Albemarle Corporation $ALB Stock: Pictet Asset Management Holding SA Lowers Position

Pictet Asset Management Holding SA trimmed its holdings in shares of Albemarle Corporation (NYSE:ALB) by 89.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,390 shares of the specialty chemicals company’s stock after selling 191,528 shares during the period. Pictet Asset Management Holding SA’s holdings in Albemarle were worth $2,474,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Primecap Management Co. CA purchased a new position in Albemarle during the 2nd quarter valued at about $358,101,000. ProShare Advisors LLC increased its holdings in shares of Albemarle by 69.7% in the 3rd quarter. ProShare Advisors LLC now owns 1,436,117 shares of the specialty chemicals company’s stock valued at $151,912,000 after purchasing an additional 589,787 shares during the period. Renaissance Technologies LLC lifted its position in shares of Albemarle by 78.5% in the first quarter. Renaissance Technologies LLC now owns 730,745 shares of the specialty chemicals company’s stock worth $131,191,000 after purchasing an additional 321,400 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of Albemarle in the second quarter worth approximately $131,049,000. Finally, Sei Investments Co. lifted its position in shares of Albemarle by 0.7% in the first quarter. Sei Investments Co. now owns 652,674 shares of the specialty chemicals company’s stock worth $117,178,000 after purchasing an additional 4,374 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Morgan Stanley dropped their price objective on shares of Albemarle from $161.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Monday, November 9th. Weiss Ratings raised shares of Albemarle from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, November 4th. Robert W. Baird lowered their price target on shares of Albemarle from $157.00 to $123.00 in a report on Wednesday, October 14th. Royal Bank Of Canada cut their price objective on shares of Albemarle from $129.00 to $119.00 and set an “outperform” rating on the stock in a research report on Friday, November 6th. Finally, Scotiabank decreased their target price on shares of Albemarle from $190.00 to $165.00 and set a “sector outperform” rating for the company in a research report on Monday, November 9th. Fifteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Albemarle presently has an average rating of “Moderate Buy” and a consensus price target of $152.63.

Albemarle Stock Performance

Shares of ALB traded down $1.23 during trading hours on Friday, reaching $93.62. 1,177,544 shares of the company traded hands, compared to its average volume of 2,510,124. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.57 and a current ratio of 2.34. The stock’s fifty day moving average is $103.61 and its 200 day moving average is $145.56. Albemarle Corporation has a 1-year low of $89.77 and a 1-year high of $221.00. The stock has a market cap of $11.05 billion, a P/E ratio of 22.61, a price-to-earnings-growth ratio of 0.59 and a beta of 1.34.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Wednesday, November 4th. The specialty chemicals company reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.05. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. Albemarle had a return on equity of 14.91% and a net margin of 10.40%. Albemarle’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.19) EPS. Equities research analysts anticipate that Albemarle Corporation will post 10.64 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Friday, December 18th will be paid a dividend of $0.41 per share. The ex-dividend date is Friday, December 18th. This represents a $1.64 dividend on an annualized basis and a yield of 1.8%. Albemarle’s payout ratio is currently 39.61%.

About Albemarle

Albemarle Corporation is a specialty chemicals company that produces lithium, bromine and refining catalysts. Its products serve industries including energy storage, transportation, electronics, petroleum refining and pharmaceuticals. The company supplies lithium compounds used in rechargeable batteries and other applications. It also makes bromine-based products for uses such as flame retardants and water treatment, along with catalysts used in refining petroleum. Albemarle traces its history to 1887 and is headquartered in Charlotte, North Carolina.