Balboa Wealth Partners Sells 339 Shares of Albemarle Co. (NYSE:ALB)

Balboa Wealth Partners decreased its stake in shares of Albemarle Co. (NYSE:ALB) by 6.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 5,337 shares of the specialty chemicals company’s stock after selling 339 shares during the period. Balboa Wealth Partners’ holdings in Albemarle were worth $505,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. First Community Trust NA acquired a new position in shares of Albemarle in the second quarter valued at approximately $25,000. CVA Family Office LLC boosted its position in shares of Albemarle by 610.0% in the second quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after acquiring an additional 244 shares during the period. Eastern Bank acquired a new position in shares of Albemarle in the third quarter valued at about $31,000. Cromwell Holdings LLC increased its position in Albemarle by 61.9% during the third quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock worth $37,000 after acquiring an additional 148 shares during the period. Finally, ORG Partners LLC raised its stake in Albemarle by 2,142.1% in the 2nd quarter. ORG Partners LLC now owns 426 shares of the specialty chemicals company’s stock worth $42,000 after purchasing an additional 407 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Scotiabank lowered their target price on shares of Albemarle from $135.00 to $85.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 6th. Wells Fargo & Company raised 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. Berenberg Bank cut shares of Albemarle from a “buy” rating to a “hold” rating and cut their price objective for the stock from $160.00 to $83.00 in a research report on Wednesday, July 31st. Royal Bank of Canada increased their price objective on shares of Albemarle from $108.00 to $133.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Piper Sandler cut their price target on shares of Albemarle from $95.00 to $90.00 and set an “underweight” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $114.47.

Albemarle Trading Up 1.4 %

Shares of ALB stock opened at $103.53 on Friday. The firm has a market capitalization of $12.17 billion, a P/E ratio of -6.18 and a beta of 1.55. Albemarle Co. has a twelve month low of $71.97 and a twelve month high of $153.54. The company has a quick ratio of 1.58, a current ratio of 2.44 and a debt-to-equity ratio of 0.43. The stock’s fifty day simple moving average is $95.52 and its 200 day simple moving average is $100.06.

Albemarle Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.405 per share. The ex-dividend date is Friday, December 13th. This represents a $1.62 dividend on an annualized basis and a yield of 1.56%. Albemarle’s dividend payout ratio is currently -9.67%.

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.