The ING Groep NV Invests $314,000 in Albemarle Corp. (ALB)

The ING Groep NV Invests $314,000 in Albemarle Corp. (ALB)

ING Groep NV bought a new position in Albemarle Corp. (NYSE:ALB) during the second quarter, Holdings Channel reports. The firm bought 3,929 shares of the company’s stock, valued at approximately $314,000.

Several other institutional investors also recently modified their holdings of ALB. Benjamin F. Edwards & Company Inc. raised its position in shares of Albemarle Corp. by 0.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,438 shares of the company’s stock valued at $114,000 after buying an additional 7 shares during the last quarter. Investec Asset Management LTD acquired a new position in shares of Albemarle Corp. during the first quarter valued at about $164,000. Daiwa Securities Group Inc. raised its position in shares of Albemarle Corp. by 12.5% in the second quarter. Daiwa Securities Group Inc. now owns 2,700 shares of the company’s stock valued at $214,000 after buying an additional 300 shares during the last quarter. Cypress Capital Group acquired a new position in shares of Albemarle Corp. during the first quarter valued at about $216,000. Finally, Seven Eight Capital LLC acquired a new position in shares of Albemarle Corp. during the first quarter valued at about $231,000. 88.50% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Corp. (NYSE:ALB) traded down 0.87% on Thursday, reaching $80.44. 662,872 shares of the company were exchanged. Albemarle Corp. has a 52 week low of $45.78 and a 52 week high of $87.29. The stock has a 50-day moving average price of $81.11 and a 200 day moving average price of $77.75. The stock has a market capitalization of $9.04 billion, a price-to-earnings ratio of 59.23 and a beta of 1.77.

Albemarle Corp. (NYSE:ALB) last released its earnings results on Wednesday, August 3rd. The company reported $1.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.08. The company had revenue of $669.30 million for the quarter, compared to analyst estimates of $860.40 million. Albemarle Corp. had a net margin of 4.54% and a return on equity of 14.52%. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.73 EPS. Analysts forecast that Albemarle Corp. will post $3.48 earnings per share for the current year.

Several equities analysts recently issued reports on ALB shares. Deutsche Bank AG lifted their price objective on shares of Albemarle Corp. from $94.00 to $95.00 and gave the company a “buy” rating in a report on Friday, August 5th. Nomura set a $92.00 price objective on shares of Albemarle Corp. and gave the company a “buy” rating in a report on Tuesday, August 23rd. Citigroup Inc. lifted their price objective on shares of Albemarle Corp. from $95.00 to $101.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Morgan Stanley reissued a “hold” rating on shares of Albemarle Corp. in a report on Thursday, June 16th. Finally, Zacks Investment Research raised shares of Albemarle Corp. from a “sell” rating to a “hold” rating in a report on Monday. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $80.00.

In other Albemarle Corp. news, CEO Luther C. Iv Kissam sold 50,000 shares of the stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $83.19, for a total transaction of $4,159,500.00. Following the sale, the chief executive officer now directly owns 233,000 shares in the company, valued at approximately $19,383,270. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John Sherman, Jr. sold 4,300 shares of the stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $82.09, for a total transaction of $352,987.00. Following the sale, the director now owns 1,500 shares in the company, valued at $123,135. The disclosure for this sale can be found here. Company insiders own 0.71% of the company’s stock.

About Albemarle Corp.

Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, heating, ventilation, and aluminum finishing.

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