Townsquare Capital LLC Trims Position in Albemarle Co. (NYSE:ALB)

Townsquare Capital LLC decreased its position in shares of Albemarle Co. (NYSE:ALB) by 14.7% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,546 shares of the specialty chemicals company’s stock after selling 1,473 shares during the quarter. Townsquare Capital LLC’s holdings in Albemarle were worth $809,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ALB. First Community Trust NA bought a new position in shares of Albemarle in the second quarter worth about $25,000. CVA Family Office LLC lifted 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 purchasing an additional 244 shares in the last quarter. Eastern Bank bought a new position in Albemarle in the 3rd quarter worth approximately $31,000. Cromwell Holdings LLC grew its holdings in 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 in the last quarter. Finally, Cornerstone Advisors LLC raised its position in shares of Albemarle by 100.0% during the third 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 during the last quarter. Institutional investors own 92.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ALB shares. Robert W. Baird cut their target price on shares of Albemarle from $85.00 to $79.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Scotiabank reduced their target price on Albemarle from $135.00 to $85.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 6th. Baird R W lowered Albemarle from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 5th. Wells Fargo & Company lifted their price objective on Albemarle from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Finally, Oppenheimer lowered their target price 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 research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $114.47.

Albemarle Price Performance

Shares of ALB stock opened at $111.30 on Tuesday. The stock has a 50 day moving average price of $99.81 and a 200 day moving average price of $98.19. Albemarle Co. has a 52-week low of $71.97 and a 52-week high of $153.54. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.58 and a current ratio of 2.44. The firm has a market capitalization of $13.08 billion, a P/E ratio of -6.64 and a beta of 1.55.

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend is Friday, December 13th. Albemarle’s dividend payout ratio is currently -9.67%.

About Albemarle

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.