1,168,488 Shares in Albemarle Corporation $ALB Bought by Norges Bank

Norges Bank bought a new position in Albemarle Corporation (NYSE:ALB) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,168,488 shares of the specialty chemicals company’s stock, valued at approximately $165,271,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Eurizon Capital SGR S.p.A. acquired a new position in Albemarle in the 4th quarter worth $282,000. Northwestern Mutual Wealth Management Co. boosted its stake in Albemarle by 12.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 18,644 shares of the specialty chemicals company’s stock worth $2,637,000 after purchasing an additional 2,007 shares during the period. CFS Investment Advisory Services LLC acquired a new position in Albemarle in the 4th quarter worth $289,000. Kingsview Wealth Management LLC acquired a new position in Albemarle in the 4th quarter worth $389,000. Finally, Eaton Financial Holdings Company LLC boosted its stake in Albemarle by 1.2% in the 4th quarter. Eaton Financial Holdings Company LLC now owns 5,769 shares of the specialty chemicals company’s stock worth $816,000 after purchasing an additional 66 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

Albemarle Trading Down 1.8%

Albemarle stock opened at $168.75 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21. The firm has a 50-day moving average of $184.27 and a 200-day moving average of $165.48. The company has a market cap of $19.90 billion, a price-to-earnings ratio of -49.49, a P/E/G ratio of 0.87 and a beta of 1.30. Albemarle Corporation has a one year low of $55.90 and a one year high of $221.00.

Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $1.71. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. Albemarle’s quarterly revenue was up 32.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.18) EPS. On average, equities analysts expect that Albemarle Corporation will post 12.39 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, June 12th. Albemarle’s dividend payout ratio is presently -47.51%.

Insider Activity

In other news, CEO J Kent Masters sold 16,393 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the sale, the chief executive officer directly owned 87,519 shares of the company’s stock, valued at approximately $16,078,990.68. This represents a 15.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.42% of the company’s stock.

Wall Street Analyst Weigh In

ALB has been the subject of a number of research analyst reports. Weiss Ratings raised shares of Albemarle from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, May 7th. Wall Street Zen upgraded shares of Albemarle from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 23rd. Argus increased their price objective on shares of Albemarle from $185.00 to $230.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Vertical Research upgraded shares of Albemarle from a “hold” rating to a “buy” rating and set a $224.00 price objective for the company in a research note on Tuesday, May 26th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Albemarle from $195.00 to $145.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $203.04.

Albemarle 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.