Albemarle Co. (NYSE:ALB) announced a quarterly dividend on Tuesday, July 20th, RTT News reports. Stockholders of record on Friday, September 17th will be given a dividend of 0.39 per share by the specialty chemicals company on Friday, October 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date of this dividend is Thursday, September 16th.
Albemarle has increased its dividend payment by 20.3% over the last three years. Albemarle has a dividend payout ratio of 43.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Albemarle to earn $5.02 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 31.1%.
ALB opened at $230.47 on Wednesday. The stock has a market cap of $26.95 billion, a PE ratio of 37.35, a P/E/G ratio of 4.50 and a beta of 1.57. The company has a current ratio of 2.18, a quick ratio of 1.44 and a debt-to-equity ratio of 0.32. Albemarle has a 1 year low of $79.06 and a 1 year high of $253.10. The stock’s 50 day simple moving average is $214.39 and its 200-day simple moving average is $178.41.
A number of analysts have weighed in on ALB shares. Royal Bank of Canada upped their price target on Albemarle from $218.00 to $246.00 and gave the company a “sector perform” rating in a research report on Monday. Oppenheimer upped their price target on Albemarle from $250.00 to $296.00 and gave the company an “outperform” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft upped their price target on Albemarle from $245.00 to $270.00 and gave the company a “buy” rating in a research report on Monday. Bank of America increased their target price on Albemarle from $121.00 to $140.00 and gave the stock an “underperform” rating in a report on Friday, August 6th. They noted that the move was a valuation call. Finally, Cowen increased their target price on Albemarle from $180.00 to $260.00 and gave the stock an “outperform” rating in a report on Monday, August 30th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $199.95.
In related news, insider Raphael Goszcz Crawford sold 9,521 shares of the stock in a transaction dated Tuesday, August 10th. The stock was sold at an average price of $240.41, for a total transaction of $2,288,943.61. Following the completion of the transaction, the insider now directly owns 22,340 shares in the company, valued at $5,370,759.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Karen G. Narwold sold 1,337 shares of the stock in a transaction dated Wednesday, September 8th. The stock was sold at an average price of $243.75, for a total value of $325,893.75. Following the transaction, the executive vice president now owns 19,533 shares of the company’s stock, valued at $4,761,168.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,534 shares of company stock worth $5,298,393. 0.63% of the stock is currently owned by insiders.
A hedge fund recently raised its stake in Albemarle stock. Morgan Stanley grew its holdings in Albemarle Co. (NYSE:ALB) by 35.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 507,062 shares of the specialty chemicals company’s stock after buying an additional 131,903 shares during the period. Morgan Stanley owned 0.43% of Albemarle worth $85,420,000 at the end of the most recent quarter. 81.13% of the stock is owned by hedge funds and other institutional investors.
Albemarle Corp. engages in developing, manufacturing, and marketing of chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food-safety, and custom chemistry services. It operates through the following segments: Lithium, Bromine Specialties, and Catalysts.
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