Cove Private Wealth LLC Has $1.13 Million Stock Position in Albemarle Co. (NYSE:ALB)

Cove Private Wealth LLC cut its stake in Albemarle Co. (NYSE:ALB) by 31.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,150 shares of the specialty chemicals company’s stock after selling 5,990 shares during the period. Cove Private Wealth LLC’s holdings in Albemarle were worth $1,132,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pathway Financial Advisers LLC raised its position in Albemarle by 9,108.7% in the 3rd quarter. Pathway Financial Advisers LLC now owns 574,805 shares of the specialty chemicals company’s stock valued at $54,440,000 after purchasing an additional 568,563 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Albemarle by 38.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,020,590 shares of the specialty chemicals company’s stock valued at $96,660,000 after buying an additional 282,194 shares during the last quarter. FMR LLC lifted its position in Albemarle by 67.3% during the 3rd quarter. FMR LLC now owns 658,145 shares of the specialty chemicals company’s stock worth $62,333,000 after buying an additional 264,756 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Albemarle by 7,667.4% during the 3rd quarter. International Assets Investment Management LLC now owns 163,659 shares of the specialty chemicals company’s stock worth $155,000,000 after acquiring an additional 161,552 shares during the last quarter. Finally, Empower Advisory Group LLC grew its holdings in Albemarle by 28.7% during the 3rd quarter. Empower Advisory Group LLC now owns 705,719 shares of the specialty chemicals company’s stock worth $66,839,000 after acquiring an additional 157,319 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

Albemarle Price Performance

Shares of ALB opened at $97.52 on Monday. The stock has a 50 day simple moving average of $98.20 and a 200 day simple moving average of $93.81. Albemarle Co. has a 52-week low of $71.97 and a 52-week high of $143.19. 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 $11.46 billion, a PE ratio of -5.82, a P/E/G ratio of 3.02 and a beta of 1.58.

Albemarle Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 1.66%. The ex-dividend date was Friday, December 13th. Albemarle’s dividend payout ratio is -9.67%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ALB. Robert W. Baird boosted their target price on shares of Albemarle from $79.00 to $103.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 18th. Wells Fargo & Company upped their price objective on Albemarle from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. KeyCorp lowered their target price 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 $110.00 to $105.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Finally, Oppenheimer decreased their price target on Albemarle from $171.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $115.65.

Insider Transactions at Albemarle

In related news, CEO J Kent Masters sold 2,525 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $101.12, for a total value of $255,328.00. Following the completion of the transaction, the chief executive officer now directly owns 73,747 shares of the company’s stock, valued at approximately $7,457,296.64. This represents a 3.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.38% of the stock is owned by insiders.

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.