HL Financial Services LLC raised its stake in Albemarle Corporation (NYSE:ALB) by 1.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,322 shares of the specialty chemicals company’s stock after buying an additional 321 shares during the period. HL Financial Services LLC’s holdings in Albemarle Corporation were worth $3,411,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Chevy Chase Trust Holdings Inc. increased its position in Albemarle Corporation by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 97,039 shares of the specialty chemicals company’s stock valued at $10,251,000 after buying an additional 2,995 shares during the period. Creative Planning increased its position in Albemarle Corporation by 163.3% in the first quarter. Creative Planning now owns 3,147 shares of the specialty chemicals company’s stock valued at $332,000 after buying an additional 1,952 shares during the period. Gulf International Bank UK Ltd increased its position in Albemarle Corporation by 1.2% in the first quarter. Gulf International Bank UK Ltd now owns 35,009 shares of the specialty chemicals company’s stock valued at $3,698,000 after buying an additional 400 shares during the period. National Pension Service increased its position in Albemarle Corporation by 41,429.3% in the first quarter. National Pension Service now owns 107,561 shares of the specialty chemicals company’s stock valued at $11,309,000 after buying an additional 107,302 shares during the period. Finally, Honkamp Krueger Financial Services Inc. acquired a new position in Albemarle Corporation during the first quarter valued at approximately $780,000. 86.22% of the stock is owned by institutional investors.
Albemarle Corporation (NYSE:ALB) traded up 0.43% during mid-day trading on Friday, hitting $112.59. 872,711 shares of the stock were exchanged. Albemarle Corporation has a 52 week low of $75.11 and a 52 week high of $123.48. The stock has a market capitalization of $12.44 billion, a PE ratio of 14.40 and a beta of 1.59. The company has a 50-day moving average of $114.72 and a 200-day moving average of $107.36.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.14%. Albemarle Corporation’s dividend payout ratio is 16.41%.
ALB has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Albemarle Corporation from a “buy” rating to a “hold” rating in a report on Monday, April 24th. Nomura reaffirmed a “buy” rating and issued a $124.00 price objective on shares of Albemarle Corporation in a report on Friday, May 5th. Royal Bank Of Canada raised their price objective on shares of Albemarle Corporation from $132.00 to $136.00 and gave the stock an “outperform” rating in a report on Monday, May 8th. Morgan Stanley cut their price objective on shares of Albemarle Corporation from $100.00 to $72.00 and set an “equal weight” rating for the company in a report on Thursday, May 25th. Finally, KeyCorp raised their price target on shares of Albemarle Corporation from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, June 12th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $109.61.
In other Albemarle Corporation news, Chairman Luther C. Iv Kissam sold 50,000 shares of the stock in a transaction on Friday, July 7th. The shares were sold at an average price of $110.08, for a total transaction of $5,504,000.00. Following the completion of the transaction, the chairman now owns 252,917 shares in the company, valued at $27,841,103.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas L. Maine sold 10,000 shares of the stock in a transaction on Monday, June 19th. The shares were sold at an average price of $107.94, for a total transaction of $1,079,400.00. Following the transaction, the director now owns 24,150 shares of the company’s stock, valued at approximately $2,606,751. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,000 shares of company stock valued at $11,499,850. 0.74% of the stock is owned by company insiders.
Albemarle Corporation Company Profile
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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