Swedbank AB Reduces Stock Position in Albemarle Co. (NYSE:ALB)

Swedbank AB reduced its holdings in shares of Albemarle Co. (NYSE:ALB) by 31.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 52,680 shares of the specialty chemicals company’s stock after selling 24,698 shares during the quarter. Swedbank AB’s holdings in Albemarle were worth $4,989,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ALB. First Community Trust NA acquired a new position in Albemarle in the second quarter valued at approximately $25,000. CVA Family Office LLC boosted its holdings in shares of Albemarle by 610.0% in the 2nd quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after buying an additional 244 shares in the last quarter. Eastern Bank purchased a new position in shares of Albemarle in the 3rd quarter valued at $31,000. Cromwell Holdings LLC raised its stake in Albemarle by 61.9% during the 3rd quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock worth $37,000 after acquiring an additional 148 shares in the last quarter. Finally, Cornerstone Advisors LLC lifted its position in Albemarle by 100.0% in the third quarter. Cornerstone Advisors LLC now owns 400 shares of the specialty chemicals company’s stock valued at $38,000 after acquiring an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Albemarle Stock Performance

NYSE ALB opened at $107.95 on Thursday. The company has a current ratio of 2.44, a quick ratio of 1.58 and a debt-to-equity ratio of 0.43. The business’s 50 day moving average is $98.58 and its two-hundred day moving average is $98.69. The stock has a market capitalization of $12.69 billion, a price-to-earnings ratio of -6.44 and a beta of 1.55. Albemarle Co. has a 12-month low of $71.97 and a 12-month high of $153.54.

Albemarle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend is Friday, December 13th. Albemarle’s dividend payout ratio (DPR) is currently -9.67%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Robert W. Baird dropped their price objective on Albemarle from $85.00 to $79.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Mizuho cut their price target on Albemarle from $128.00 to $103.00 in a research report on Wednesday, July 31st. Piper Sandler decreased their price objective on Albemarle from $95.00 to $90.00 and set an “underweight” rating for the company in a report on Thursday, August 8th. Wells Fargo & Company lifted their target price on shares of Albemarle from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. Finally, Oppenheimer reduced their price target on shares of Albemarle from $171.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Albemarle has a consensus rating of “Hold” and an average target price of $114.47.

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.