CIBC Asset Management Inc Boosts Stock Position in Albemarle Co. (NYSE:ALB)

CIBC Asset Management Inc grew its holdings in Albemarle Co. (NYSE:ALBFree Report) by 5.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 19,124 shares of the specialty chemicals company’s stock after acquiring an additional 994 shares during the quarter. CIBC Asset Management Inc’s holdings in Albemarle were worth $1,646,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Farther Finance Advisors LLC increased its stake in Albemarle by 3.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,832 shares of the specialty chemicals company’s stock worth $268,000 after buying an additional 102 shares during the period. TD Private Client Wealth LLC grew its stake in Albemarle by 50.4% in the 3rd quarter. TD Private Client Wealth LLC now owns 394 shares of the specialty chemicals company’s stock worth $37,000 after acquiring an additional 132 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Albemarle by 48.9% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 414 shares of the specialty chemicals company’s stock valued at $36,000 after purchasing an additional 136 shares during the period. First Community Trust NA grew its stake in Albemarle by 55.0% in the fourth quarter. First Community Trust NA now owns 400 shares of the specialty chemicals company’s stock worth $34,000 after purchasing an additional 142 shares in the last quarter. Finally, abrdn plc grew its stake in Albemarle by 0.3% in the third quarter. abrdn plc now owns 42,529 shares of the specialty chemicals company’s stock worth $4,031,000 after purchasing an additional 146 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO J Kent Masters sold 2,525 shares of the firm’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $101.12, for a total value of $255,328.00. Following the completion of the transaction, the chief executive officer now directly owns 73,747 shares in the company, valued at $7,457,296.64. This trade represents a 3.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.38% of the stock is currently owned by insiders.

Albemarle Stock Performance

Shares of Albemarle stock opened at $81.26 on Friday. The firm has a market capitalization of $9.55 billion, a P/E ratio of -7.26, a PEG ratio of 11.64 and a beta of 1.59. Albemarle Co. has a 52 week low of $71.97 and a 52 week high of $143.19. The company has a quick ratio of 1.19, a current ratio of 1.95 and a debt-to-equity ratio of 0.39. The company has a 50 day moving average price of $86.93 and a 200 day moving average price of $92.05.

Albemarle (NYSE:ALBGet Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The specialty chemicals company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.49). Albemarle had a negative return on equity of 1.72% and a negative net margin of 21.93%. Sell-side analysts expect that Albemarle Co. will post 0.45 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ALB. Deutsche Bank Aktiengesellschaft decreased their target price on Albemarle from $109.00 to $105.00 in a research report on Wednesday, February 12th. Mizuho decreased their price objective on Albemarle from $110.00 to $105.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Oppenheimer dropped their target price on shares of Albemarle from $171.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. UBS Group lowered their price target on shares of Albemarle from $99.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. Finally, Robert W. Baird dropped their price objective on shares of Albemarle from $103.00 to $92.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Albemarle has an average rating of “Hold” and a consensus target price of $109.68.

Check Out Our Latest Research Report on ALB

Albemarle Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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