AM Squared Ltd Reduces Stock Position in Albemarle Co. (NYSE:ALB)

AM Squared Ltd lessened its stake in shares of Albemarle Co. (NYSE:ALB) by 86.7% in the third quarter, HoldingsChannel reports. The firm owned 799 shares of the specialty chemicals company’s stock after selling 5,200 shares during the quarter. AM Squared Ltd’s holdings in Albemarle were worth $76,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALB. First Community Trust NA purchased a new stake in Albemarle in the 2nd quarter valued at about $25,000. CVA Family Office LLC grew its holdings in 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 during the period. Eastern Bank purchased a new stake in Albemarle in the 3rd quarter valued at about $31,000. Cromwell Holdings LLC grew its holdings in Albemarle by 61.9% in the 3rd quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock valued at $37,000 after buying an additional 148 shares during the period. Finally, ORG Partners LLC grew its holdings in Albemarle by 2,142.1% in the 2nd quarter. ORG Partners LLC now owns 426 shares of the specialty chemicals company’s stock valued at $42,000 after buying an additional 407 shares during the period. 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. Bank of America lowered their price target on Albemarle from $135.00 to $126.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Evercore ISI decreased their target price on Albemarle from $190.00 to $170.00 and set an “outperform” rating for the company in a report on Wednesday, August 28th. Berenberg Bank cut Albemarle from a “buy” rating to a “hold” rating and decreased their target price for the stock from $160.00 to $83.00 in a report on Wednesday, July 31st. Wells Fargo & Company boosted their target price on Albemarle from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Finally, Baird R W cut Albemarle from a “strong-buy” rating to a “hold” rating in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Albemarle currently has a consensus rating of “Hold” and a consensus target price of $114.47.

Albemarle Stock Performance

Albemarle stock opened at $103.53 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.58 and a current ratio of 2.44. Albemarle Co. has a one year low of $71.97 and a one year high of $153.54. The business has a 50 day simple moving average of $95.52 and a 200 day simple moving average of $99.92.

Albemarle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued 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 yield of 1.56%. Albemarle’s dividend payout ratio is -9.67%.

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.