Covestor Ltd Acquires 604 Shares of Albemarle Co. (NYSE:ALB)

Covestor Ltd increased its holdings in shares of Albemarle Co. (NYSE:ALB) by 290.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 812 shares of the specialty chemicals company’s stock after buying an additional 604 shares during the period. Covestor Ltd’s holdings in Albemarle were worth $77,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALB. Atria Investments Inc grew its stake in shares of Albemarle by 25.2% in the 3rd quarter. Atria Investments Inc now owns 5,216 shares of the specialty chemicals company’s stock worth $494,000 after buying an additional 1,051 shares during the last quarter. Tompkins Financial Corp boosted its holdings in Albemarle by 35.1% in the third quarter. Tompkins Financial Corp now owns 3,042 shares of the specialty chemicals company’s stock worth $288,000 after acquiring an additional 790 shares in the last quarter. CWA Asset Management Group LLC purchased a new position in shares of Albemarle in the 3rd quarter worth about $202,000. Gold Investment Management Ltd. boosted its stake in Albemarle by 81.5% in the 3rd quarter. Gold Investment Management Ltd. now owns 1,258 shares of the specialty chemicals company’s stock worth $120,000 after purchasing an additional 565 shares in the last quarter. Finally, Verity Asset Management Inc. purchased a new stake in Albemarle during the 3rd quarter valued at about $289,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Wall Street Analyst Weigh In

ALB has been the subject of several recent analyst reports. Scotiabank decreased their target price on shares of Albemarle from $135.00 to $85.00 and set a “sector perform” rating for the company in a report on Tuesday, August 6th. Piper Sandler lowered their price objective on Albemarle from $95.00 to $90.00 and set an “underweight” rating on the stock in a research report on Thursday, August 8th. HSBC cut Albemarle from a “buy” rating to a “hold” rating and set a $95.00 price objective on the stock. in a research report on Wednesday, July 17th. Robert W. Baird decreased their target price on Albemarle from $85.00 to $79.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Finally, Hsbc Global Res raised shares of Albemarle to a “hold” rating in a report on Wednesday, July 17th. One 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $114.47.

Albemarle Price Performance

Shares of Albemarle stock opened at $108.19 on Thursday. The stock has a market cap of $12.72 billion, a P/E ratio of -6.46 and a beta of 1.55. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.58 and a current ratio of 2.44. The stock’s fifty day moving average is $94.60 and its 200 day moving average is $100.20. Albemarle Co. has a one year low of $71.97 and a one year high of $153.54.

Albemarle Dividend Announcement

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