Pacific Heights Asset Management LLC Has $8.15 Million Holdings in Albemarle Corporation $ALB

Pacific Heights Asset Management LLC grew its stake in Albemarle Corporation (NYSE:ALB) by 85.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 130,000 shares of the specialty chemicals company’s stock after buying an additional 60,000 shares during the quarter. Pacific Heights Asset Management LLC’s holdings in Albemarle were worth $8,147,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. WealthPlan Investment Management LLC lifted its position in shares of Albemarle by 10.7% in the first quarter. WealthPlan Investment Management LLC now owns 50,326 shares of the specialty chemicals company’s stock worth $3,624,000 after buying an additional 4,872 shares during the last quarter. Grandfield & Dodd LLC lifted its position in shares of Albemarle by 5.2% during the 1st quarter. Grandfield & Dodd LLC now owns 243,036 shares of the specialty chemicals company’s stock worth $17,503,000 after purchasing an additional 12,014 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in shares of Albemarle during the 1st quarter worth about $271,000. Envestnet Asset Management Inc. lifted its position in shares of Albemarle by 3.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 184,426 shares of the specialty chemicals company’s stock worth $13,282,000 after purchasing an additional 6,487 shares during the last quarter. Finally, Bard Financial Services Inc. acquired a new position in shares of Albemarle during the 2nd quarter worth about $1,850,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analysts Set New Price Targets

ALB has been the subject of several research analyst reports. Wells Fargo & Company boosted their price objective on Albemarle from $70.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 15th. Royal Bank Of Canada boosted their price objective on Albemarle from $80.00 to $117.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Argus boosted their price objective on Albemarle from $90.00 to $120.00 in a research report on Tuesday, October 14th. Zacks Research raised Albemarle from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 7th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Albemarle from $74.00 to $95.00 in a report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fourteen have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $92.41.

Albemarle Trading Down 4.9%

Albemarle stock opened at $91.42 on Wednesday. The business has a 50 day moving average price of $84.54 and a two-hundred day moving average price of $70.52. The company has a quick ratio of 1.47, a current ratio of 2.31 and a debt-to-equity ratio of 0.38. The stock has a market cap of $10.76 billion, a price-to-earnings ratio of -9.81 and a beta of 1.65. Albemarle Corporation has a 12 month low of $49.43 and a 12 month high of $113.91.

Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.11 EPS for the quarter, beating the consensus estimate 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 quarter in the prior year, the firm posted $0.04 EPS. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. Albemarle has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that Albemarle Corporation will post -0.04 EPS for the current year.

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.