Connor Clark & Lunn Investment Management Ltd. Invests $58.71 Million in Albemarle Corporation $ALB

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Albemarle Corporation (NYSE:ALB) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 434,812 shares of the specialty chemicals company’s stock, valued at approximately $58,713,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.37% of Albemarle as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in ALB. Evexia Wealth LLC grew its position in Albemarle by 2.3% during the first quarter. Evexia Wealth LLC now owns 2,088 shares of the specialty chemicals company’s stock worth $387,000 after buying an additional 47 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Albemarle by 2.5% in the 4th quarter. Parallel Advisors LLC now owns 2,468 shares of the specialty chemicals company’s stock worth $349,000 after acquiring an additional 60 shares during the period. Eaton Financial Holdings Company LLC lifted its position in shares of Albemarle by 1.2% in the 4th quarter. Eaton Financial Holdings Company LLC now owns 5,769 shares of the specialty chemicals company’s stock worth $816,000 after acquiring an additional 66 shares during the period. Sigma Planning Corp grew its holdings in shares of Albemarle by 2.3% during the 1st quarter. Sigma Planning Corp now owns 2,952 shares of the specialty chemicals company’s stock worth $530,000 after purchasing an additional 66 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC increased its position in shares of Albemarle by 1.9% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 3,592 shares of the specialty chemicals company’s stock valued at $508,000 after purchasing an additional 67 shares during the period. Institutional investors own 92.87% of the company’s stock.

Albemarle Price Performance

NYSE:ALB opened at $142.99 on Monday. The company has a quick ratio of 1.35, a current ratio of 2.09 and a debt-to-equity ratio of 0.22. The firm has a market cap of $16.87 billion, a PE ratio of 529.61 and a beta of 1.33. Albemarle Corporation has a 12 month low of $71.25 and a 12 month high of $221.00. The company’s 50-day moving average price is $132.04 and its two-hundred day moving average price is $160.70.

Albemarle (NYSE:ALB) last posted its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.55. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the business posted $0.11 earnings per share. The company’s revenue was up 31.1% on a year-over-year basis. On average, equities analysts anticipate that Albemarle Corporation will post 11.63 EPS for the current fiscal year.

Albemarle Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $1.64 dividend on an annualized basis and a yield of 1.1%. This is a positive change from Albemarle’s previous quarterly dividend of $0.41. Albemarle’s payout ratio is 600.00%.

Wall Street Analysts Forecast Growth

ALB has been the subject of several research reports. Morgan Stanley reaffirmed a “reduce” rating and issued a $161.00 target price on shares of Albemarle in a research report on Monday, August 10th. Weiss Ratings upgraded shares of Albemarle from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 18th. Scotiabank reduced their price objective on shares of Albemarle from $200.00 to $190.00 and set a “sector outperform” rating for the company in a report on Monday, August 10th. Argus lifted their target price on shares of Albemarle from $185.00 to $230.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Finally, Truist Financial lowered their target price on shares of Albemarle from $245.00 to $225.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Fifteen research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $190.26.

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.