Old North State Wealth Management LLC Grows Stock Position in Albemarle Co. (NYSE:ALB)

Old North State Wealth Management LLC boosted its stake in Albemarle Co. (NYSE:ALB) by 1.6% in the third quarter, Holdings Channel reports. The fund owned 20,048 shares of the specialty chemicals company’s stock after buying an additional 317 shares during the quarter. Old North State Wealth Management LLC’s holdings in Albemarle were worth $1,902,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. First Community Trust NA purchased a new position in Albemarle in the 2nd quarter worth approximately $25,000. CVA Family Office LLC boosted 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 period. Eastern Bank purchased a new position in Albemarle in the 3rd quarter worth approximately $31,000. Eagle Bay Advisors LLC boosted its holdings in Albemarle by 45.0% in the 1st quarter. Eagle Bay Advisors LLC now owns 332 shares of the specialty chemicals company’s stock worth $44,000 after acquiring an additional 103 shares during the period. Finally, Cromwell Holdings LLC boosted its stake in shares of Albemarle by 61.9% during 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 last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ALB. UBS Group cut their price target on shares of Albemarle from $124.00 to $109.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. Evercore ISI reduced their price objective on shares of Albemarle from $190.00 to $170.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 28th. Oppenheimer reduced their price objective on shares of Albemarle from $188.00 to $178.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 9th. Royal Bank of Canada reduced their price objective on shares of Albemarle from $128.00 to $111.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Albemarle from $105.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $117.30.

Albemarle Stock Up 3.7 %

NYSE ALB opened at $98.24 on Monday. The company has a market capitalization of $11.55 billion, a P/E ratio of -20.77 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 company has a debt-to-equity ratio of 0.38, a current ratio of 2.67 and a quick ratio of 1.75. The company’s 50 day simple moving average is $92.35 and its 200 day simple moving average is $100.85.

Albemarle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.405 dividend. 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 1.65%. Albemarle’s dividend payout ratio is currently -34.25%.

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.