Albemarle Co. (NYSE:ALB) Shares Sold by MAI Capital Management

MAI Capital Management trimmed its holdings in Albemarle Co. (NYSE:ALB) by 90.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,002 shares of the specialty chemicals company’s stock after selling 63,351 shares during the quarter. MAI Capital Management’s holdings in Albemarle were worth $663,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of ALB. First Community Trust NA acquired a new stake in shares of Albemarle in the second quarter valued at approximately $25,000. CVA Family Office LLC boosted its holdings in shares of Albemarle by 610.0% in the second quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after acquiring an additional 244 shares during the period. Eastern Bank acquired a new stake in shares of Albemarle in the third quarter valued at approximately $31,000. Cromwell Holdings LLC raised its stake in shares of Albemarle by 61.9% during the third quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock worth $37,000 after purchasing an additional 148 shares during the last quarter. Finally, ORG Partners LLC raised its stake in shares of Albemarle by 2,142.1% during the second quarter. ORG Partners LLC now owns 426 shares of the specialty chemicals company’s stock worth $42,000 after purchasing an additional 407 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Albemarle Stock Down 0.6 %

Shares of NYSE:ALB opened at $108.38 on Friday. The stock’s 50-day moving average price is $97.82 and its two-hundred day moving average price is $99.46. 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 Co. has a 12-month low of $71.97 and a 12-month high of $153.54. The firm has a market cap of $12.74 billion, a price-to-earnings ratio of -6.47 and a beta of 1.55.

Albemarle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Friday, December 13th. Albemarle’s payout ratio is -9.67%.

Analyst Ratings Changes

Several research firms have recently commented on ALB. Piper Sandler cut their price target on Albemarle from $95.00 to $90.00 and set an “underweight” rating for the company in a research note on Thursday, August 8th. KeyCorp cut their price target on Albemarle from $132.00 to $127.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Mizuho cut their price target on Albemarle from $128.00 to $103.00 in a research note on Wednesday, July 31st. Berenberg Bank cut Albemarle from a “buy” rating to a “hold” rating and cut their price target for the stock from $160.00 to $83.00 in a research note on Wednesday, July 31st. Finally, Oppenheimer cut their price objective on Albemarle from $171.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Albemarle has an average rating of “Hold” and an average 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.