Tyers Asset Management LLC boosted its stake in Albemarle Co. (NYSE:ALB) by 76.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,738 shares of the specialty chemicals company’s stock after buying an additional 5,500 shares during the quarter. Tyers Asset Management LLC’s holdings in Albemarle were worth $1,044,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Amundi Pioneer Asset Management Inc. increased its holdings in shares of Albemarle by 0.3% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 176,692 shares of the specialty chemicals company’s stock valued at $14,484,000 after purchasing an additional 460 shares during the last quarter. Neuberger Berman Group LLC grew its position in Albemarle by 46.8% in the first quarter. Neuberger Berman Group LLC now owns 15,066 shares of the specialty chemicals company’s stock worth $1,235,000 after acquiring an additional 4,800 shares during the period. Wilbanks Smith & Thomas Asset Management LLC grew its position in Albemarle by 3.2% in the first quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 4,729 shares of the specialty chemicals company’s stock worth $388,000 after acquiring an additional 146 shares during the period. Commonwealth Equity Services LLC grew its position in Albemarle by 44.1% in the first quarter. Commonwealth Equity Services LLC now owns 49,020 shares of the specialty chemicals company’s stock worth $4,018,000 after acquiring an additional 14,993 shares during the period. Finally, Private Advisor Group LLC grew its position in Albemarle by 49.4% in the first quarter. Private Advisor Group LLC now owns 6,255 shares of the specialty chemicals company’s stock worth $515,000 after acquiring an additional 2,067 shares during the period. Institutional investors own 89.84% of the company’s stock.
Shares of NYSE ALB traded down $1.83 during mid-day trading on Friday, hitting $70.93. The company had a trading volume of 24,656 shares, compared to its average volume of 1,394,859. The stock has a market cap of $7.58 billion, a P/E ratio of 12.94, a PEG ratio of 0.75 and a beta of 1.62. The company has a current ratio of 1.55, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. Albemarle Co. has a 1-year low of $63.10 and a 1-year high of $108.74.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.3675 dividend. This represents a $1.47 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend is Thursday, June 13th. Albemarle’s dividend payout ratio is presently 26.82%.
In other Albemarle news, SVP Deeanne J. Marlow purchased 1,000 shares of the business’s stock in a transaction on Monday, May 13th. The shares were bought at an average cost of $70.85 per share, for a total transaction of $70,850.00. Following the completion of the purchase, the senior vice president now directly owns 1,000 shares in the company, valued at $70,850. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.02% of the stock is owned by company insiders.
A number of research firms have commented on ALB. ValuEngine upgraded Albemarle from a “strong sell” rating to a “sell” rating in a research note on Wednesday. TheStreet cut Albemarle from a “b-” rating to a “c+” rating in a research note on Monday, May 20th. Jefferies Financial Group decreased their price target on Albemarle from $114.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday, May 20th. They noted that the move was a valuation call. Loop Capital decreased their price target on Albemarle to $108.00 and set a “buy” rating on the stock in a research note on Thursday, May 16th. Finally, KeyCorp decreased their price target on Albemarle from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $98.98.
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Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, 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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