Concentric Capital Strategies LP Has $1.74 Million Stock Position in Albemarle Co. (NYSE:ALB)

Concentric Capital Strategies LP raised its holdings in shares of Albemarle Co. (NYSE:ALB) by 79.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,386 shares of the specialty chemicals company’s stock after purchasing an additional 8,136 shares during the period. Concentric Capital Strategies LP’s holdings in Albemarle were worth $1,741,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of ALB. First Community Trust NA acquired a new position in Albemarle in the second quarter valued at approximately $25,000. CVA Family Office LLC lifted its stake in shares of Albemarle by 610.0% in the 2nd quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after purchasing an additional 244 shares during the period. Eastern Bank bought a new position in shares of Albemarle in the 3rd quarter worth $31,000. Cromwell Holdings LLC grew its stake in shares of 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 purchasing an additional 148 shares during the period. Finally, Cornerstone Advisors LLC increased its holdings in Albemarle by 100.0% in the third quarter. Cornerstone Advisors LLC now owns 400 shares of the specialty chemicals company’s stock valued at $38,000 after purchasing an additional 200 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

Albemarle Stock Up 3.3 %

Albemarle stock opened at $111.30 on Tuesday. 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 1-year low of $71.97 and a 1-year high of $153.54. The company has a fifty day simple moving average of $99.81 and a 200 day simple moving average of $98.19. The company has a market cap of $13.08 billion, a P/E ratio of -6.64 and a beta of 1.55.

Albemarle Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Friday, December 13th. Albemarle’s payout ratio is -9.67%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on ALB shares. Baird R W lowered Albemarle from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. lowered their target price on shares of Albemarle from $115.00 to $78.00 and set a “neutral” rating for the company in a research note on Monday, August 19th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Albemarle from $105.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, August 16th. Evercore ISI lowered their price objective on shares of Albemarle from $190.00 to $170.00 and set an “outperform” rating for the company in a research report on Wednesday, August 28th. Finally, Oppenheimer reduced their target price on Albemarle from $171.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average 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.