Albemarle (NYSE:ALB) Trading 1.5% Higher

Shares of Albemarle Co. (NYSE:ALB) traded up 1.5% during mid-day trading on Thursday . The company traded as high as $99.47 and last traded at $95.11. 1,211,082 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 3,030,554 shares. The stock had previously closed at $93.67.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Piper Sandler dropped their target price on shares of Albemarle from $122.00 to $95.00 and set an “underweight” rating on the stock in a report on Tuesday, June 25th. Royal Bank of Canada decreased their price target on shares of Albemarle from $157.00 to $128.00 and set an “overweight” rating on the stock in a research note on Wednesday. HSBC lowered shares of Albemarle from a “buy” rating to a “hold” rating and set a $95.00 price target on the stock. in a research note on Wednesday, July 17th. Robert W. Baird decreased their price target on shares of Albemarle from $127.00 to $102.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Hsbc Global Res upgraded shares of Albemarle to a “hold” rating in a research note on Wednesday, July 17th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $136.35.

Albemarle Stock Performance

The stock’s fifty day moving average price is $102.11 and its two-hundred day moving average price is $115.52. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.91 and a current ratio of 2.67. The company has a market cap of $10.22 billion, a P/E ratio of 31.63, a P/E/G ratio of 3.48 and a beta of 1.57.

Albemarle (NYSE:ALB) last issued its quarterly earnings results on Wednesday, July 31st. The specialty chemicals company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.49). The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a positive return on equity of 6.38% and a negative net margin of 6.72%. The business’s revenue was down 39.7% on a year-over-year basis. During the same period last year, the company posted $7.33 EPS. As a group, equities analysts predict that Albemarle Co. will post 1.67 earnings per share for the current year.

Albemarle Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.405 dividend. This is an increase from Albemarle’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 13th. This represents a $1.62 annualized dividend and a yield of 1.86%. Albemarle’s dividend payout ratio is presently 58.18%.

Insider Activity at Albemarle

In related news, CAO John Clarence Barichivich III sold 1,475 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $132.17, for a total value of $194,950.75. Following the completion of the transaction, the chief accounting officer now owns 4,743 shares of the company’s stock, valued at approximately $626,882.31. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO John Clarence Barichivich III sold 1,475 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $132.17, for a total transaction of $194,950.75. Following the completion of the transaction, the chief accounting officer now owns 4,743 shares of the company’s stock, valued at $626,882.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Mark Richard Mummert sold 843 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $135.53, for a total transaction of $114,251.79. Following the transaction, the senior vice president now directly owns 6,802 shares of the company’s stock, valued at approximately $921,875.06. The disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.

Institutional Investors Weigh In On Albemarle

Several large investors have recently modified their holdings of ALB. State of Michigan Retirement System grew its holdings in shares of Albemarle by 10.2% during the fourth quarter. State of Michigan Retirement System now owns 35,507 shares of the specialty chemicals company’s stock valued at $5,130,000 after buying an additional 3,300 shares during the last quarter. TIAA Trust National Association lifted its stake in shares of Albemarle by 6.7% during the 4th quarter. TIAA Trust National Association now owns 3,778 shares of the specialty chemicals company’s stock valued at $546,000 after buying an additional 236 shares in the last quarter. Venturi Wealth Management LLC lifted its stake in shares of Albemarle by 147.2% during the 4th quarter. Venturi Wealth Management LLC now owns 262 shares of the specialty chemicals company’s stock valued at $38,000 after buying an additional 156 shares in the last quarter. Clear Creek Financial Management LLC purchased a new stake in shares of Albemarle during the 4th quarter valued at approximately $230,000. Finally, Arizona State Retirement System lifted its stake in shares of Albemarle by 0.7% during the 4th quarter. Arizona State Retirement System now owns 32,252 shares of the specialty chemicals company’s stock valued at $4,660,000 after buying an additional 240 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Company Profile

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.