CIBC Asset Management Inc Has $1.72 Million Position in Albemarle Co. (NYSE:ALB)

CIBC Asset Management Inc boosted its stake in shares of Albemarle Co. (NYSE:ALB) by 9.2% during the third quarter, Holdings Channel.com reports. The fund owned 18,130 shares of the specialty chemicals company’s stock after acquiring an additional 1,531 shares during the period. CIBC Asset Management Inc’s holdings in Albemarle were worth $1,717,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALB. First Community Trust NA acquired a new position in Albemarle in the second quarter valued at about $25,000. CVA Family Office LLC increased its holdings in Albemarle by 610.0% in the 2nd quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after buying an additional 244 shares during the period. Eastern Bank acquired a new position in shares of Albemarle in the 3rd quarter valued at approximately $31,000. Cromwell Holdings LLC lifted its holdings in shares of Albemarle by 61.9% during the 3rd quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock worth $37,000 after acquiring an additional 148 shares during the period. Finally, ORG Partners LLC boosted its position in shares of Albemarle by 2,142.1% during the 2nd quarter. ORG Partners LLC now owns 426 shares of the specialty chemicals company’s stock worth $42,000 after acquiring an additional 407 shares in the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Albemarle Stock Performance

Shares of Albemarle stock opened at $106.45 on Wednesday. The stock has a market cap of $12.51 billion, a price-to-earnings ratio of -6.36 and a beta of 1.55. The company has a quick ratio of 1.58, a current ratio of 2.44 and a debt-to-equity ratio of 0.43. Albemarle Co. has a twelve month low of $71.97 and a twelve month high of $153.54. The company’s fifty day moving average is $96.59 and its 200 day moving average is $99.48.

Albemarle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.405 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.62 annualized dividend and a dividend yield of 1.52%. Albemarle’s payout ratio is -9.67%.

Analyst Ratings Changes

ALB has been the subject of several recent analyst reports. Royal Bank of Canada upped their target price on Albemarle from $108.00 to $133.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 12th. Deutsche Bank Aktiengesellschaft dropped their price objective on Albemarle from $105.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 16th. KeyCorp decreased their target price on Albemarle from $132.00 to $127.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Wells Fargo & Company increased their target price on shares of Albemarle from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Finally, Scotiabank decreased their price target on shares of Albemarle from $135.00 to $85.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $114.47.

Albemarle 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.