Texas Permanent School Fund Reduces Position in Albemarle Co. (ALB)

Texas Permanent School Fund trimmed its stake in Albemarle Co. (NYSE:ALB) by 9.9% in the 3rd quarter, Holdings Channel reports. The firm owned 24,346 shares of the specialty chemicals company’s stock after selling 2,685 shares during the period. Texas Permanent School Fund’s holdings in Albemarle were worth $2,429,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Jennison Associates LLC lifted its stake in shares of Albemarle by 21.4% in the 2nd quarter. Jennison Associates LLC now owns 7,330,974 shares of the specialty chemicals company’s stock valued at $691,531,000 after purchasing an additional 1,290,510 shares during the last quarter. Baillie Gifford & Co. lifted its stake in shares of Albemarle by 1,220.5% in the 2nd quarter. Baillie Gifford & Co. now owns 2,617,349 shares of the specialty chemicals company’s stock valued at $246,894,000 after purchasing an additional 2,419,144 shares during the last quarter. Iridian Asset Management LLC CT lifted its stake in shares of Albemarle by 2.0% in the 2nd quarter. Iridian Asset Management LLC CT now owns 2,024,607 shares of the specialty chemicals company’s stock valued at $190,981,000 after purchasing an additional 38,781 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Albemarle by 6.9% in the 2nd quarter. Wells Fargo & Company MN now owns 861,018 shares of the specialty chemicals company’s stock valued at $81,220,000 after purchasing an additional 55,732 shares during the last quarter. Finally, SPF Beheer BV lifted its stake in shares of Albemarle by 2.2% in the 2nd quarter. SPF Beheer BV now owns 757,757 shares of the specialty chemicals company’s stock valued at $71,733,000 after purchasing an additional 15,960 shares during the last quarter. 90.99% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts have recently issued reports on the company. SunTrust Banks raised Albemarle from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $115.00 in a research note on Tuesday, September 4th. Loop Capital set a $130.00 price target on Albemarle and gave the stock a “buy” rating in a report on Monday, October 8th. Zacks Investment Research upgraded Albemarle from a “hold” rating to a “buy” rating and set a $104.00 price target on the stock in a report on Tuesday, August 7th. ValuEngine downgraded Albemarle from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 7th. Finally, Vertical Research began coverage on Albemarle in a report on Tuesday, September 25th. They issued a “sell” rating and a $85.00 price target on the stock. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $124.55.

In other Albemarle news, EVP Karen G. Narwold sold 3,100 shares of the firm’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $97.11, for a total transaction of $301,041.00. Following the transaction, the executive vice president now directly owns 30,242 shares in the company, valued at approximately $2,936,800.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.80% of the company’s stock.

ALB opened at $106.44 on Monday. The firm has a market cap of $11.54 billion, a price-to-earnings ratio of 23.19, a PEG ratio of 1.39 and a beta of 1.53. Albemarle Co. has a 52 week low of $86.75 and a 52 week high of $144.99. The company has a current ratio of 2.19, a quick ratio of 1.55 and a debt-to-equity ratio of 0.37.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Tuesday, August 7th. The specialty chemicals company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.28 by $0.08. The company had revenue of $853.87 million for the quarter, compared to the consensus estimate of $799.49 million. Albemarle had a return on equity of 14.51% and a net margin of 10.17%. On average, equities research analysts forecast that Albemarle Co. will post 5.38 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th will be issued a dividend of $0.335 per share. The ex-dividend date is Thursday, December 13th. This represents a $1.34 annualized dividend and a yield of 1.26%. Albemarle’s payout ratio is currently 29.19%.

Albemarle Company Profile

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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Institutional Ownership by Quarter for Albemarle (NYSE:ALB)

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