KLP Kapitalforvaltning AS Invests $3.48 Million in Albemarle Co. (NYSE:ALB)

KLP Kapitalforvaltning AS purchased a new position in shares of Albemarle Co. (NYSE:ALB) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 40,271 shares of the specialty chemicals company’s stock, valued at approximately $3,480,000.

Other institutional investors have also recently bought and sold shares of the company. TD Private Client Wealth LLC grew its holdings in shares of Albemarle by 50.4% during the third quarter. TD Private Client Wealth LLC now owns 394 shares of the specialty chemicals company’s stock worth $37,000 after purchasing an additional 132 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in Albemarle by 48.9% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 414 shares of the specialty chemicals company’s stock worth $36,000 after acquiring an additional 136 shares during the last quarter. First Community Trust NA increased its position in Albemarle by 55.0% in the 4th quarter. First Community Trust NA now owns 400 shares of the specialty chemicals company’s stock valued at $34,000 after acquiring an additional 142 shares in the last quarter. Metis Global Partners LLC raised its stake in shares of Albemarle by 3.9% in the fourth quarter. Metis Global Partners LLC now owns 3,908 shares of the specialty chemicals company’s stock worth $336,000 after acquiring an additional 148 shares during the last quarter. Finally, SlateStone Wealth LLC lifted its position in shares of Albemarle by 3.3% during the fourth quarter. SlateStone Wealth LLC now owns 4,655 shares of the specialty chemicals company’s stock worth $401,000 after purchasing an additional 150 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Albemarle Price Performance

Shares of ALB opened at $75.73 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.19 and a current ratio of 1.95. The firm has a market capitalization of $8.90 billion, a PE ratio of -6.76 and a beta of 1.70. The stock has a 50 day simple moving average of $80.74 and a 200 day simple moving average of $90.94. Albemarle Co. has a 52-week low of $67.23 and a 52-week high of $137.50.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, February 12th. The specialty chemicals company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.49). Albemarle had a negative return on equity of 1.72% and a negative net margin of 21.93%. Sell-side analysts predict that Albemarle Co. will post -0.04 EPS for the current fiscal year.

Albemarle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Friday, March 14th. Albemarle’s dividend payout ratio is -14.46%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Truist Financial dropped their price objective on shares of Albemarle from $96.00 to $85.00 and set a “hold” rating for the company in a research report on Friday, February 14th. Mizuho cut their price target on Albemarle from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Friday, March 7th. Deutsche Bank Aktiengesellschaft decreased their price target on Albemarle from $109.00 to $105.00 in a report on Wednesday, February 12th. KeyCorp cut their target price on shares of Albemarle from $127.00 to $122.00 and set an “overweight” rating on the stock in a research report on Friday, February 14th. Finally, Clarkson Capital initiated coverage on shares of Albemarle in a research report on Tuesday, January 14th. They set a “buy” rating and a $112.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Albemarle currently has an average rating of “Hold” and an average target price of $104.30.

About Albemarle

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.