Albemarle Co. (NYSE:ALB) was the target of a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 15,216,200 shares, a decline of 6.7% from the May 30th total of 16,308,000 shares. Currently, 14.5% of the shares of the company are short sold. Based on an average trading volume of 1,480,000 shares, the days-to-cover ratio is currently 10.3 days.
In other Albemarle news, SVP Deeanne J. Marlow bought 1,000 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were acquired at an average cost of $70.85 per share, with a total value of $70,850.00. Following the acquisition, the senior vice president now directly owns 1,000 shares of the company’s stock, valued at approximately $70,850. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.02% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in ALB. Kinneret Advisory LLC purchased a new position in shares of Albemarle during the 4th quarter worth about $100,000. Envestnet Asset Management Inc. lifted its holdings in shares of Albemarle by 18.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 56,910 shares of the specialty chemicals company’s stock worth $4,665,000 after acquiring an additional 8,665 shares during the period. GHP Investment Advisors Inc. lifted its holdings in shares of Albemarle by 4.7% during the 1st quarter. GHP Investment Advisors Inc. now owns 7,721 shares of the specialty chemicals company’s stock worth $633,000 after acquiring an additional 347 shares during the period. Dana Investment Advisors Inc. lifted its holdings in shares of Albemarle by 29.3% during the 4th quarter. Dana Investment Advisors Inc. now owns 8,081 shares of the specialty chemicals company’s stock worth $623,000 after acquiring an additional 1,829 shares during the period. Finally, Capital Innovations LLC purchased a new position in shares of Albemarle during the 1st quarter worth about $244,000. Institutional investors and hedge funds own 90.28% of the company’s stock.
A number of equities analysts have recently commented on ALB shares. Jefferies Financial Group cut their target price on shares of Albemarle from $114.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, May 20th. They noted that the move was a valuation call. KeyCorp cut shares of Steris from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, July 9th. They noted that the move was a valuation call. Loop Capital dropped their price objective on shares of Albemarle to $108.00 and set a “buy” rating on the stock in a research note on Thursday, May 16th. TheStreet cut shares of Tribune Publishing from a “c-” rating to a “d+” rating in a research note on Monday, May 20th. Finally, Buckingham Research dropped their price objective on shares of Albemarle from $100.00 to $88.00 and set a “neutral” rating on the stock in a research note on Friday, March 29th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. Albemarle has an average rating of “Hold” and a consensus price target of $95.77.
Shares of NYSE:ALB traded down $1.12 on Monday, reaching $71.51. 27,010 shares of the company were exchanged, compared to its average volume of 1,126,854. The company has a current ratio of 1.55, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. Albemarle has a 1-year low of $63.10 and a 1-year high of $108.74. The company has a market capitalization of $7.65 billion, a price-to-earnings ratio of 13.17, a price-to-earnings-growth ratio of 0.76 and a beta of 1.63. The stock’s 50-day simple moving average is $68.98.
Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, May 8th. The specialty chemicals company reported $1.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.02. Albemarle had a net margin of 20.54% and a return on equity of 15.53%. The business had revenue of $832.06 million for the quarter, compared to analysts’ expectations of $827.94 million. During the same period in the prior year, the company posted $1.30 EPS. The business’s revenue for the quarter was up 1.3% on a year-over-year basis. As a group, analysts expect that Albemarle will post 6.19 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were given a $0.3675 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $1.47 annualized dividend and a dividend yield of 2.06%. Albemarle’s dividend payout ratio is presently 26.82%.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, 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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