CIBC Asset Management Inc Purchases 994 Shares of Albemarle Co. (NYSE:ALB)

CIBC Asset Management Inc raised its position in shares of Albemarle Co. (NYSE:ALB) by 5.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 19,124 shares of the specialty chemicals company’s stock after purchasing an additional 994 shares during the quarter. CIBC Asset Management Inc’s holdings in Albemarle were worth $1,646,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Manning & Napier Advisors LLC purchased a new position in shares of Albemarle in the fourth quarter worth approximately $85,570,000. Pathway Financial Advisers LLC raised its position in Albemarle by 9,108.7% in the third quarter. Pathway Financial Advisers LLC now owns 574,805 shares of the specialty chemicals company’s stock worth $54,440,000 after acquiring an additional 568,563 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Albemarle by 38.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,020,590 shares of the specialty chemicals company’s stock worth $96,660,000 after acquiring an additional 282,194 shares during the last quarter. FMR LLC grew its position in shares of Albemarle by 67.3% during 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 during the period. Finally, International Assets Investment Management LLC increased its stake in shares of Albemarle by 7,667.4% in 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 purchasing an additional 161,552 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Albemarle Stock Performance

Shares of NYSE:ALB opened at $81.26 on Friday. The firm has a fifty day simple moving average of $86.93 and a two-hundred day simple moving average of $92.05. Albemarle Co. has a 52 week low of $71.97 and a 52 week high of $143.19. The company has a quick ratio of 1.19, a current ratio of 1.95 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $9.55 billion, a P/E ratio of -7.26, a PEG ratio of 11.64 and a beta of 1.59.

Albemarle (NYSE:ALB) last released its quarterly earnings results on Wednesday, February 12th. The specialty chemicals company reported ($1.09) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.49). Albemarle had a negative return on equity of 1.72% and a negative net margin of 21.93%. On average, analysts expect that Albemarle Co. will post 0.45 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO J Kent Masters sold 2,525 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 73,747 shares in the company, valued at approximately $7,457,296.64. This trade represents a 3.31 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Evercore ISI downgraded Albemarle from an “outperform” rating to an “inline” rating in a research report on Wednesday, February 5th. Clarkson Capital assumed coverage on Albemarle in a research note on Tuesday, January 14th. They set a “buy” rating and a $112.00 price objective for the company. UBS Group decreased their target price on shares of Albemarle from $99.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, February 13th. Robert W. Baird dropped their price target on shares of Albemarle from $103.00 to $92.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. Finally, Piper Sandler decreased their price objective on shares of Albemarle from $90.00 to $85.00 and set an “underweight” rating on the stock in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Albemarle currently has an average rating of “Hold” and an average target price of $109.68.

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.