Empower Advisory Boosts Stake in Albemarle Corporation to $54.31 Million

Empower Advisory Group LLC has increased its investment in Albemarle Corporation (NYSE: ALB) by 11.4% during the second quarter of the year, according to a filing with the Securities and Exchange Commission. The firm now holds 866,575 shares of the specialty chemicals company, valued at approximately $54.31 million after acquiring an additional 88,457 shares during the quarter. This represents about 0.74% of Albemarle’s total stock.

Several other institutional investors also adjusted their positions in Albemarle. Notably, Hantz Financial Services Inc. dramatically increased its stake by 10,050% during the same period, bringing its total ownership to 406 shares, valued at $25,000. Similarly, the National Pension Service raised its stake by 74.5% in the first quarter, owning now 452 shares worth $33,000 after acquiring an additional 193 shares.

CVA Family Office LLC also saw significant growth, boosting its position in Albemarle by 7,257.1%, now owning 515 shares valued at $32,000. Evermay Wealth Management LLC increased its holdings by 84.1% in the first quarter, owning 670 shares worth $48,000 after purchasing an additional 306 shares. Collectively, institutional investors and hedge funds control 92.87% of Albemarle’s stock.

Analyst Ratings and Market Performance

Various research firms have provided updates on Albemarle’s stock performance. Rothschild & Co Redburn initiated coverage with a “buy” rating and set a target price of $135.00. Conversely, Robert W. Baird revised its price objective from $68.00 to $81.00 while maintaining an “underperform” rating.

Other notable changes include Wall Street Zen upgrading its rating from “sell” to “hold,” and JPMorgan Chase & Co. increasing its target price from $60.00 to $80.00, assigning a “neutral” rating. Currently, one analyst rates the stock as a “Strong Buy,” five have issued a “Buy” rating, sixteen analysts have assigned a “Hold” rating, and five have given a “Sell” rating. According to MarketBeat, the average rating for Albemarle is “Hold,” with a consensus target price of $99.38.

As of the latest trading session, Albemarle shares opened at $115.11. The company has a market capitalization of $13.55 billion, a price-to-earnings (P/E) ratio of -12.35, and a beta of 1.70. Albemarle’s stock has seen a twelve-month low of $49.43 and a high of $119.28. The firm maintains a 50-day moving average price of $90.95 and a 200-day moving average price of $76.15.

Financial Performance and Dividend Announcement

Albemarle Corporation recently reported its quarterly earnings, revealing earnings per share (EPS) of ($0.19), surpassing analysts’ estimates of ($0.92) by $0.73. The company recorded a revenue of $1.31 billion for the quarter, exceeding the consensus estimate of $1.27 billion. However, this figure represents a 3.5% decline compared to the same quarter last year, during which the company reported an EPS of ($1.55).

Albemarle also announced a quarterly dividend of $0.405 per share, payable on January 2, 2025. Shareholders of record by December 12, 2024 will receive this dividend, which corresponds to an annualized yield of 1.4%. The company’s payout ratio currently stands at -101.89%.

Albemarle Corporation is a global leader in developing, manufacturing, and marketing engineered specialty chemicals, operating through segments that include Energy Storage, Specialties, and Ketjen. The Energy Storage segment is particularly notable for its offerings of lithium compounds, essential for various applications in the technology and energy sectors.