Covenant Partners LLC Boosts Stake in Albemarle Co. (NYSE:ALB)

Covenant Partners LLC raised its holdings in shares of Albemarle Co. (NYSE:ALBFree Report) by 84.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,205 shares of the specialty chemicals company’s stock after buying an additional 1,011 shares during the quarter. Covenant Partners LLC’s holdings in Albemarle were worth $319,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. USCF Advisers LLC grew its position in Albemarle by 100.0% during the fourth quarter. USCF Advisers LLC now owns 200 shares of the specialty chemicals company’s stock worth $29,000 after buying an additional 100 shares in the last quarter. Arlington Trust Co LLC purchased a new position in Albemarle during the fourth quarter worth about $30,000. Tyler Stone Wealth Management purchased a new position in Albemarle during the third quarter worth about $35,000. Jones Financial Companies Lllp grew its position in Albemarle by 2,942.9% during the fourth quarter. Jones Financial Companies Lllp now owns 213 shares of the specialty chemicals company’s stock worth $31,000 after buying an additional 206 shares in the last quarter. Finally, VisionPoint Advisory Group LLC grew its position in Albemarle by 21,400.0% during the third quarter. VisionPoint Advisory Group LLC now owns 215 shares of the specialty chemicals company’s stock worth $37,000 after buying an additional 214 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Albemarle Trading Down 4.0 %

ALB traded down $4.30 during midday trading on Friday, reaching $103.51. 3,818,305 shares of the company’s stock traded hands, compared to its average volume of 2,988,571. The firm has a fifty day moving average of $122.80 and a two-hundred day moving average of $125.47. The stock has a market capitalization of $12.17 billion, a price-to-earnings ratio of 37.71, a P/E/G ratio of 2.83 and a beta of 1.61. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.84 and a quick ratio of 1.91. Albemarle Co. has a 52 week low of $103.32 and a 52 week high of $247.44.

Albemarle (NYSE:ALBGet Free Report) last announced its earnings results on Thursday, May 2nd. The specialty chemicals company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.09). Albemarle had a return on equity of 14.53% and a net margin of 4.02%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the prior year, the company posted $10.32 EPS. The firm’s revenue was down 47.3% on a year-over-year basis. On average, equities analysts anticipate that Albemarle Co. will post 2.49 earnings per share for the current fiscal year.

Albemarle Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend is Friday, June 14th. Albemarle’s dividend payout ratio is currently 58.18%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ALB. Wolfe Research began coverage on Albemarle in a report on Friday, March 1st. They issued a “peer perform” rating for the company. Bank of America upgraded Albemarle from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $137.00 to $156.00 in a report on Wednesday, April 10th. Vertical Research cut Albemarle from a “buy” rating to a “hold” rating and set a $145.00 price objective for the company. in a report on Friday, March 8th. Berenberg Bank upgraded Albemarle from a “hold” rating to a “buy” rating and upped their price objective for the stock from $130.00 to $160.00 in a report on Thursday, April 11th. Finally, KeyCorp cut their price objective on Albemarle from $178.00 to $159.00 and set an “overweight” rating for the company in a report on Thursday, March 7th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $165.11.

Get Our Latest Research Report on Albemarle

Insider Transactions at Albemarle

In other news, CAO John Clarence Barichivich III sold 1,475 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $132.17, for a total value of $194,950.75. Following the completion of the transaction, the chief accounting officer now owns 4,743 shares of the company’s stock, valued at approximately $626,882.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Mark Richard Mummert sold 843 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $135.53, for a total value of $114,251.79. Following the sale, the senior vice president now owns 6,802 shares in the company, valued at approximately $921,875.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO John Clarence Barichivich III sold 1,475 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $132.17, for a total value of $194,950.75. Following the completion of the sale, the chief accounting officer now owns 4,743 shares in the company, valued at approximately $626,882.31. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.

Albemarle Company Profile

(Free Report)

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.

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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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