Community Bank N.A. Grows Position in Albemarle Co. (NYSE:ALB)

Community Bank N.A. lifted its holdings in Albemarle Co. (NYSE:ALB) by 27.9% during the 2nd quarter, reports. The institutional investor owned 9,015 shares of the specialty chemicals company’s stock after purchasing an additional 1,965 shares during the period. Community Bank N.A.’s holdings in Albemarle were worth $696,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ALB. Ellevest Inc. grew its stake in Albemarle by 133.2% during the 2nd quarter. Ellevest Inc. now owns 492 shares of the specialty chemicals company’s stock valued at $38,000 after acquiring an additional 281 shares in the last quarter. Reitz Capital Advisors LLC acquired a new position in shares of Albemarle during the 2nd quarter worth approximately $53,000. Exane Derivatives grew its position in shares of Albemarle by 137.3% in the first quarter. Exane Derivatives now owns 814 shares of the specialty chemicals company’s stock valued at $46,000 after purchasing an additional 471 shares in the last quarter. Canton Hathaway LLC purchased a new stake in shares of Albemarle in the second quarter valued at approximately $73,000. Finally, Synovus Financial Corp increased its holdings in shares of Albemarle by 34.6% in the first quarter. Synovus Financial Corp now owns 1,054 shares of the specialty chemicals company’s stock valued at $59,000 after purchasing an additional 271 shares during the last quarter. Hedge funds and other institutional investors own 92.33% of the company’s stock.

ALB stock traded down $0.54 during midday trading on Friday, hitting $82.46. The company’s stock had a trading volume of 2,397,906 shares, compared to its average volume of 1,044,400. The company has a quick ratio of 1.09, a current ratio of 1.81 and a debt-to-equity ratio of 0.77. Albemarle Co. has a 52-week low of $48.89 and a 52-week high of $99.40. The firm has a market capitalization of $8.77 billion, a P/E ratio of 17.29, a PEG ratio of 2.90 and a beta of 1.46. The firm has a 50-day simple moving average of $80.39 and a 200-day simple moving average of $74.06.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.15. Albemarle had a return on equity of 15.34% and a net margin of 14.50%. The business had revenue of $738.85 million for the quarter, compared to analysts’ expectations of $769.26 million. During the same period last year, the firm earned $1.23 earnings per share. The company’s revenue for the quarter was down 11.2% compared to the same quarter last year. On average, sell-side analysts expect that Albemarle Co. will post 3.33 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 18th will be paid a $0.385 dividend. This represents a $1.54 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Thursday, September 17th. Albemarle’s payout ratio is presently 25.50%.

Several analysts have issued reports on the company. Goldman Sachs Group cut Albemarle from a “buy” rating to a “neutral” rating and dropped their target price for the company from $67.00 to $61.00 in a report on Tuesday, May 12th. Jefferies Financial Group raised their price objective on shares of Albemarle from $81.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday. UBS Group decreased their target price on shares of Albemarle from $98.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Berenberg Bank downgraded shares of Albemarle from a “hold” rating to a “sell” rating and raised their price target for the stock from $65.00 to $68.00 in a report on Monday, July 27th. Finally, Royal Bank of Canada upped their price objective on Albemarle from $64.00 to $66.00 and gave the company a “sector perform” rating in a report on Monday, May 11th. Six investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. Albemarle has a consensus rating of “Hold” and a consensus price target of $74.98.

About Albemarle

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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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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