Raymond James Financial Services Advisors Inc. Increases Position in Albemarle Corporation (NYSE:ALB)

Raymond James Financial Services Advisors Inc. boosted its stake in Albemarle Corporation (NYSE:ALB) by 10.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,592 shares of the specialty chemicals company’s stock after buying an additional 1,784 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Albemarle Corporation were worth $2,068,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of ALB. Northwestern Mutual Wealth Management Co. boosted its stake in Albemarle Corporation by 2.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the specialty chemicals company’s stock valued at $102,000 after buying an additional 20 shares in the last quarter. Carroll Financial Associates Inc. boosted its stake in Albemarle Corporation by 0.3% during the second quarter. Carroll Financial Associates Inc. now owns 982 shares of the specialty chemicals company’s stock valued at $103,000 after buying an additional 3 shares in the last quarter. Smithfield Trust Co. boosted its stake in Albemarle Corporation by 16.1% during the second quarter. Smithfield Trust Co. now owns 1,008 shares of the specialty chemicals company’s stock valued at $106,000 after buying an additional 140 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Albemarle Corporation by 0.3% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,458 shares of the specialty chemicals company’s stock valued at $154,000 after buying an additional 4 shares in the last quarter. Finally, Cornerstone Advisors Inc. boosted its stake in Albemarle Corporation by 26.8% during the second quarter. Cornerstone Advisors Inc. now owns 1,751 shares of the specialty chemicals company’s stock valued at $185,000 after buying an additional 370 shares in the last quarter. 83.70% of the stock is currently owned by hedge funds and other institutional investors.

Albemarle Corporation (NYSE ALB) traded up 0.03% during midday trading on Friday, hitting $139.08. The stock had a trading volume of 1,204,760 shares. The firm has a market cap of $15.36 billion, a P/E ratio of 17.79 and a beta of 1.67. The stock has a 50-day moving average of $133.38 and a 200-day moving average of $117.31. Albemarle Corporation has a 52 week low of $76.32 and a 52 week high of $141.40.

Albemarle Corporation (NYSE:ALB) last announced its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.02. The firm had revenue of $737.25 million for the quarter, compared to the consensus estimate of $735.50 million. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The company’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.93 EPS. Analysts forecast that Albemarle Corporation will post $4.38 EPS for the current fiscal year.

In related news, EVP Karen G. Narwold sold 11,500 shares of Albemarle Corporation stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $115.95, for a total value of $1,333,425.00. Following the sale, the executive vice president now owns 36,620 shares of the company’s stock, valued at approximately $4,246,089. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Matthew Juneau sold 5,397 shares of Albemarle Corporation stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $115.77, for a total transaction of $624,810.69. Following the completion of the sale, the executive vice president now directly owns 360 shares in the company, valued at approximately $41,677.20. The disclosure for this sale can be found here. Insiders own 0.74% of the company’s stock.

Several brokerages recently weighed in on ALB. BMO Capital Markets began coverage on Albemarle Corporation in a research note on Tuesday. They set an “outperform” rating and a $160.00 target price for the company. Jefferies Group LLC reaffirmed a “buy” rating on shares of Albemarle Corporation in a research note on Tuesday. Royal Bank Of Canada reaffirmed a “buy” rating and set a $149.00 target price on shares of Albemarle Corporation in a research note on Wednesday, October 18th. Zacks Investment Research upgraded Albemarle Corporation from a “hold” rating to a “buy” rating and set a $157.00 price target for the company in a research report on Tuesday, October 17th. Finally, KeyCorp increased their price target on Albemarle Corporation from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, October 16th. Eight analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Albemarle Corporation has a consensus rating of “Buy” and an average target price of $125.45.

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About Albemarle Corporation

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.

Institutional Ownership by Quarter for Albemarle Corporation (NYSE:ALB)

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