In the second quarter, Appleton Partners Inc. MA reduced its stake in specialty chemicals company Albemarle Co. by 62.4%, according to the company’s recent disclosure with the Securities & Exchange Commission. The company sold 4,712 shares, leaving them with 2,844 shares worth $634,000.
Other institutional investors also made changes to their positions in Albemarle Co. during the second quarter. Stratos Wealth Partners LTD. increased their holdings by 71.0%, Lindbrook Capital LLC grew its position by 41.7%, XTX Topco Ltd. acquired a new stake, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased their position by 7.4%, and Raymond James Trust N.A. grew its position by 7.6%. In total, institutional investors and hedge funds own 84.71% of the stock.
Various analysts have recently commented on Albemarle Co. KeyCorp raised their price objective, Royal Bank of Canada boosted their price target, Credit Suisse Group boosted theirs as well but maintained an “underperform” rating, and HSBC lowered their price target. Citigroup began covering Albemarle Co. with a “buy” rating. Overall, analysts have given the company a consensus rating of “Moderate Buy” and an average price target of $273.76.
Albemarle Co. currently has a market capitalization of $21.58 billion. Its 52-week range is between $171.82 and $334.55. The specialty chemicals company reported EPS of $7.33 for the most recent quarter, exceeding the consensus estimate of $4.27. Albemarle Co. had a return on equity of 45.88% and a net margin of 40.55%. The company’s quarterly revenue was $2.37 billion, up 60.2% compared to the same period last year.
The company also declared a quarterly dividend of $0.40 per share, representing an annualized dividend yield of 0.87%. Albemarle Co. develops, manufactures, and markets engineered specialty chemicals worldwide, operating through its Lithium, Bromine, and Catalysts segments. Its products are utilized in various industries such as lithium batteries, rubber, plastics, and pharmaceuticals.
Sources:
– Appleton Partners Inc. MA
– Securities & Exchange Commission
– Stratos Wealth Partners LTD.
– Lindbrook Capital LLC
– XTX Topco Ltd.
– Mitsubishi UFJ Kokusai Asset Management Co. Ltd.
– Raymond James Trust N.A.
– KeyCorp
– Royal Bank of Canada
– Credit Suisse Group
– HSBC
– Citigroup
– MarketBeat
– HoldingsChannel.com