Capital World Investors Takes Position in Albemarle Co. (NYSE:ALB)

Capital World Investors purchased a new stake in shares of Albemarle Co. (NYSE:ALB) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 372,000 shares of the specialty chemicals company’s stock, valued at approximately $49,007,000.

Other large investors have also recently bought and sold shares of the company. Capital Research Global Investors lifted its position in Albemarle by 128.5% in the 4th quarter. Capital Research Global Investors now owns 7,076,357 shares of the specialty chemicals company’s stock worth $1,022,420,000 after buying an additional 3,979,885 shares in the last quarter. Norges Bank acquired a new stake in Albemarle during the fourth quarter valued at $377,341,000. Franklin Resources Inc. grew its stake in Albemarle by 47.4% in the fourth quarter. Franklin Resources Inc. now owns 5,185,734 shares of the specialty chemicals company’s stock valued at $749,235,000 after purchasing an additional 1,667,164 shares in the last quarter. Capital International Investors increased its position in Albemarle by 31.7% in the 4th quarter. Capital International Investors now owns 5,800,219 shares of the specialty chemicals company’s stock worth $838,025,000 after purchasing an additional 1,396,624 shares during the last quarter. Finally, Primecap Management Co. CA raised its stake in shares of Albemarle by 55.8% during the 4th quarter. Primecap Management Co. CA now owns 3,476,674 shares of the specialty chemicals company’s stock worth $502,310,000 after purchasing an additional 1,245,719 shares in the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on ALB shares. Mizuho boosted their price target on Albemarle from $112.00 to $128.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Oppenheimer decreased their target price on shares of Albemarle from $188.00 to $178.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. HSBC downgraded shares of Albemarle from a “buy” rating to a “hold” rating and set a $95.00 price target on the stock. in a report on Wednesday, July 17th. UBS Group decreased their price objective on shares of Albemarle from $124.00 to $109.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. Finally, KeyCorp cut their target price on Albemarle from $159.00 to $151.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $145.65.

Insider Buying and Selling at Albemarle

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

Albemarle Stock Performance

NYSE:ALB opened at $92.80 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.91 and a current ratio of 2.84. The firm’s 50-day moving average is $105.63 and its 200-day moving average is $116.71. Albemarle Co. has a 52-week low of $90.02 and a 52-week high of $215.82. The company has a market cap of $10.91 billion, a price-to-earnings ratio of 33.75, a PEG ratio of 3.47 and a beta of 1.57.

Albemarle (NYSE:ALB) last issued its quarterly 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 net margin of 4.02% and a return on equity of 14.53%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the firm earned $10.32 earnings per share. The company’s revenue was down 47.3% on a year-over-year basis. Equities research analysts anticipate that Albemarle Co. will post 1.67 earnings per share for the current year.

Albemarle Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend is Friday, September 13th. This is a positive change from Albemarle’s previous quarterly dividend of $0.40. Albemarle’s payout ratio is 58.18%.

Albemarle Company Profile

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.