Balboa Wealth Partners Trims Holdings in Albemarle Corporation $ALB

Balboa Wealth Partners trimmed its holdings in shares of Albemarle Corporation (NYSE:ALB) by 38.4% in the 2nd quarter, Holdings Channel reports. The firm owned 3,287 shares of the specialty chemicals company’s stock after selling 2,050 shares during the quarter. Balboa Wealth Partners’ holdings in Albemarle were worth $206,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. National Pension Service lifted its holdings in Albemarle by 74.5% during the 1st quarter. National Pension Service now owns 452 shares of the specialty chemicals company’s stock valued at $33,000 after buying an additional 193 shares in the last quarter. Costello Asset Management INC purchased a new position in shares of Albemarle during the first quarter worth approximately $36,000. ST Germain D J Co. Inc. bought a new stake in shares of Albemarle during the second quarter valued at approximately $47,000. Evermay Wealth Management LLC boosted its holdings in shares of Albemarle by 84.1% in the first quarter. Evermay Wealth Management LLC now owns 670 shares of the specialty chemicals company’s stock valued at $48,000 after purchasing an additional 306 shares during the period. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Albemarle by 54.4% in the first quarter. Smartleaf Asset Management LLC now owns 727 shares of the specialty chemicals company’s stock valued at $52,000 after purchasing an additional 256 shares during the period. 92.87% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. KeyCorp restated a “sector weight” rating on shares of Albemarle in a report on Wednesday, July 30th. Baird R W downgraded Albemarle from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 29th. TD Cowen raised their price target on Albemarle from $70.00 to $85.00 and gave the company a “hold” rating in a research note on Thursday, October 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Albemarle in a report on Wednesday, October 8th. Finally, Mizuho increased their target price on shares of Albemarle from $78.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fourteen have given a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, Albemarle presently has an average rating of “Hold” and a consensus price target of $92.41.

Albemarle Trading Down 4.9%

Shares of NYSE:ALB opened at $91.42 on Wednesday. The company has a market capitalization of $10.76 billion, a PE ratio of -9.81 and a beta of 1.65. The company has a current ratio of 2.31, a quick ratio of 1.47 and a debt-to-equity ratio of 0.38. Albemarle Corporation has a 12-month low of $49.43 and a 12-month high of $113.91. The business’s fifty day simple moving average is $84.54 and its 200-day simple moving average is $70.52.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.83) by $0.94. Albemarle had a negative return on equity of 1.87% and a negative net margin of 18.61%.The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the prior year, the business posted $0.04 EPS. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. Albemarle has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.

About Albemarle

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.