Moran Wealth Management LLC Has $853,000 Position in Albemarle Co. (NYSE:ALB)

Moran Wealth Management LLC trimmed its holdings in Albemarle Co. (NYSE:ALB) by 6.7% during the third quarter, Holdings Channel reports. The firm owned 9,011 shares of the specialty chemicals company’s stock after selling 648 shares during the quarter. Moran Wealth Management LLC’s holdings in Albemarle were worth $853,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in ALB. First Community Trust NA bought a new position in shares of Albemarle during the 2nd quarter worth approximately $25,000. CVA Family Office LLC boosted its stake in Albemarle by 610.0% during 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 in the last quarter. Eastern Bank acquired a new stake in Albemarle in the third quarter worth $31,000. Cromwell Holdings LLC increased its stake in Albemarle by 61.9% in the third quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock valued at $37,000 after purchasing an additional 148 shares in the last quarter. Finally, ORG Partners LLC raised its holdings in shares of Albemarle by 2,142.1% during 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. Institutional investors own 92.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on ALB shares. Scotiabank decreased their target price on Albemarle from $135.00 to $85.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 6th. KeyCorp decreased their price objective on Albemarle from $132.00 to $127.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Evercore ISI cut their target price on Albemarle from $190.00 to $170.00 and set an “outperform” rating on the stock in a report on Wednesday, August 28th. Mizuho decreased their price target on shares of Albemarle from $128.00 to $103.00 in a research note on Wednesday, July 31st. Finally, Royal Bank of Canada raised their price objective on shares of Albemarle from $108.00 to $133.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $114.47.

Albemarle Stock Down 0.4 %

ALB stock opened at $109.09 on Friday. Albemarle Co. has a 1-year low of $71.97 and a 1-year high of $153.54. The stock has a market cap of $12.82 billion, a P/E ratio of -6.51 and a beta of 1.55. The stock’s fifty day simple moving average is $97.41 and its two-hundred day simple moving average is $99.62. The company has a current ratio of 2.44, a quick ratio of 1.58 and a debt-to-equity ratio of 0.43.

Albemarle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.405 per share. The ex-dividend date is Friday, December 13th. This represents a $1.62 annualized dividend and a yield of 1.49%. Albemarle’s payout ratio is currently -9.67%.

About Albemarle

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.