Albemarle Co. (NYSE:ALB) declared a quarterly dividend on Tuesday, July 20th, RTT News reports. Shareholders of record on Friday, September 17th will be paid a dividend of 0.39 per share by the specialty chemicals company on Friday, October 1st. This represents a $1.56 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend is Thursday, September 16th.
Albemarle has increased its dividend payment by 20.3% over the last three years. Albemarle has a payout ratio of 43.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Albemarle to earn $5.02 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 31.1%.
Shares of ALB stock opened at $230.47 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.18 and a quick ratio of 1.44. The firm’s 50-day moving average is $214.39 and its two-hundred day moving average is $178.41. Albemarle has a 12 month low of $79.06 and a 12 month high of $253.10. The company has a market capitalization of $26.95 billion, a PE ratio of 37.35, a price-to-earnings-growth ratio of 4.50 and a beta of 1.57.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Albemarle from a “hold” rating to a “buy” rating and set a $197.00 price target on the stock in a research note on Tuesday, July 13th. Cowen boosted their price target on shares of Albemarle from $180.00 to $260.00 and gave the company an “outperform” rating in a research note on Monday, August 30th. Bank of America lifted their price objective on shares of Albemarle from $121.00 to $140.00 and gave the company an “underperform” rating in a report on Friday, August 6th. They noted that the move was a valuation call. Loop Capital lifted their price objective on shares of Albemarle from $208.00 to $253.00 and gave the company a “buy” rating in a report on Monday, August 23rd. Finally, Berenberg Bank upgraded shares of Albemarle from a “sell” rating to a “buy” rating and lifted their price objective for the company from $115.00 to $280.00 in a report on Wednesday, September 8th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Albemarle currently has a consensus rating of “Hold” and an average price target of $199.95.
In other news, EVP Karen G. Narwold sold 10,000 shares of the stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $216.12, for a total transaction of $2,161,200.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Raphael Goszcz Crawford sold 9,521 shares of the firm’s stock in a transaction that occurred on Tuesday, August 10th. The stock was sold at an average price of $240.41, for a total transaction of $2,288,943.61. Following the sale, the insider now directly owns 22,340 shares of the company’s stock, valued at approximately $5,370,759.40. The disclosure for this sale can be found here. Insiders have sold a total of 23,534 shares of company stock worth $5,298,393 over the last ninety days. 0.63% of the stock is owned by corporate insiders.
A hedge fund recently raised its stake in Albemarle stock. Morgan Stanley lifted its stake in shares of Albemarle Co. (NYSE:ALB) by 35.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 507,062 shares of the specialty chemicals company’s stock after purchasing an additional 131,903 shares during the quarter. Morgan Stanley owned about 0.43% of Albemarle worth $85,420,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 81.13% of the company’s stock.
Albemarle Corp. engages in developing, manufacturing, and marketing of chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food-safety, and custom chemistry services. It operates through the following segments: Lithium, Bromine Specialties, and Catalysts.
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