Albemarle Co. (NYSE:ALB) Stock Position Raised by California State Teachers Retirement System
California State Teachers Retirement System increased its position in Albemarle Co. (NYSE:ALB) by 0.5% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 182,819 shares of the specialty chemicals company’s stock after purchasing an additional 837 shares during the period. California State Teachers Retirement System’s holdings in Albemarle were worth $12,710,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. 10 15 Associates Inc. raised its stake in Albemarle by 5.6% during the 2nd quarter. 10 15 Associates Inc. now owns 24,116 shares of the specialty chemicals company’s stock valued at $1,698,000 after purchasing an additional 1,280 shares during the period. Knuff & Co LLC boosted its position in shares of Albemarle by 102.4% in the third quarter. Knuff & Co LLC now owns 3,440 shares of the specialty chemicals company’s stock worth $239,000 after buying an additional 1,740 shares during the period. CENTRAL TRUST Co boosted its position in shares of Albemarle by 21.8% in the third quarter. CENTRAL TRUST Co now owns 1,118 shares of the specialty chemicals company’s stock worth $77,000 after buying an additional 200 shares during the period. Arizona State Retirement System grew its holdings in shares of Albemarle by 14.1% during the second quarter. Arizona State Retirement System now owns 52,073 shares of the specialty chemicals company’s stock valued at $3,666,000 after buying an additional 6,441 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its holdings in shares of Albemarle by 18.5% during the third quarter. Oppenheimer & Co. Inc. now owns 63,087 shares of the specialty chemicals company’s stock valued at $4,386,000 after buying an additional 9,830 shares in the last quarter. 92.10% of the stock is owned by hedge funds and other institutional investors.
In related news, CEO Luther C. Iv Kissam sold 36,000 shares of Albemarle stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.00, for a total value of $2,520,000.00. Following the completion of the sale, the chief executive officer now owns 334,046 shares of the company’s stock, valued at approximately $23,383,220. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.02% of the stock is currently owned by insiders.
Albemarle (NYSE:ALB) last posted its earnings results on Wednesday, November 6th. The specialty chemicals company reported $1.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.49 by $0.04. The firm had revenue of $879.70 million during the quarter, compared to analysts’ expectations of $883.67 million. Albemarle had a net margin of 16.27% and a return on equity of 15.94%. The company’s revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.31 earnings per share. As a group, sell-side analysts forecast that Albemarle Co. will post 6.07 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.368 per share. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $1.47 dividend on an annualized basis and a dividend yield of 2.31%. This is an increase from Albemarle’s previous quarterly dividend of $0.37. Albemarle’s dividend payout ratio (DPR) is currently 26.82%.
Several brokerages recently issued reports on ALB. Buckingham Research reduced their price objective on Albemarle from $80.00 to $75.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. Loop Capital lowered their target price on Albemarle to $98.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Nomura upped their target price on Albemarle from $70.00 to $71.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Morgan Stanley dropped their target price on Albemarle from $60.00 to $50.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Finally, Seaport Global Securities lowered shares of Albemarle from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $84.04.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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