New York State Common Retirement Fund lessened its position in shares of Albemarle Corporation (NYSE:ALB) by 7.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 349,806 shares of the specialty chemicals company’s stock after selling 29,031 shares during the quarter. New York State Common Retirement Fund owned about 0.32% of Albemarle Corporation worth $36,919,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Cornerstone Advisors Inc. lifted its stake in shares of Albemarle Corporation by 26.8% during the second quarter. Cornerstone Advisors Inc. now owns 1,751 shares of the specialty chemicals company’s stock valued at $185,000 after acquiring an additional 370 shares during the period. Baillie Gifford & Co. lifted its stake in shares of Albemarle Corporation by 100.8% during the second quarter. Baillie Gifford & Co. now owns 184,555 shares of the specialty chemicals company’s stock valued at $19,478,000 after acquiring an additional 92,650 shares during the period. Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Albemarle Corporation during the second quarter valued at $439,000. State Street Corp lifted its stake in shares of Albemarle Corporation by 0.5% during the first quarter. State Street Corp now owns 6,356,839 shares of the specialty chemicals company’s stock valued at $671,675,000 after acquiring an additional 30,662 shares during the period. Finally, Marietta Investment Partners LLC acquired a new position in shares of Albemarle Corporation during the first quarter valued at $2,574,000. 83.73% of the stock is currently owned by institutional investors and hedge funds.
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In other news, CFO Scott Tozier sold 25,000 shares of the business’s stock in a transaction dated Friday, July 7th. The stock was sold at an average price of $110.13, for a total value of $2,753,250.00. Following the transaction, the chief financial officer now directly owns 57,506 shares of the company’s stock, valued at approximately $6,333,135.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Luther C. Iv Kissam sold 50,000 shares of the business’s stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $110.08, for a total value of $5,504,000.00. Following the completion of the transaction, the chairman now directly owns 252,917 shares in the company, valued at $27,841,103.36. The disclosure for this sale can be found here. Insiders have sold a total of 91,897 shares of company stock worth $10,215,486 over the last ninety days. Company insiders own 0.74% of the company’s stock.
Shares of Albemarle Corporation (NYSE ALB) opened at 134.29 on Friday. The firm has a 50 day moving average price of $117.92 and a 200 day moving average price of $111.37. The company has a market capitalization of $14.84 billion, a P/E ratio of 17.17 and a beta of 1.61. Albemarle Corporation has a one year low of $76.32 and a one year high of $135.26.
Albemarle Corporation (NYSE:ALB) last announced its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.02. The firm had revenue of $737.25 million for the quarter, compared to the consensus estimate of $735.50 million. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.93 EPS. On average, equities research analysts predict that Albemarle Corporation will post $4.37 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend is Thursday, September 14th. Albemarle Corporation’s payout ratio is presently 16.41%.
Several equities analysts have recently issued reports on the company. CIBC assumed coverage on Albemarle Corporation in a research note on Thursday, August 17th. They set an “outperform” rating and a $133.00 price target on the stock. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $47.00 price target on shares of Albemarle Corporation in a research note on Thursday, June 29th. SunTrust Banks, Inc. lowered Albemarle Corporation from a “buy” rating to a “hold” rating and set a $121.00 price target on the stock. in a research note on Wednesday, August 9th. KeyCorp upped their price target on Albemarle Corporation from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, June 12th. Finally, Robert W. Baird reaffirmed an “outperform” rating and set a $125.00 price target on shares of Albemarle Corporation in a research note on Wednesday, June 28th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Albemarle Corporation currently has a consensus rating of “Buy” and a consensus target price of $113.17.
About Albemarle Corporation
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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