TIAA CREF Investment Management LLC reduced its stake in Albemarle Co. (NYSE:ALB) by 3.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,747,128 shares of the specialty chemicals company’s stock after selling 59,077 shares during the quarter. TIAA CREF Investment Management LLC owned about 1.58% of Albemarle worth $223,440,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of ALB. Ark Investment Management LLC lifted its position in shares of Albemarle by 104.6% in the second quarter. Ark Investment Management LLC now owns 6,368 shares of the specialty chemicals company’s stock valued at $672,000 after acquiring an additional 3,255 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of Albemarle by 25.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 24,495 shares of the specialty chemicals company’s stock valued at $3,339,000 after acquiring an additional 4,903 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Albemarle by 31.2% in the third quarter. Victory Capital Management Inc. now owns 34,429 shares of the specialty chemicals company’s stock valued at $4,693,000 after acquiring an additional 8,183 shares in the last quarter. Toronto Dominion Bank lifted its position in shares of Albemarle by 15.9% in the third quarter. Toronto Dominion Bank now owns 43,541 shares of the specialty chemicals company’s stock valued at $5,935,000 after acquiring an additional 5,976 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Albemarle in the third quarter valued at $1,360,000. Institutional investors and hedge funds own 86.38% of the company’s stock.
Several brokerages have recently issued reports on ALB. Argus reduced their price objective on Albemarle from $148.00 to $125.00 and set a “buy” rating on the stock in a research report on Tuesday, March 27th. Seaport Global Securities restated a “buy” rating on shares of Albemarle in a research report on Tuesday, March 6th. Royal Bank of Canada reduced their price objective on Albemarle from $133.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, March 2nd. BMO Capital Markets restated an “outperform” rating and issued a $130.00 price objective (down from $160.00) on shares of Albemarle in a research report on Friday, March 2nd. Finally, Loop Capital set a $130.00 target price on Albemarle and gave the stock a “buy” rating in a research report on Friday, March 2nd. Eight investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $127.02.
Shares of NYSE:ALB opened at $91.80 on Friday. The stock has a market cap of $10,134.48, a price-to-earnings ratio of 20.00, a PEG ratio of 1.09 and a beta of 1.66. The company has a quick ratio of 1.57, a current ratio of 2.06 and a debt-to-equity ratio of 0.37. Albemarle Co. has a 12 month low of $86.75 and a 12 month high of $144.99.
Albemarle (NYSE:ALB) last announced its quarterly earnings results on Tuesday, February 27th. The specialty chemicals company reported $1.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.13. The company had revenue of $857.79 million during the quarter, compared to analyst estimates of $791.46 million. Albemarle had a return on equity of 13.27% and a net margin of 1.79%. research analysts predict that Albemarle Co. will post 5.15 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th were paid a dividend of $0.335 per share. The ex-dividend date of this dividend was Wednesday, March 14th. This is a positive change from Albemarle’s previous quarterly dividend of $0.32. This represents a $1.34 annualized dividend and a yield of 1.46%. Albemarle’s dividend payout ratio is currently 29.19%.
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Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium and Advanced Materials segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and automobiles, 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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