Principal Financial Group Inc. Increases Position in Albemarle Co. (NYSE:ALB)

Principal Financial Group Inc. raised its position in shares of Albemarle Co. (NYSE:ALB) by 3.2% during the third quarter, HoldingsChannel reports. The firm owned 135,194 shares of the specialty chemicals company’s stock after purchasing an additional 4,131 shares during the period. Principal Financial Group Inc.’s holdings in Albemarle were worth $12,804,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. First Community Trust NA purchased a new position in shares of Albemarle during the 2nd quarter valued at about $25,000. CVA Family Office LLC grew its position in Albemarle by 610.0% during the second quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after acquiring an additional 244 shares during the last quarter. Eastern Bank purchased a new position in shares of Albemarle during the third quarter worth approximately $31,000. Cromwell Holdings LLC lifted its holdings in shares of Albemarle by 61.9% in 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 last quarter. Finally, ORG Partners LLC boosted its stake in shares of Albemarle by 2,142.1% in the 2nd quarter. ORG Partners LLC now owns 426 shares of the specialty chemicals company’s stock valued at $42,000 after purchasing an additional 407 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Albemarle Price Performance

Shares of NYSE ALB opened at $103.53 on Friday. The company’s 50-day moving average is $95.52 and its 200 day moving average is $99.92. 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 stock has a market capitalization of $12.17 billion, a P/E ratio of -6.18 and a beta of 1.55. Albemarle Co. has a 1 year low of $71.97 and a 1 year high of $153.54.

Albemarle Announces Dividend

The company also recently announced 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. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date is Friday, December 13th. Albemarle’s payout ratio is presently -9.67%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. KeyCorp lowered their price target on shares of Albemarle from $132.00 to $127.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Oppenheimer lowered their target price on Albemarle from $171.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Deutsche Bank Aktiengesellschaft reduced their price target on Albemarle from $105.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, August 16th. Evercore ISI lowered their price objective on Albemarle from $190.00 to $170.00 and set an “outperform” rating for the company in a research report on Wednesday, August 28th. Finally, Scotiabank cut their target price 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 equities 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, Albemarle presently has a consensus rating of “Hold” and a consensus target price 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.