Cypress Asset Management Inc. TX lowered its stake in shares of Albemarle Co. (NYSE:ALB) by 39.8% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 4,244 shares of the specialty chemicals company’s stock after selling 2,805 shares during the period. Cypress Asset Management Inc. TX’s holdings in Albemarle were worth $423,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Credit Agricole S A acquired a new position in Albemarle in the second quarter worth about $123,000. SeaCrest Wealth Management LLC raised its position in Albemarle by 145.9% in the second quarter. SeaCrest Wealth Management LLC now owns 1,692 shares of the specialty chemicals company’s stock worth $160,000 after purchasing an additional 1,004 shares in the last quarter. GSA Capital Partners LLP acquired a new position in Albemarle in the second quarter worth about $212,000. Hudson Valley Investment Advisors Inc. ADV acquired a new position in Albemarle in the third quarter worth about $215,000. Finally, Levin Capital Strategies L.P. raised its position in Albemarle by 42.9% in the first quarter. Levin Capital Strategies L.P. now owns 2,500 shares of the specialty chemicals company’s stock worth $232,000 after purchasing an additional 750 shares in the last quarter. 90.69% of the stock is owned by institutional investors and hedge funds.
Shares of Albemarle stock opened at $95.63 on Friday. The company has a current ratio of 2.19, a quick ratio of 1.55 and a debt-to-equity ratio of 0.37. The stock has a market cap of $10.38 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 1.25 and a beta of 1.69. Albemarle Co. has a 1-year low of $86.75 and a 1-year high of $144.99.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Friday, September 14th were paid a dividend of $0.335 per share. The ex-dividend date was Thursday, September 13th. This represents a $1.34 annualized dividend and a yield of 1.40%. Albemarle’s dividend payout ratio is 29.19%.
Several research analysts recently issued reports on the stock. ValuEngine raised shares of Albemarle from a “sell” rating to a “hold” rating in a research report on Friday, September 21st. Vertical Research assumed coverage on shares of Albemarle in a research report on Tuesday, September 25th. They issued a “sell” rating and a $85.00 price target for the company. Vertical Group assumed coverage on shares of Albemarle in a research report on Tuesday, September 25th. They issued a “sell” rating and a $85.00 price target for the company. Loop Capital set a $130.00 price target on shares of Albemarle and gave the stock a “buy” rating in a research report on Monday, October 8th. Finally, SunTrust Banks raised shares of Albemarle from a “hold” rating to a “buy” rating and increased their price target for the stock from $110.00 to $115.00 in a research report on Tuesday, September 4th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and eighteen have issued a buy rating to the company. Albemarle presently has a consensus rating of “Buy” and a consensus target price of $124.55.
In other Albemarle news, EVP Karen G. Narwold sold 3,100 shares of the company’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $97.11, for a total transaction of $301,041.00. Following the sale, the executive vice president now directly owns 30,242 shares of the company’s stock, valued at $2,936,800.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.80% of the stock is currently owned by corporate insiders.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium and Advanced Materials segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and automobiles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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