Kennondale Capital Management LLC Makes New $2.39 Million Investment in Albemarle Co. (NYSE:ALB)

Kennondale Capital Management LLC bought a new position in Albemarle Co. (NYSE:ALB) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 27,765 shares of the specialty chemicals company’s stock, valued at approximately $2,390,000. Albemarle comprises approximately 1.9% of Kennondale Capital Management LLC’s portfolio, making the stock its 9th largest position.

Other large investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in Albemarle by 38.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,020,590 shares of the specialty chemicals company’s stock worth $96,660,000 after acquiring an additional 282,194 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in Albemarle by 71.5% in the fourth quarter. Pacer Advisors Inc. now owns 14,948 shares of the specialty chemicals company’s stock worth $1,287,000 after acquiring an additional 6,234 shares during the last quarter. Bristlecone Advisors LLC lifted its holdings in Albemarle by 20.5% in the fourth quarter. Bristlecone Advisors LLC now owns 28,824 shares of the specialty chemicals company’s stock worth $2,481,000 after acquiring an additional 4,899 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Albemarle by 28.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 423,049 shares of the specialty chemicals company’s stock worth $40,067,000 after acquiring an additional 93,718 shares during the last quarter. Finally, FMR LLC lifted its holdings in Albemarle by 67.3% in the third quarter. FMR LLC now owns 658,145 shares of the specialty chemicals company’s stock worth $62,333,000 after acquiring an additional 264,756 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Citigroup cut their price target on Albemarle from $115.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, February 12th. Scotiabank decreased their price target on shares of Albemarle from $85.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Tuesday, February 18th. Clarkson Capital initiated coverage on shares of Albemarle in a research report on Tuesday, January 14th. They issued a “buy” rating and a $112.00 price target on the stock. Truist Financial lowered their price objective on shares of Albemarle from $96.00 to $85.00 and set a “hold” rating on the stock in a research report on Friday, February 14th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Albemarle from $109.00 to $105.00 in a research report on Wednesday, February 12th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $104.30.

Albemarle Stock Performance

NYSE:ALB opened at $79.29 on Tuesday. Albemarle Co. has a 12-month low of $67.23 and a 12-month high of $137.50. The company has a quick ratio of 1.19, a current ratio of 1.95 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $9.32 billion, a PE ratio of -7.08 and a beta of 1.70. The firm has a 50-day moving average price of $82.47 and a 200 day moving average price of $91.33.

Albemarle (NYSE:ALB) last posted 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 return on equity of 1.72% and a negative net margin of 21.93%. Research analysts anticipate that Albemarle Co. will post -0.04 earnings per share for the current fiscal year.

Albemarle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Friday, March 14th. Albemarle’s dividend payout ratio (DPR) is presently -14.46%.

Albemarle Company Profile

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.