Oppenheimer Asset Management Inc. Sells 185 Shares of Albemarle Co. (NYSE:ALB)

Oppenheimer Asset Management Inc. lessened its stake in shares of Albemarle Co. (NYSE:ALB) by 5.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,436 shares of the specialty chemicals company’s stock after selling 185 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Albemarle were worth $325,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. First Community Trust NA bought a new position in Albemarle during the second quarter worth about $25,000. CVA Family Office LLC lifted 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 worth $27,000 after buying an additional 244 shares in the last quarter. Eastern Bank bought a new stake in Albemarle during the 3rd quarter worth approximately $31,000. Cromwell Holdings LLC grew its position 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 purchasing an additional 148 shares in the last quarter. Finally, ORG Partners LLC grew its position in 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 buying an additional 407 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ALB. Evercore ISI dropped their price objective on shares of Albemarle from $190.00 to $170.00 and set an “outperform” rating for the company in a report on Wednesday, August 28th. Piper Sandler lowered their price objective on shares of Albemarle from $95.00 to $90.00 and set an “underweight” rating for the company in a report on Thursday, August 8th. Berenberg Bank lowered shares of Albemarle from a “buy” rating to a “hold” rating and cut their price target for the company from $160.00 to $83.00 in a research report on Wednesday, July 31st. Royal Bank of Canada lifted their price target on Albemarle from $108.00 to $133.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. cut their price target on shares of Albemarle from $115.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $114.47.

Albemarle Trading Up 2.9 %

ALB opened at $109.55 on Thursday. The stock has a 50-day moving average of $96.99 and a 200 day moving average of $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 Co. has a 12 month low of $71.97 and a 12 month high of $153.54. The firm has a market cap of $12.88 billion, a P/E ratio of -6.54 and a beta of 1.55.

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. The ex-dividend date is Friday, December 13th. This represents a $1.62 annualized dividend and a yield of 1.48%. Albemarle’s 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.