The Profund Advisors LLC Raises Position in Albemarle Corp. (ALB)

The Profund Advisors LLC Raises Position in Albemarle Corp. (ALB)

Profund Advisors LLC increased its position in shares of Albemarle Corp. (NYSE:ALB) by 0.7% during the third quarter, Holdings Channel reports. The firm owned 12,856 shares of the company’s stock after buying an additional 87 shares during the period. Profund Advisors LLC’s holdings in Albemarle Corp. were worth $1,099,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Albemarle Corp. by 20.0% in the second quarter. Vanguard Group Inc. now owns 10,771,871 shares of the company’s stock worth $854,316,000 after buying an additional 1,795,733 shares in the last quarter. FMR LLC boosted its position in shares of Albemarle Corp. by 2.7% in the second quarter. FMR LLC now owns 8,704,263 shares of the company’s stock worth $690,335,000 after buying an additional 231,955 shares in the last quarter. State Street Corp boosted its position in shares of Albemarle Corp. by 9.1% in the second quarter. State Street Corp now owns 6,024,541 shares of the company’s stock worth $477,813,000 after buying an additional 504,118 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Albemarle Corp. by 218.8% in the third quarter. Jennison Associates LLC now owns 4,147,707 shares of the company’s stock worth $354,587,000 after buying an additional 2,846,734 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in shares of Albemarle Corp. by 4.9% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,162,729 shares of the company’s stock worth $270,382,000 after buying an additional 148,484 shares in the last quarter. 84.10% of the stock is owned by hedge funds and other institutional investors.

Shares of Albemarle Corp. (NYSE:ALB) traded up 0.49% on Thursday, hitting $93.05. 609,555 shares of the stock traded hands. The stock has a 50 day moving average of $89.56 and a 200-day moving average of $84.15. The stock has a market cap of $10.47 billion, a PE ratio of 48.72 and a beta of 1.52. Albemarle Corp. has a 1-year low of $47.42 and a 1-year high of $95.79.

Albemarle Corp. (NYSE:ALB) last announced its earnings results on Monday, November 7th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.10. The company earned $654 million during the quarter, compared to analysts’ expectations of $645.81 million. Albemarle Corp. had a net margin of 6.92% and a return on equity of 14.38%. Albemarle Corp.’s quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.90 earnings per share. On average, equities research analysts expect that Albemarle Corp. will post $3.52 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, January 2nd. Stockholders of record on Thursday, December 15th were given a $0.305 dividend. The ex-dividend date of this dividend was Tuesday, December 13th. This represents a $1.22 dividend on an annualized basis and a dividend yield of 1.31%. Albemarle Corp.’s payout ratio is presently 63.54%.

ALB has been the subject of a number of recent research reports. Goldman Sachs Group Inc. restated a “conviction-buy” rating and issued a $116.00 price objective on shares of Albemarle Corp. in a research note on Thursday, January 12th. Zacks Investment Research upgraded shares of Albemarle Corp. from a “hold” rating to a “buy” rating and set a $94.00 target price for the company in a research report on Tuesday, November 22nd. Jefferies Group reiterated a “buy” rating and set a $102.00 target price on shares of Albemarle Corp. in a research report on Friday, January 6th. Robert W. Baird upgraded shares of Albemarle Corp. from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $81.00 to $118.00 in a research report on Tuesday. Finally, Instinet increased their target price on shares of Albemarle Corp. from $92.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, January 6th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Albemarle Corp. presently has a consensus rating of “Buy” and an average target price of $93.27.

In related news, CFO Scott Tozier sold 1,057 shares of the company’s stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $90.62, for a total transaction of $95,785.34. Following the completion of the sale, the chief financial officer now owns 29,722 shares of the company’s stock, valued at $2,693,407.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Karen G. Narwold sold 10,000 shares of the company’s stock in a transaction dated Tuesday, December 6th. The stock was sold at an average price of $86.11, for a total transaction of $861,100.00. Following the sale, the executive vice president now directly owns 31,108 shares of the company’s stock, valued at approximately $2,678,709.88. The disclosure for this sale can be found here. In the last three months, insiders sold 13,991 shares of company stock valued at $1,222,346. 0.71% of the stock is currently owned by company insiders.

Albemarle Corp. Company Profile

Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, crop protection, household appliances, heating, ventilation, aluminum finishing, food safety and custom chemistry services.

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