Trek Financial LLC Takes $2.85 Million Position in Albemarle Co. (NYSE:ALB)

Trek Financial LLC acquired a new stake in shares of Albemarle Co. (NYSE:ALB) during the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 33,084 shares of the specialty chemicals company’s stock, valued at approximately $2,848,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Quarry LP increased its position in shares of Albemarle by 1,400.0% during the third quarter. Quarry LP now owns 270 shares of the specialty chemicals company’s stock valued at $26,000 after buying an additional 252 shares during the period. Assetmark Inc. grew its stake in Albemarle by 340.6% during the fourth quarter. Assetmark Inc. now owns 304 shares of the specialty chemicals company’s stock valued at $26,000 after acquiring an additional 235 shares in the last quarter. Trust Co. of Vermont increased its holdings in Albemarle by 606.5% during the 4th quarter. Trust Co. of Vermont now owns 325 shares of the specialty chemicals company’s stock worth $28,000 after acquiring an additional 279 shares during the period. First Community Trust NA lifted its stake in Albemarle by 55.0% in the 4th quarter. First Community Trust NA now owns 400 shares of the specialty chemicals company’s stock worth $34,000 after purchasing an additional 142 shares in the last quarter. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Albemarle in the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Albemarle Stock Performance

NYSE:ALB opened at $58.55 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.95 and a debt-to-equity ratio of 0.39. Albemarle Co. has a twelve month low of $57.53 and a twelve month high of $137.50. The stock has a market cap of $6.89 billion, a P/E ratio of -5.23 and a beta of 1.59. The firm’s fifty day simple moving average is $77.46 and its 200 day simple moving average is $90.15.

Albemarle (NYSE:ALB) last announced its quarterly earnings results on Wednesday, February 12th. The specialty chemicals company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.49). Albemarle had a negative net margin of 21.93% and a negative return on equity of 1.72%. As a group, research analysts predict that Albemarle Co. will post -0.04 EPS for the current year.

Albemarle Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a dividend of $0.405 per share. The ex-dividend date was Friday, March 14th. This represents a $1.62 annualized dividend and a dividend yield of 2.77%. Albemarle’s dividend payout ratio is presently -14.46%.

Wall Street Analysts Forecast Growth

ALB has been the topic of several research analyst reports. Royal Bank of Canada decreased their price target on shares of Albemarle from $133.00 to $114.00 and set an “overweight” rating on the stock in a report on Wednesday, February 12th. Clarkson Capital assumed coverage on Albemarle in a report on Tuesday, January 14th. They set a “buy” rating and a $112.00 price objective for the company. UBS Group dropped their target price on shares of Albemarle from $99.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. Mizuho lowered their price objective on shares of Albemarle from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Friday, March 7th. Finally, Piper Sandler cut their target price on shares of Albemarle from $90.00 to $85.00 and set an “underweight” rating for the company in a research report on Thursday, February 20th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $104.30.

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.