Investment Management of Virginia LLC Sells 200 Shares of Albemarle Co. (NYSE:ALB)

Investment Management of Virginia LLC reduced its stake in shares of Albemarle Co. (NYSE:ALB) by 5.6% in the second quarter, HoldingsChannel.com reports. The firm owned 3,400 shares of the specialty chemicals company’s stock after selling 200 shares during the period. Investment Management of Virginia LLC’s holdings in Albemarle were worth $573,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. National Asset Management Inc. grew its holdings in shares of Albemarle by 6.3% in the second quarter. National Asset Management Inc. now owns 2,334 shares of the specialty chemicals company’s stock valued at $394,000 after acquiring an additional 138 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Albemarle by 74.7% in the second quarter. Principal Financial Group Inc. now owns 246,852 shares of the specialty chemicals company’s stock valued at $41,585,000 after acquiring an additional 105,553 shares in the last quarter. Toronto Dominion Bank grew its holdings in shares of Albemarle by 109.2% in the second quarter. Toronto Dominion Bank now owns 109,165 shares of the specialty chemicals company’s stock valued at $18,390,000 after acquiring an additional 56,993 shares in the last quarter. Empirical Finance LLC bought a new position in shares of Albemarle in the second quarter valued at approximately $220,000. Finally, Ethic Inc. grew its holdings in shares of Albemarle by 87.9% in the second quarter. Ethic Inc. now owns 5,196 shares of the specialty chemicals company’s stock valued at $875,000 after acquiring an additional 2,431 shares in the last quarter. 81.13% of the stock is owned by hedge funds and other institutional investors.

In related news, EVP Karen G. Narwold sold 1,337 shares of the stock in a transaction on Wednesday, September 8th. The stock was sold at an average price of $243.75, for a total value of $325,893.75. Following the transaction, the executive vice president now owns 19,533 shares of the company’s stock, valued at $4,761,168.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Raphael Goszcz Crawford sold 9,521 shares of the stock in a transaction on Tuesday, August 10th. The shares were sold at an average price of $240.41, for a total value of $2,288,943.61. Following the completion of the transaction, the insider now directly owns 22,340 shares in the company, valued at approximately $5,370,759.40. The disclosure for this sale can be found here. Insiders sold 23,534 shares of company stock worth $5,298,393 in the last quarter. 0.63% of the stock is currently owned by company insiders.

ALB has been the subject of several recent analyst reports. Zacks Investment Research raised Albemarle from a “hold” rating to a “buy” rating and set a $197.00 target price for the company in a report on Tuesday, July 13th. Deutsche Bank Aktiengesellschaft upped their target price on Albemarle from $245.00 to $270.00 and gave the company a “buy” rating in a report on Monday. Berenberg Bank raised Albemarle from a “sell” rating to a “buy” rating and increased their price objective for the company from $115.00 to $280.00 in a report on Wednesday, September 8th. Wells Fargo & Company increased their price objective on Albemarle from $225.00 to $270.00 and gave the company an “equal weight” rating in a report on Monday. Finally, KeyCorp increased their price objective on Albemarle from $117.00 to $127.00 and gave the company an “underweight” rating in a report on Friday, August 6th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $199.95.

Shares of ALB stock traded up $4.84 on Wednesday, reaching $235.31. The company’s stock had a trading volume of 7,342 shares, compared to its average volume of 1,401,308. The company has a quick ratio of 1.44, a current ratio of 2.18 and a debt-to-equity ratio of 0.32. Albemarle Co. has a 12-month low of $79.06 and a 12-month high of $253.10. The company has a market capitalization of $27.52 billion, a P/E ratio of 37.35, a PEG ratio of 4.50 and a beta of 1.57. The stock’s 50 day simple moving average is $214.39 and its 200-day simple moving average is $178.41.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Tuesday, August 3rd. The specialty chemicals company reported $0.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.06. Albemarle had a return on equity of 8.92% and a net margin of 21.78%. The company had revenue of $773.90 million for the quarter, compared to the consensus estimate of $787.72 million. During the same quarter last year, the business posted $0.86 earnings per share. The firm’s revenue was up 1.3% compared to the same quarter last year. Research analysts expect that Albemarle Co. will post 3.57 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Friday, September 17th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, September 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.66%. Albemarle’s dividend payout ratio (DPR) is presently 37.86%.

Albemarle Profile

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.

Further Reading: Day Trading – Risk Worth the Reward?

Want to see what other hedge funds are holding ALB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Albemarle Co. (NYSE:ALB).

Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

Receive News & Ratings for Albemarle Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Albemarle and related companies with MarketBeat.com's FREE daily email newsletter.