Mizuho Markets Cayman LP Decreases Stake in Albemarle Corporation $ALB
by Mitch Edgeman · The Markets DailyMizuho Markets Cayman LP lowered its stake in shares of Albemarle Corporation (NYSE:ALB – Free Report) by 50.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,946 shares of the specialty chemicals company’s stock after selling 14,409 shares during the period. Mizuho Markets Cayman LP’s holdings in Albemarle were worth $1,131,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in ALB. Manning & Napier Advisors LLC purchased a new stake in Albemarle during the third quarter worth $138,723,000. AQR Capital Management LLC increased its position in shares of Albemarle by 22,047.4% in the second quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company’s stock valued at $44,613,000 after buying an additional 710,589 shares in the last quarter. Samlyn Capital LLC acquired a new position in shares of Albemarle during the 3rd quarter worth $47,088,000. Caisse de depot et placement du Quebec acquired a new position in shares of Albemarle during the 3rd quarter worth $41,239,000. Finally, Norges Bank purchased a new stake in shares of Albemarle in the 2nd quarter worth about $29,482,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other Albemarle news, CEO J Kent Masters sold 11,783 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the completion of the sale, the chief executive officer owned 134,628 shares of the company’s stock, valued at approximately $22,995,808.68. The trade was a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.33% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
Several research firms have weighed in on ALB. Mizuho raised their target price on shares of Albemarle from $156.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Albemarle in a research report on Monday, December 29th. Truist Financial set a $210.00 price objective on shares of Albemarle in a research note on Friday, March 6th. JPMorgan Chase & Co. cut their price objective on Albemarle from $195.00 to $145.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Finally, Argus upped their target price on Albemarle from $140.00 to $185.00 in a research note on Monday, February 23rd. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $170.24.
Get Our Latest Stock Report on Albemarle
Albemarle Trading Up 2.3%
Shares of Albemarle stock opened at $166.24 on Wednesday. Albemarle Corporation has a fifty-two week low of $49.43 and a fifty-two week high of $206.00. The firm has a market cap of $19.56 billion, a PE ratio of -28.91, a P/E/G ratio of 1.25 and a beta of 1.43. The business’s fifty day moving average is $171.38 and its two-hundred day moving average is $130.06. The company has a quick ratio of 1.57, a current ratio of 2.23 and a debt-to-equity ratio of 0.41.
Albemarle (NYSE:ALB – Get Free Report) last released its earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.13). Albemarle had a positive return on equity of 0.41% and a negative net margin of 10.74%.The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the company posted ($1.09) earnings per share. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. Analysts anticipate that Albemarle Corporation will post -0.04 earnings per share for the current year.
Albemarle Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.62 annualized dividend and a dividend yield of 1.0%. Albemarle’s payout ratio is currently -28.17%.
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.