Manning & Napier Advisors LLC Takes Position in Albemarle Co. (NYSE:ALB)

Manning & Napier Advisors LLC purchased a new stake in Albemarle Co. (NYSE:ALB) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 994,079 shares of the specialty chemicals company’s stock, valued at approximately $85,570,000. Manning & Napier Advisors LLC owned approximately 0.85% of Albemarle as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in ALB. Quarry LP boosted its stake in Albemarle by 1,400.0% during the third quarter. Quarry LP now owns 270 shares of the specialty chemicals company’s stock valued at $26,000 after buying an additional 252 shares during the period. Trust Co. of Vermont boosted its stake in Albemarle by 606.5% during the fourth quarter. Trust Co. of Vermont now owns 325 shares of the specialty chemicals company’s stock valued at $28,000 after buying an additional 279 shares during the period. Eastern Bank bought a new stake in Albemarle during the third quarter valued at $31,000. First Community Trust NA boosted its stake in Albemarle by 55.0% during the fourth quarter. First Community Trust NA now owns 400 shares of the specialty chemicals company’s stock valued at $34,000 after buying an additional 142 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in Albemarle by 48.9% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 414 shares of the specialty chemicals company’s stock worth $36,000 after purchasing an additional 136 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Albemarle Stock Up 0.0 %

ALB stock traded up $0.04 during midday trading on Wednesday, hitting $85.94. The company’s stock had a trading volume of 181,532 shares, compared to its average volume of 2,075,883. The firm’s 50-day moving average is $96.16 and its 200-day moving average is $93.49. The company has a market cap of $10.10 billion, a PE ratio of -5.14, a P/E/G ratio of 3.19 and a beta of 1.58. The company has a current ratio of 2.44, a quick ratio of 1.58 and a debt-to-equity ratio of 0.43. Albemarle Co. has a 12 month low of $71.97 and a 12 month high of $143.19.

Analyst Upgrades and Downgrades

ALB has been the subject of several research analyst reports. Mizuho dropped their price target on Albemarle from $110.00 to $105.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. 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. Clarkson Capital began coverage on Albemarle in a research note on Tuesday, January 14th. They issued a “buy” rating and a $112.00 target price for the company. Royal Bank of Canada boosted their target price on Albemarle from $108.00 to $133.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. Finally, Wells Fargo & Company boosted their target price on Albemarle from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Albemarle has an average rating of “Hold” and an average price target of $114.71.

Insider Activity

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

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.