Corebridge Financial Inc. Has $2.40 Million Stake in Albemarle Co. (NYSE:ALB)

Corebridge Financial Inc. lowered its position in shares of Albemarle Co. (NYSE:ALB) by 4.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,830 shares of the specialty chemicals company’s stock after selling 1,351 shares during the quarter. Corebridge Financial Inc.’s holdings in Albemarle were worth $2,396,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ALB. Manning & Napier Advisors LLC acquired a new stake in Albemarle during the fourth quarter worth approximately $85,570,000. Vanguard Group Inc. grew its position in shares of Albemarle by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 14,594,499 shares of the specialty chemicals company’s stock worth $1,256,294,000 after buying an additional 359,014 shares during the period. FMR LLC increased its stake in shares of Albemarle by 67.3% in the 3rd quarter. FMR LLC now owns 658,145 shares of the specialty chemicals company’s stock valued at $62,333,000 after acquiring an additional 264,756 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Albemarle during the 4th quarter valued at $11,694,000. Finally, Nomura Asset Management Co. Ltd. boosted its stake in Albemarle by 28.5% during the third quarter. Nomura Asset Management Co. Ltd. now owns 423,049 shares of the specialty chemicals company’s stock worth $40,067,000 after acquiring an additional 93,718 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Stock Performance

ALB stock opened at $71.83 on Wednesday. The business has a 50 day moving average of $78.89 and a 200-day moving average of $90.65. The firm has a market cap of $8.44 billion, a PE ratio of -6.41 and a beta of 1.70. Albemarle Co. has a 12-month low of $67.23 and a 12-month high of $137.50. The company has a quick ratio of 1.19, a current ratio of 1.95 and a debt-to-equity ratio of 0.39.

Albemarle (NYSE:ALB) last announced its earnings results on Wednesday, February 12th. The specialty chemicals company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.49). Albemarle had a negative net margin of 21.93% and a negative return on equity of 1.72%. As a group, sell-side analysts expect that Albemarle Co. will post -0.04 earnings per share for the current year.

Albemarle Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was Friday, March 14th. Albemarle’s payout ratio is -14.46%.

Analysts Set New Price Targets

Several research firms have weighed in on ALB. Clarkson Capital assumed coverage on shares of Albemarle in a research note on Tuesday, January 14th. They issued a “buy” rating and a $112.00 price target for the company. Scotiabank dropped their price target on Albemarle from $85.00 to $75.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 18th. UBS Group reduced their price objective on Albemarle from $99.00 to $86.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Royal Bank of Canada lowered their target price on Albemarle from $133.00 to $114.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 12th. Finally, BMO Capital Markets reduced their price target on shares of Albemarle from $150.00 to $140.00 in a research report on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Albemarle currently has a consensus rating of “Hold” and an average price target of $104.30.

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.