Iridian Asset Management LLC CT increased its position in Albemarle Co. (NYSE:ALB) by 2.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,142,447 shares of the specialty chemicals company’s stock after buying an additional 60,865 shares during the period. Albemarle comprises approximately 2.0% of Iridian Asset Management LLC CT’s holdings, making the stock its 19th largest position. Iridian Asset Management LLC CT’s holdings in Albemarle were worth $226,328,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. State Street Corp increased its position in shares of Albemarle by 3.0% in the fourth quarter. State Street Corp now owns 6,326,177 shares of the specialty chemicals company’s stock worth $544,643,000 after buying an additional 186,320 shares in the last quarter. Jennison Associates LLC increased its position in shares of Albemarle by 14.0% in the first quarter. Jennison Associates LLC now owns 5,705,825 shares of the specialty chemicals company’s stock worth $602,763,000 after buying an additional 702,388 shares in the last quarter. Putnam Investments LLC increased its position in shares of Albemarle by 12.3% in the fourth quarter. Putnam Investments LLC now owns 1,234,882 shares of the specialty chemicals company’s stock worth $106,299,000 after buying an additional 135,205 shares in the last quarter. Columbus Circle Investors increased its position in shares of Albemarle by 10.0% in the first quarter. Columbus Circle Investors now owns 1,110,457 shares of the specialty chemicals company’s stock worth $117,309,000 after buying an additional 100,823 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Albemarle during the fourth quarter worth approximately $77,376,000. 86.50% of the stock is owned by institutional investors and hedge funds.
Albemarle Co. (NYSE:ALB) traded up 0.28% during midday trading on Friday, hitting $112.91. The stock had a trading volume of 370,290 shares. Albemarle Co. has a 12-month low of $74.86 and a 12-month high of $113.70. The company has a market cap of $12.51 billion, a price-to-earnings ratio of 27.44 and a beta of 1.41. The company has a 50-day moving average price of $108.41 and a 200-day moving average price of $97.19.
Albemarle (NYSE:ALB) last released its quarterly earnings results on Wednesday, May 3rd. The specialty chemicals company reported $1.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.10. The company had revenue of $722.06 million for the quarter, compared to the consensus estimate of $678.74 million. Albemarle had a net margin of 6.92% and a return on equity of 14.38%. Equities analysts anticipate that Albemarle Co. will post $4.36 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 15th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend is Tuesday, June 13th. Albemarle’s payout ratio is 63.54%.
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A number of equities analysts have recently commented on ALB shares. Royal Bank of Canada started coverage on Albemarle in a research report on Thursday, February 23rd. They set an “outperform” rating and a $114.00 price objective for the company. Zacks Investment Research downgraded Albemarle from a “buy” rating to a “hold” rating in a research report on Monday, April 24th. Citigroup Inc downgraded Albemarle from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $104.77 to $112.00 in a research report on Monday, March 6th. They noted that the move was a valuation call. Jefferies Group LLC reaffirmed a “buy” rating and issued a $120.00 price target on shares of Albemarle in a report on Tuesday, April 4th. Finally, Robert W. Baird reaffirmed an “outperform” rating and issued a $125.00 price target on shares of Albemarle in a report on Friday, March 17th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Albemarle has an average rating of “Buy” and an average price target of $115.64.
Albemarle Company Profile
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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