Primecap Management Co. CA Buys 20,930 Shares of Albemarle Co. (NYSE:ALB)

Primecap Management Co. CA increased its position in Albemarle Co. (NYSE:ALB) by 0.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,833,984 shares of the specialty chemicals company’s stock after acquiring an additional 20,930 shares during the quarter. Primecap Management Co. CA’s holdings in Albemarle were worth $363,117,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ALB. First Community Trust NA bought a new position in shares of Albemarle in the 2nd quarter worth $25,000. CVA Family Office LLC increased 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 worth $27,000 after acquiring an additional 244 shares during the last quarter. Eastern Bank purchased a new stake in Albemarle in the 3rd quarter worth about $31,000. Cromwell Holdings LLC increased 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 worth $37,000 after acquiring an additional 148 shares during the last quarter. Finally, Cornerstone Advisors LLC grew its holdings in Albemarle by 100.0% during the 3rd quarter. Cornerstone Advisors LLC now owns 400 shares of the specialty chemicals company’s stock valued at $38,000 after buying an additional 200 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Trading Up 2.9 %

Shares of Albemarle stock opened at $109.55 on Thursday. The firm has a market capitalization of $12.88 billion, a price-to-earnings ratio of -6.54 and a beta of 1.55. Albemarle Co. has a 12-month low of $71.97 and a 12-month high of $153.54. The firm’s 50 day simple moving average is $96.99 and its two-hundred day simple moving average is $99.55. The company has a current ratio of 2.44, a quick ratio of 1.58 and a debt-to-equity ratio of 0.43.

Albemarle Dividend Announcement

The company 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. This represents a $1.62 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date is Friday, December 13th. Albemarle’s dividend payout ratio (DPR) is presently -9.67%.

Analyst Ratings Changes

ALB has been the subject of a number of recent research reports. 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 research report on Tuesday, October 8th. Scotiabank lowered their price target on Albemarle from $135.00 to $85.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 6th. Oppenheimer lowered their target price on Albemarle from $171.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Berenberg Bank cut Albemarle from a “buy” rating to a “hold” rating and reduced their price target for the stock from $160.00 to $83.00 in a research report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Albemarle from $105.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $114.47.

Albemarle 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.