Voya Investment Management LLC Sells 386,086 Shares of Albemarle Corporation $ALB

Voya Investment Management LLC trimmed its stake in Albemarle Corporation (NYSE:ALB) by 87.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 56,498 shares of the specialty chemicals company’s stock after selling 386,086 shares during the quarter. Voya Investment Management LLC’s holdings in Albemarle were worth $4,581,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. American Century Companies Inc. lifted its stake in Albemarle by 7.3% in the first quarter. American Century Companies Inc. now owns 31,849 shares of the specialty chemicals company’s stock valued at $2,294,000 after purchasing an additional 2,164 shares during the last quarter. Kestra Advisory Services LLC raised its stake in shares of Albemarle by 6.1% in the first quarter. Kestra Advisory Services LLC now owns 13,165 shares of the specialty chemicals company’s stock valued at $948,000 after buying an additional 754 shares during the period. AlphaQuest LLC lifted its position in shares of Albemarle by 177,350.0% during the 1st quarter. AlphaQuest LLC now owns 3,549 shares of the specialty chemicals company’s stock valued at $256,000 after buying an additional 3,547 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Albemarle by 54.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 727 shares of the specialty chemicals company’s stock valued at $52,000 after buying an additional 256 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in shares of Albemarle during the 1st quarter worth $12,435,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Albemarle Price Performance

Shares of NYSE:ALB opened at $147.35 on Friday. The company has a 50 day moving average of $117.07 and a 200 day moving average of $90.49. The company has a current ratio of 2.27, a quick ratio of 1.51 and a debt-to-equity ratio of 0.40. The stock has a market cap of $17.34 billion, a P/E ratio of -92.67 and a beta of 1.43. Albemarle Corporation has a 12 month low of $49.43 and a 12 month high of $150.72.

Albemarle (NYSE:ALB) last announced its quarterly earnings results on Wednesday, November 5th. The specialty chemicals company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.92) by $0.73. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.27 billion. Albemarle had a negative net margin of 0.43% and a positive return on equity of 0.10%. The business’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same period last year, the firm earned ($1.55) EPS. As a group, sell-side analysts forecast that Albemarle Corporation will post -0.04 EPS for the current fiscal year.

Albemarle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be paid a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, December 12th. Albemarle’s dividend payout ratio is currently -101.89%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ALB. Bank of America restated a “neutral” rating and issued a $100.00 price objective (up from $95.00) on shares of Albemarle in a research note on Tuesday, October 14th. HSBC boosted their price target on shares of Albemarle from $87.00 to $117.00 and gave the company a “hold” rating in a research report on Tuesday, November 25th. Royal Bank Of Canada restated an “outperform” rating and set a $159.00 price target on shares of Albemarle in a research note on Thursday, December 18th. BMO Capital Markets lifted their price objective on shares of Albemarle from $136.00 to $145.00 and gave the company an “outperform” rating in a research note on Monday, December 15th. Finally, Mizuho boosted their target price on shares of Albemarle from $110.00 to $132.00 and gave the company a “neutral” rating in a report on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eighteen have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Albemarle currently has an average rating of “Hold” and an average price target of $120.21.

Albemarle Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.