2,570 Shares in Albemarle Co. (NYSE:ALB) Purchased by Apollon Wealth Management LLC

Apollon Wealth Management LLC acquired a new stake in Albemarle Co. (NYSE:ALB) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,570 shares of the specialty chemicals company’s stock, valued at approximately $243,000.

Other hedge funds also recently bought and sold shares of the company. First Community Trust NA purchased a new stake in shares of Albemarle in the 2nd quarter valued at approximately $25,000. CVA Family Office LLC raised its holdings in shares of Albemarle by 610.0% in the 2nd 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 in the last quarter. Eastern Bank acquired a new stake in shares of Albemarle in the 3rd quarter valued at $31,000. Cromwell Holdings LLC raised its holdings in shares of Albemarle by 61.9% in 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 raised its holdings in shares of Albemarle by 2,142.1% in the 2nd quarter. ORG Partners LLC now owns 426 shares of the specialty chemicals company’s stock valued at $42,000 after purchasing an additional 407 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ALB shares. Berenberg Bank lowered shares of Albemarle from a “buy” rating to a “hold” rating and reduced their price objective for the company from $160.00 to $83.00 in a report on Wednesday, July 31st. Piper Sandler cut their price target on shares of Albemarle from $95.00 to $90.00 and set an “underweight” rating on the stock in a research note on Thursday, August 8th. Mizuho cut their price target on shares of Albemarle from $128.00 to $103.00 in a research note on Wednesday, July 31st. Evercore ISI cut their price target 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. Finally, Royal Bank of Canada lifted their price target on shares of Albemarle from $108.00 to $133.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $114.47.

Albemarle Stock Performance

Shares of ALB opened at $104.03 on Tuesday. The firm has a 50-day moving average price of $96.03 and a 200 day moving average price of $99.64. The firm has a market capitalization of $12.23 billion, a PE ratio of -6.21 and a beta of 1.55. The company has a quick ratio of 1.58, a current ratio of 2.44 and a debt-to-equity ratio of 0.43. Albemarle Co. has a 52-week low of $71.97 and a 52-week high of $153.54.

Albemarle Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.62 annualized dividend and a dividend yield of 1.56%. Albemarle’s dividend payout ratio (DPR) is -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.