Allianz Asset Management GmbH boosted its stake in shares of Albemarle Co. (NYSE:ALB) by 98.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,307,904 shares of the specialty chemicals company’s stock after buying an additional 650,158 shares during the quarter. Allianz Asset Management GmbH owned 1.18% of Albemarle worth $178,281,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in Albemarle by 258.1% during the third quarter. Bank of New York Mellon Corp now owns 4,561,987 shares of the specialty chemicals company’s stock worth $621,845,000 after purchasing an additional 3,287,989 shares during the period. Jennison Associates LLC raised its stake in shares of Albemarle by 21.4% in the 3rd quarter. Jennison Associates LLC now owns 7,797,076 shares of the specialty chemicals company’s stock valued at $1,062,819,000 after acquiring an additional 1,375,546 shares during the period. Janus Henderson Group PLC raised its stake in shares of Albemarle by 907.7% in the 2nd quarter. Janus Henderson Group PLC now owns 817,035 shares of the specialty chemicals company’s stock valued at $86,230,000 after acquiring an additional 735,956 shares during the period. Artisan Partners Limited Partnership raised its stake in shares of Albemarle by 6,185.5% in the 2nd quarter. Artisan Partners Limited Partnership now owns 731,690 shares of the specialty chemicals company’s stock valued at $77,223,000 after acquiring an additional 720,049 shares during the period. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Albemarle by 69.2% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,661,821 shares of the specialty chemicals company’s stock valued at $175,389,000 after acquiring an additional 679,453 shares during the period. Institutional investors own 87.96% of the company’s stock.
A number of equities analysts have recently commented on the stock. CIBC assumed coverage on shares of Albemarle in a research note on Thursday, August 17th. They issued an “outperform” rating and a $133.00 target price on the stock. Jefferies Group reaffirmed a “buy” rating on shares of Albemarle in a report on Tuesday, October 24th. SunTrust Banks lowered shares of Albemarle from a “buy” rating to a “hold” rating and set a $121.00 price target for the company. in a report on Wednesday, August 9th. Royal Bank Of Canada raised their price target on shares of Albemarle from $149.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, November 10th. Finally, Goldman Sachs Group lowered shares of Albemarle from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $139.66 to $142.00 in a report on Friday, October 6th. Ten research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Albemarle has a consensus rating of “Buy” and an average price target of $128.45.
Albemarle (NYSE:ALB) last announced its quarterly earnings data on Wednesday, November 8th. The specialty chemicals company reported $1.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.01. The company had revenue of $755.00 million for the quarter, compared to analysts’ expectations of $732.19 million. Albemarle had a net margin of 30.07% and a return on equity of 11.61%. The business’s revenue was up 15.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS. sell-side analysts anticipate that Albemarle Co. will post 4.46 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be paid a $0.32 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.28 annualized dividend and a dividend yield of 0.99%. Albemarle’s dividend payout ratio is currently 16.56%.
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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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