Balboa Wealth Partners Sells 339 Shares of Albemarle Co. (NYSE:ALB)

Balboa Wealth Partners lessened its stake in Albemarle Co. (NYSE:ALB) by 6.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,337 shares of the specialty chemicals company’s stock after selling 339 shares during the period. Balboa Wealth Partners’ holdings in Albemarle were worth $505,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ALB. First Community Trust NA bought a new stake in shares of Albemarle in the 2nd quarter valued at about $25,000. CVA Family Office LLC boosted its position in shares of Albemarle by 610.0% during the 2nd quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after purchasing an additional 244 shares in the last quarter. Eastern Bank bought a new stake in shares of Albemarle during the 3rd quarter valued at about $31,000. Cromwell Holdings LLC boosted its position in shares of Albemarle by 61.9% during the 3rd quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock valued at $37,000 after purchasing an additional 148 shares in the last quarter. Finally, ORG Partners LLC boosted its position in shares of Albemarle by 2,142.1% during the 2nd quarter. ORG Partners LLC now owns 426 shares of the specialty chemicals company’s stock valued at $42,000 after purchasing an additional 407 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Baird R W lowered Albemarle from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 5th. Robert W. Baird cut their target price on Albemarle from $85.00 to $79.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Bank of America dropped their price target on Albemarle from $135.00 to $126.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Mizuho dropped their price target on Albemarle from $128.00 to $103.00 in a research note on Wednesday, July 31st. Finally, Evercore ISI dropped their price target on Albemarle from $190.00 to $170.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 28th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $114.47.

Albemarle Stock Performance

ALB stock opened at $103.53 on Friday. The firm has a market cap of $12.17 billion, a PE ratio of -6.18 and a beta of 1.55. The company has a quick ratio of 1.58, a current ratio of 2.44 and a debt-to-equity ratio of 0.43. The business has a 50 day moving average of $95.52 and a 200-day moving average of $100.06. Albemarle Co. has a 12-month low of $71.97 and a 12-month high of $153.54.

Albemarle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend is Friday, December 13th. Albemarle’s dividend payout ratio is presently -9.67%.

Albemarle 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.