IHT Wealth Management LLC Sells 335 Shares of Albemarle Co. (NYSE:ALB)

IHT Wealth Management LLC lessened its stake in shares of Albemarle Co. (NYSE:ALB) by 2.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,242 shares of the specialty chemicals company’s stock after selling 335 shares during the quarter. IHT Wealth Management LLC’s holdings in Albemarle were worth $1,349,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Farther Finance Advisors LLC increased its holdings in Albemarle by 3.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,832 shares of the specialty chemicals company’s stock worth $268,000 after acquiring an additional 102 shares during the period. Foster Group Inc. grew its position in shares of Albemarle by 4.1% during the 2nd quarter. Foster Group Inc. now owns 3,047 shares of the specialty chemicals company’s stock valued at $291,000 after purchasing an additional 120 shares in the last quarter. abrdn plc increased its holdings in shares of Albemarle by 0.3% in the third quarter. abrdn plc now owns 42,529 shares of the specialty chemicals company’s stock worth $4,031,000 after purchasing an additional 146 shares during the period. Moser Wealth Advisors LLC raised its position in shares of Albemarle by 5.3% in the third quarter. Moser Wealth Advisors LLC now owns 2,925 shares of the specialty chemicals company’s stock worth $277,000 after buying an additional 146 shares in the last quarter. Finally, Cromwell Holdings LLC boosted its stake in Albemarle by 61.9% during the third quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock valued at $37,000 after buying an additional 148 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ALB. Deutsche Bank Aktiengesellschaft decreased their target price on Albemarle from $105.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 16th. Robert W. Baird lowered their target price on shares of Albemarle from $85.00 to $79.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Oppenheimer cut their price target on shares of Albemarle from $171.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Piper Sandler decreased their price target on shares of Albemarle from $95.00 to $90.00 and set an “underweight” rating on the stock in a report on Thursday, August 8th. Finally, Evercore ISI dropped their price objective on shares of Albemarle from $190.00 to $170.00 and set an “outperform” rating for the company in a report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Albemarle currently has an average rating of “Hold” and a consensus target price of $114.47.

Albemarle Price Performance

ALB stock opened at $101.13 on Friday. The stock has a market capitalization of $11.89 billion, a price-to-earnings ratio of -6.04 and a beta of 1.56. The firm’s 50-day moving average price is $100.95 and its two-hundred day moving average price is $97.95. The company has a current ratio of 2.44, a quick ratio of 1.58 and a debt-to-equity ratio of 0.43. Albemarle Co. has a 12-month low of $71.97 and a 12-month high of $153.54.

Albemarle Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.62 dividend on an annualized basis and a yield of 1.60%. Albemarle’s dividend payout ratio is presently -9.67%.

Albemarle 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.