Financial Advocates Investment Management Sells 199 Shares of Albemarle Co. (NYSE:ALB)

Financial Advocates Investment Management cut its holdings in shares of Albemarle Co. (NYSE:ALB) by 8.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,241 shares of the specialty chemicals company’s stock after selling 199 shares during the quarter. Financial Advocates Investment Management’s holdings in Albemarle were worth $212,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. First Community Trust NA acquired a new position in Albemarle during the 2nd quarter valued at $25,000. CVA Family Office LLC increased its position in shares of Albemarle by 610.0% during the second 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 during the period. Eastern Bank acquired a new position in shares of Albemarle in the third quarter valued at $31,000. Cromwell Holdings LLC lifted its position in Albemarle by 61.9% in the third quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock worth $37,000 after purchasing an additional 148 shares during the period. Finally, ORG Partners LLC boosted its stake 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. 92.87% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. HSBC cut Albemarle from a “buy” rating to a “hold” rating and set a $95.00 price target on the stock. in a research report on Wednesday, July 17th. Robert W. Baird dropped their price objective on shares of Albemarle from $85.00 to $79.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Baird R W cut shares of Albemarle from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 5th. Wells Fargo & Company increased their price target on Albemarle from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Finally, Bank of America cut their price objective on Albemarle from $135.00 to $126.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Albemarle currently has an average rating of “Hold” and an average target price of $117.30.

Albemarle Trading Up 3.7 %

Shares of NYSE ALB opened at $98.24 on Monday. Albemarle Co. has a fifty-two week low of $71.97 and a fifty-two week high of $153.54. The firm has a market capitalization of $11.55 billion, a P/E ratio of -20.77 and a beta of 1.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.67 and a quick ratio of 1.75. The company’s 50 day simple moving average is $92.35 and its 200 day simple moving average is $100.85.

Albemarle Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.405 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.62 annualized dividend and a dividend yield of 1.65%. Albemarle’s dividend payout ratio is currently -34.25%.

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.