Geode Capital Management LLC grew its position in shares of Albemarle Co. (NYSE:ALB - Free Report) by 0.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,741,906 shares of the specialty chemicals company's stock after purchasing an additional 14,874 shares during the quarter. Geode Capital Management LLC owned approximately 2.33% of Albemarle worth $258,797,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in ALB. Quarry LP boosted its position in Albemarle by 1,400.0% during the 3rd quarter. Quarry LP now owns 270 shares of the specialty chemicals company's stock worth $26,000 after buying an additional 252 shares during the period. Eastern Bank bought a new position in shares of Albemarle during the third quarter valued at $31,000. Cromwell Holdings LLC lifted its holdings in shares of Albemarle by 61.9% during the third quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company's stock worth $37,000 after purchasing an additional 148 shares during the period. Cornerstone Advisors LLC grew its stake in shares of Albemarle by 100.0% in the third quarter. Cornerstone Advisors LLC now owns 400 shares of the specialty chemicals company's stock worth $38,000 after purchasing an additional 200 shares during the last quarter. Finally, ORG Partners LLC increased its holdings in Albemarle by 2,142.1% in the second 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 during the period. 92.87% of the stock is currently owned by institutional investors.
In related news, CEO J Kent Masters sold 2,525 shares of the business's stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $101.12, for a total transaction of $255,328.00. Following the transaction, the chief executive officer now directly owns 73,747 shares in the company, valued at approximately $7,457,296.64. The trade was a 3.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.38% of the stock is owned by insiders.
A number of equities research analysts have commented on the company. JPMorgan Chase & Co. reduced their price target on Albemarle from $115.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, August 19th. Wells Fargo & Company upped their target price on Albemarle from $100.00 to $110.00 and gave the company an "equal weight" rating in a report on Tuesday, October 8th. Robert W. Baird lowered their price target on shares of Albemarle from $85.00 to $79.00 and set a "neutral" rating for the company in a report on Friday, October 25th. Evercore ISI reduced their price objective on shares of Albemarle from $190.00 to $170.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 28th. Finally, Oppenheimer lowered their target price on shares of Albemarle from $171.00 to $170.00 and set an "outperform" rating for the company in a research note on Friday, November 8th. One investment 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, the company currently has a consensus rating of "Hold" and a consensus price target of $114.47.
View Our Latest Research Report on ALB
NYSE:ALB opened at $99.38 on Friday. Albemarle Co. has a one year low of $71.97 and a one year high of $153.54. The company has a market cap of $11.68 billion, a PE ratio of -5.93 and a beta of 1.56. 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 firm has a 50-day moving average of $102.06 and a 200-day moving average of $96.81.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.405 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.63%. Albemarle's dividend payout ratio is presently -9.67%.
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.
Before you consider Albemarle, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Albemarle wasn't on the list.
While Albemarle currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.