Empower Advisory Group LLC Grows Position in Albemarle Co. (NYSE:ALB)

Empower Advisory Group LLC grew its stake in shares of Albemarle Co. (NYSE:ALB - Free Report) by 28.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 705,719 shares of the specialty chemicals company's stock after purchasing an additional 157,319 shares during the quarter. Empower Advisory Group LLC owned approximately 0.60% of Albemarle worth $66,839,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. First Community Trust NA bought a new stake in shares of Albemarle in the second quarter valued at about $25,000. CVA Family Office LLC raised its holdings 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 in the last quarter. Eastern Bank bought a new stake in shares of Albemarle in the third quarter valued at about $31,000. Eagle Bay Advisors LLC raised its holdings in shares of Albemarle by 45.0% in the first quarter. Eagle Bay Advisors LLC now owns 332 shares of the specialty chemicals company's stock valued at $44,000 after acquiring an additional 103 shares in the last quarter. Finally, Cromwell Holdings LLC raised its holdings in shares of Albemarle by 61.9% in the third quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company's stock valued at $37,000 after acquiring an additional 148 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Price Performance

NYSE ALB traded up $5.32 during trading hours on Wednesday, reaching $108.12. The stock had a trading volume of 2,716,918 shares, compared to its average volume of 2,970,577. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.44 and a quick ratio of 1.58. Albemarle Co. has a 52-week low of $71.97 and a 52-week high of $153.54. The stock has a fifty day moving average of $94.13 and a 200 day moving average of $100.15.

Albemarle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.405 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.62 annualized dividend and a yield of 1.50%. Albemarle's dividend payout ratio is presently -9.67%.

Wall Street Analysts Forecast Growth

ALB has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft decreased their price objective on Albemarle from $105.00 to $80.00 and set a "hold" rating for the company in a report on Friday, August 16th. Scotiabank reduced their target price on shares of Albemarle from $135.00 to $85.00 and set a "sector perform" rating for the company in a report on Tuesday, August 6th. Oppenheimer reduced their target price on shares of Albemarle from $171.00 to $170.00 and set an "outperform" rating for the company in a report on Friday, November 8th. Evercore ISI reduced their target price on shares of Albemarle from $190.00 to $170.00 and set an "outperform" rating for the company in a report on Wednesday, August 28th. Finally, Piper Sandler reduced their target price 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 investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Albemarle presently has a consensus rating of "Hold" and a consensus price target of $114.47.

Albemarle 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.