SteelPeak Wealth LLC Raises Holdings in Albemarle Co. (NYSE:ALB)

SteelPeak Wealth LLC lifted its holdings in Albemarle Co. (NYSE:ALB) by 146.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,514 shares of the specialty chemicals company’s stock after buying an additional 18,136 shares during the quarter. SteelPeak Wealth LLC’s holdings in Albemarle were worth $2,900,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ALB. Eagle Bay Advisors LLC raised its position in shares of Albemarle by 45.0% during the 1st quarter. Eagle Bay Advisors LLC now owns 332 shares of the specialty chemicals company’s stock worth $44,000 after purchasing an additional 103 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its holdings in Albemarle by 4.6% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 2,655 shares of the specialty chemicals company’s stock valued at $350,000 after buying an additional 116 shares during the period. Foster Group Inc. boosted its position in shares of Albemarle by 4.1% in the second quarter. Foster Group Inc. now owns 3,047 shares of the specialty chemicals company’s stock worth $291,000 after acquiring an additional 120 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in Albemarle by 3.3% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,309 shares of the specialty chemicals company’s stock valued at $568,000 after purchasing an additional 137 shares during the period. Finally, Empirical Finance LLC increased its position in Albemarle by 3.5% during the first quarter. Empirical Finance LLC now owns 4,186 shares of the specialty chemicals company’s stock worth $551,000 after purchasing an additional 143 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on ALB. Citigroup cut their target price on Albemarle from $137.00 to $100.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Oppenheimer reduced their price target on shares of Albemarle from $188.00 to $178.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. JPMorgan Chase & Co. cut their target price on shares of Albemarle from $115.00 to $78.00 and set a “neutral” rating on the stock in a research note on Monday, August 19th. Mizuho lowered their price target on Albemarle from $128.00 to $103.00 in a report on Wednesday, July 31st. Finally, Royal Bank of Canada reduced their price objective on Albemarle from $128.00 to $111.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $117.30.

Albemarle Stock Performance

Albemarle stock traded down $0.21 during midday trading on Wednesday, reaching $96.44. 536,804 shares of the stock traded hands, compared to its average volume of 2,979,944. Albemarle Co. has a fifty-two week low of $71.97 and a fifty-two week high of $153.54. The company has a current ratio of 2.67, a quick ratio of 1.75 and a debt-to-equity ratio of 0.38. The firm has a market cap of $11.33 billion, a price-to-earnings ratio of -20.43, a PEG ratio of 13.81 and a beta of 1.54. The firm has a fifty day moving average price of $91.90 and a two-hundred day moving average price of $101.18.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, July 31st. The specialty chemicals company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.49). Albemarle had a positive return on equity of 6.38% and a negative net margin of 6.72%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period last year, the company earned $7.33 earnings per share. The business’s quarterly revenue was down 39.7% compared to the same quarter last year. On average, equities research analysts forecast that Albemarle Co. will post 0.46 earnings per share for the current year.

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.405 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.62 dividend on an annualized basis and a yield of 1.68%. Albemarle’s dividend payout ratio is presently -34.25%.

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.