Connor Clark & Lunn Investment Management Ltd. Purchases New Shares in Albemarle Corporation $ALB

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Albemarle Corporation (NYSE:ALB) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 434,812 shares of the specialty chemicals company’s stock, valued at approximately $58,713,000.

A number of other hedge funds have also recently added to or reduced their stakes in ALB. Addison Advisors LLC acquired a new stake in Albemarle in the 2nd quarter valued at about $28,000. BOKF NA lifted its position in shares of Albemarle by 5,771.4% during the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock worth $33,000 after purchasing an additional 404 shares in the last quarter. Elyxium Wealth LLC acquired a new position in shares of Albemarle during the fourth quarter worth approximately $34,000. EverSource Wealth Advisors LLC grew its stake in shares of Albemarle by 536.7% during the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after purchasing an additional 483 shares during the last quarter. Finally, Torren Management LLC bought a new stake in shares of Albemarle during the fourth quarter valued at approximately $38,000. Institutional investors own 92.87% of the company’s stock.

Albemarle Stock Down 0.2%

Albemarle stock opened at $142.99 on Monday. The firm has a market capitalization of $16.87 billion, a price-to-earnings ratio of 529.61 and a beta of 1.33. The company’s 50 day simple moving average is $132.04 and its 200 day simple moving average is $160.70. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.09 and a quick ratio of 1.35. Albemarle Corporation has a fifty-two week low of $71.25 and a fifty-two week high of $221.00.

Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, beating the consensus estimate of $3.20 by $0.55. The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.61 billion. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The business’s quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 earnings per share. As a group, sell-side analysts anticipate that Albemarle Corporation will post 11.63 EPS for the current year.

Albemarle Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a $0.41 dividend. The ex-dividend date is Friday, September 11th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.1%. This is an increase from Albemarle’s previous quarterly dividend of $0.41. Albemarle’s dividend payout ratio is currently 600.00%.

Analyst Ratings Changes

A number of analysts recently weighed in on ALB shares. Morgan Stanley reissued a “reduce” rating and issued a $161.00 price target on shares of Albemarle in a report on Monday, August 10th. HSBC boosted their target price on Albemarle from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Scotiabank decreased their price target on Albemarle from $200.00 to $190.00 and set a “sector outperform” rating on the stock in a report on Monday, August 10th. Royal Bank Of Canada lowered their price objective on Albemarle from $166.00 to $157.00 and set an “outperform” rating for the company in a research report on Monday, August 10th. Finally, Truist Financial dropped their price objective on Albemarle from $245.00 to $225.00 and set a “buy” rating for the company in a report on Friday, August 7th. Fifteen equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $190.26.

Albemarle Company Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.