Cadence Wealth Management Acquires $306,000 Stake in Albemarle Corporation

Cadence Wealth Management LLC has purchased a new stake in Albemarle Corporation, investing approximately $306,000 during the second quarter of 2023. The firm acquired 4,879 shares of the specialty chemicals company, according to HoldingsChannel.com. This move highlights a growing interest among institutional investors in the company, which is listed on the New York Stock Exchange under the ticker symbol ALB.

Other investment firms have also been adjusting their positions in Albemarle. Moran Wealth Management LLC increased its stake by 1.6% during the same period, bringing its total holdings to 9,482 shares, valued at $594,000. DekaBank Deutsche Girozentrale raised its stake by 0.7%, now owning 22,798 shares worth approximately $1.5 million. Similarly, Amalgamated Bank boosted its investment by 0.8% to hold 22,740 shares valued at $1.425 million.

The National Pension Service made a significant move in the first quarter, increasing its holdings by 74.5%. It now owns 452 shares, valued at roughly $33,000. Another notable investor, SBI Securities Co. Ltd., raised its stake by 10.3%, acquiring an additional 225 shares to reach a total of 2,415 shares, worth around $151,000. Notably, institutional investors collectively own 92.87% of Albemarle’s stock.

Stock Performance and Dividend Announcement

As of the latest trading session, Albemarle’s stock opened at $116.39. The company has experienced a significant price fluctuation over the past year, with a low of $49.43 and a high of $127.07. Current financial ratios indicate a strong liquidity position, with a current ratio of 2.31 and a quick ratio of 1.47. The company’s debt-to-equity ratio stands at 0.38, reflecting a manageable level of debt relative to its equity.

Albemarle has also announced a quarterly dividend of $0.405 per share, which will be paid on January 2, 2024. Shareholders of record as of December 12, 2023, will receive this dividend, which translates to an annualized figure of $1.62 and a yield of 1.4%. Notably, Albemarle’s dividend payout ratio is currently reported at -101.89%, indicating that the company is currently distributing more than its earnings in dividends.

Analyst Ratings and Future Outlook

Market analysts have been actively discussing Albemarle’s stock. BMO Capital Markets recently raised its target price from $125.00 to $136.00, maintaining an “outperform” rating. Similarly, Wells Fargo & Company adjusted its price target to $100.00 with an “equal weight” rating. Bank of America reiterated a “neutral” rating, increasing its price objective from $95.00 to $100.00. Citigroup also raised its target price, now set at $100.00, while UBS Group increased its target from $85.00 to $107.00, maintaining a neutral stance.

Overall, one analyst has assigned a “Strong Buy” rating, while seven have given a “Buy” rating, sixteen have issued a “Hold” rating, and five analysts have rated it as a “Sell.” According to data from MarketBeat, Albemarle currently holds an average rating of “Hold” with an average target price of $100.04.

Founded in 1994, Albemarle Corporation is a prominent player in the specialty chemicals sector, developing and marketing engineered chemicals globally. The company operates through three main segments: Energy Storage, Specialties, and Ketjen. The Energy Storage segment primarily focuses on lithium compounds, which are essential for battery production and other applications. As demand for lithium continues to grow, particularly in electric vehicle manufacturing, the company’s strategic positioning offers potential for future growth.

As institutional interest in Albemarle expands and analysts express optimistic outlooks, the company remains a key player in the specialty chemicals industry, poised for further developments in the coming quarters.