximately $952,000.

A number of other institutional investors also recently made changes to their positions in the company. Addison Advisors LLC acquired a new position in Albemarle in the 2nd quarter valued at $28,000. BOKF NA boosted its holdings in Albemarle by 5,771.4% in the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 404 shares during the period. Elyxium Wealth LLC acquired a new position in shares of Albemarle during the 4th quarter worth approximately $34,000. EverSource Wealth Advisors LLC grew its position in Albemarle by 536.7% during the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock worth $36,000 after buying an additional 483 shares in the last quarter. Finally, Fiduciary Financial Advisors bought a new position in shares of Albemarle in the second quarter worth $41,000. Institutional investors own 92.87% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on ALB. Berenberg Bank increased their price target on shares of Albemarle from $153.00 to $192.00 and gave the stock a “hold” rating in a research report on Tuesday, June 2nd. Rothschild & Co Redburn decreased their target price on Albemarle from $188.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 1st. Truist Financial lowered their target price on Albemarle from $245.00 to $225.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Morgan Stanley reissued a “reduce” rating and issued a $161.00 target price on shares of Albemarle in a report on Monday, August 10th. Finally, Vertical Research raised Albemarle from a “hold” rating to a “buy” rating and set a $224.00 price objective on the stock in a report on Tuesday, May 26th. Fifteen analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $190.04.

Albemarle Stock Down 4.3%

NYSE:ALB opened at $126.51 on Friday. The firm’s 50 day simple moving average is $128.03 and its 200 day simple moving average is $158.57. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.09 and a quick ratio of 1.35. Albemarle Corporation has a one year low of $71.25 and a one year high of $221.00. The company has a market cap of $14.93 billion, a PE ratio of 468.57, a P/E/G ratio of 0.77 and a beta of 1.33.

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

Albemarle Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.3%. This is a positive change from Albemarle’s previous quarterly dividend of $0.41. The ex-dividend date is Friday, September 11th. Albemarle’s dividend payout ratio is 600.00%.

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.