Marion Wealth Management Purchases 3,094 Shares of Albemarle Co. (NYSE:ALB)

Marion Wealth Management grew its holdings in shares of Albemarle Co. (NYSE:ALB) by 27.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,217 shares of the specialty chemicals company’s stock after buying an additional 3,094 shares during the quarter. Marion Wealth Management’s holdings in Albemarle were worth $1,346,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. WFA Asset Management Corp bought a new position in Albemarle in the 1st quarter valued at $25,000. First Community Trust NA purchased a new stake in shares of Albemarle during the second quarter valued at $25,000. CVA Family Office LLC boosted its stake in shares of Albemarle by 610.0% during the second quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after purchasing an additional 244 shares during the period. First Financial Corp IN bought a new position in shares of Albemarle in the first quarter worth about $32,000. Finally, Quarry LP purchased a new position in Albemarle in the 4th quarter worth about $33,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Albemarle Stock Performance

ALB opened at $100.14 on Tuesday. The firm’s 50-day moving average price is $87.21 and its 200-day moving average price is $104.44. The company has a market cap of $11.77 billion, a P/E ratio of 36.62, a price-to-earnings-growth ratio of 7.98 and a beta of 1.54. The company has a quick ratio of 1.75, a current ratio of 2.67 and a debt-to-equity ratio of 0.38. Albemarle Co. has a 52-week low of $71.97 and a 52-week high of $177.52.

Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, July 31st. The specialty chemicals company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.49). The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Albemarle had a positive return on equity of 6.38% and a negative net margin of 6.72%. The company’s quarterly revenue was down 39.7% on a year-over-year basis. During the same period in the prior year, the business posted $7.33 EPS. As a group, equities analysts anticipate that Albemarle Co. will post 0.69 EPS for the current fiscal year.

Albemarle Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.405 dividend. The ex-dividend date of this dividend was Friday, September 13th. This is a positive change from Albemarle’s previous quarterly dividend of $0.40. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.62%. Albemarle’s dividend payout ratio is currently 58.91%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. HSBC downgraded shares of Albemarle from a “buy” rating to a “hold” rating and set a $95.00 target price on the stock. in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft reduced their price objective on Albemarle from $105.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 16th. Wells Fargo & Company upped their target price on Albemarle from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Tuesday. Baird R W lowered Albemarle from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 5th. Finally, Evercore ISI lowered their price objective on shares of Albemarle from $190.00 to $170.00 and set an “outperform” rating for the company in a research note on Wednesday, August 28th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, Albemarle presently has a consensus rating of “Hold” and a consensus price target of $117.60.

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.