Evermay Wealth Management LLC Acquires Shares of 655 Albemarle Co. (NYSE:ALB)

by · The Markets Daily

Evermay Wealth Management LLC bought a new position in shares of Albemarle Co. (NYSE:ALB – Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 655 shares of the specialty chemicals company’s stock, valued at approximately $62,000.

Other large investors also recently modified their holdings of the company. First Community Trust NA purchased a new stake in Albemarle in the 2nd quarter worth approximately $25,000. CVA Family Office LLC lifted its stake in Albemarle by 610.0% in the second quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock worth $27,000 after acquiring an additional 244 shares during the period. Eastern Bank bought a new stake in Albemarle in the third quarter valued at $31,000. Eagle Bay Advisors LLC increased its position in Albemarle by 45.0% during the 1st quarter. Eagle Bay Advisors LLC now owns 332 shares of the specialty chemicals company’s stock valued at $44,000 after purchasing an additional 103 shares during the period. Finally, Cromwell Holdings LLC raised its holdings in 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 purchasing an additional 148 shares in the last quarter. 92.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ALB shares. Evercore ISI reduced their price target on shares of Albemarle from $190.00 to $170.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 28th. Citigroup reduced their target price on Albemarle from $137.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Oppenheimer dropped their price target on Albemarle from $188.00 to $178.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. Berenberg Bank downgraded Albemarle from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $160.00 to $83.00 in a report on Wednesday, July 31st. Finally, HSBC lowered Albemarle from a “buy” rating to a “hold” rating and set a $95.00 price objective for the company. in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $117.30.

Get Our Latest Research Report on ALB

Albemarle Trading Down 1.2 %

Shares of NYSE:ALB opened at $95.52 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.67 and a quick ratio of 1.75. Albemarle Co. has a 1 year low of $71.97 and a 1 year high of $153.54. The company has a market cap of $11.23 billion, a P/E ratio of -20.19, a PEG ratio of 13.81 and a beta of 1.54. The stock’s fifty day moving average price is $92.04 and its 200-day moving average price is $101.14.

Albemarle (NYSE:ALB – Get Free Report) last posted its earnings results on Wednesday, July 31st. The specialty chemicals company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.49). Albemarle had a negative net margin of 6.72% and a positive return on equity of 6.38%. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company posted $7.33 EPS. Albemarle’s revenue was down 39.7% on a year-over-year basis. Sell-side analysts expect that Albemarle Co. will post 0.46 earnings per share for the current year.

Albemarle Announces Dividend

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 issued a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Friday, December 13th. Albemarle’s dividend payout ratio is currently -34.25%.

Albemarle Company Profile

(Free Report)

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.

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