First Republic Investment Management Inc. increased its position in Albemarle Co. (NYSE:ALB) by 10.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 2,843 shares of the company’s stock after buying an additional 269 shares during the period. First Republic Investment Management Inc.’s holdings in Albemarle were worth $244,000 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 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 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. BlackRock Institutional Trust Company N.A. increased its position in shares of Albemarle 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. BlackRock Group LTD increased its position in shares of Albemarle by 4.9% in the third quarter. BlackRock Group LTD now owns 1,983,391 shares of the company’s stock worth $169,560,000 after buying an additional 92,992 shares in the last quarter. Finally, BlackRock Fund Advisors increased its position in shares of Albemarle by 5.3% in the third quarter. BlackRock Fund Advisors now owns 1,950,857 shares of the company’s stock worth $166,779,000 after buying an additional 98,715 shares in the last quarter. 86.50% of the stock is owned by institutional investors and hedge funds.
Shares of Albemarle Co. (NYSE:ALB) opened at 103.95 on Wednesday. Albemarle Co. has a 52 week low of $59.10 and a 52 week high of $105.20. The stock has a market cap of $11.70 billion, a PE ratio of 18.28 and a beta of 1.41. The firm has a 50-day moving average price of $96.54 and a 200-day moving average price of $87.71.
Albemarle (NYSE:ALB) last posted its earnings results on Monday, February 27th. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.05. Albemarle had a return on equity of 14.38% and a net margin of 6.92%. The business earned $696.70 million during the quarter, compared to analyst estimates of $642.68 million. During the same quarter last year, the firm earned $1.03 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, analysts forecast that Albemarle Co. will post $4.18 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Wednesday, March 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Monday, March 13th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.23%. This is a positive change from Albemarle’s previous quarterly dividend of $0.31. Albemarle’s dividend payout ratio (DPR) is 63.54%.
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. Instinet boosted their target price on Albemarle from $92.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, January 6th. Citigroup Inc cut Albemarle from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $104.77 to $112.00 in a research note on Monday, March 6th. They noted that the move was a valuation call. Zacks Investment Research cut Albemarle from a “buy” rating to a “hold” rating in a research note on Tuesday, November 29th. Finally, Jefferies Group LLC restated a “buy” rating and set a $102.00 target price on shares of Albemarle in a research note on Friday, January 6th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $109.55.
In other news, CFO Scott Tozier sold 1,057 shares of the stock in a transaction dated Friday, January 6th. The stock was sold at an average price of $90.62, for a total value of $95,785.34. Following the completion of the sale, the chief financial officer now owns 29,722 shares in the company, valued at $2,693,407.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Luther C. Iv Kissam sold 2,542 shares of the stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $90.46, for a total value of $229,949.32. Following the completion of the sale, the chairman now owns 190,628 shares of the company’s stock, valued at approximately $17,244,208.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,991 shares of company stock valued at $361,246. Insiders own 0.71% of the company’s stock.
Albemarle 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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