Apollon Wealth Management LLC Invests $243,000 in Albemarle Co. (NYSE:ALB)

Apollon Wealth Management LLC purchased a new position in Albemarle Co. (NYSE:ALB) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,570 shares of the specialty chemicals company’s stock, valued at approximately $243,000.

Other hedge funds have also made changes to their positions in the company. Farther Finance Advisors LLC raised its position in Albemarle by 3.7% during the third quarter. Farther Finance Advisors LLC now owns 2,832 shares of the specialty chemicals company’s stock valued at $268,000 after acquiring an additional 102 shares in the last quarter. Foster Group Inc. raised its position in Albemarle by 4.1% during the second quarter. Foster Group Inc. now owns 3,047 shares of the specialty chemicals company’s stock valued at $291,000 after acquiring an additional 120 shares in the last quarter. abrdn plc raised its position in Albemarle by 0.3% during the third quarter. abrdn plc now owns 42,529 shares of the specialty chemicals company’s stock valued at $4,031,000 after acquiring an additional 146 shares in the last quarter. Cromwell Holdings LLC raised its position in Albemarle by 61.9% during the third quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock valued at $37,000 after acquiring an additional 148 shares in the last quarter. Finally, FLC Capital Advisors raised its position in Albemarle by 4.1% during the second quarter. FLC Capital Advisors now owns 3,864 shares of the specialty chemicals company’s stock valued at $369,000 after acquiring an additional 151 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Price Performance

Albemarle stock opened at $104.03 on Tuesday. The stock’s 50 day moving average is $96.03 and its 200 day moving average is $99.64. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.44 and a quick ratio of 1.58. The firm has a market cap of $12.23 billion, a P/E ratio of -6.21 and a beta of 1.55. Albemarle Co. has a one year low of $71.97 and a one year high of $153.54.

Albemarle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Friday, December 13th. Albemarle’s dividend payout ratio (DPR) is presently -9.67%.

Wall Street Analyst Weigh In

ALB has been the topic of several recent research reports. Robert W. Baird cut their price objective on shares of Albemarle from $85.00 to $79.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Royal Bank of Canada increased their price target on Albemarle from $108.00 to $133.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. Scotiabank lowered their price target on Albemarle from $135.00 to $85.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 6th. Piper Sandler lowered their price target on Albemarle from $95.00 to $90.00 and set an “underweight” rating on the stock in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. lowered their price target on Albemarle from $115.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, August 19th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $114.47.

Albemarle Company Profile

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.