Primecap Management Reduces $23M in Albemarle Corporation ($ALB)
Key Points
- Primecap Management changed its Albemarle Corporation ($ALB) stake by 5.0% last quarter, cutting to 2,664,709 shares worth $431.82 million.
- Wall Street's consensus rating on $ALB is Buy and an average price target of $214.51.
- $ALB last traded around $162.05.
Primecap Management trimmed its position in Albemarle Corporation ($ALB) by 5.0% during the most recent quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,664,709 shares of Albemarle Corporation after selling 140,360 shares during the quarter. Primecap Management's holdings in Albemarle Corporation were worth $431.82 million as of its most recent filing.
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About Albemarle Corporation
Albemarle Corporation provides energy storage solutions 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 for use in lithium batteries used in consumer electronics and electric vehicles, power grids and solar panels, high performance greases, specialty glass used in consumer appliances and electronics. The Specialties segment provides bromine and highly specialized lithium solutions for various industries, such as energy, mobility, connectivity, and health comprising fire safety compounds; bromine-based specialty chemicals products, including elemental bromine, alkyl bromides, inorganic bromides, brominated powdered activated carbon, and various bromine fine chemicals; lithium specialties, such as butyllithium and lithium aluminum hydride; cesium products for the chemical and pharmaceutical industries; and zirconium, barium, and titanium products for pyrotechnical applications that include airbag initiators. This segment also provides organic synthesis processes in the areas of steroid chemistry and vitamins, and various life science applications, as well as intermediates in the pharmaceutical industry; technical services, including handling and use of reactive lithium products; and recycling services for lithium-containing by-products. The Ketjen segment offers clean fuels technologies, including hydroprocessing catalysts together with isomerization and akylation catalysts; fluidized catalytic cracking catalysts and additives; and performance catalyst solutions comprising organometallics and curatives. It serves grid storage, automotive, aerospace, conventional energy, electronics, construction, agriculture and food, pharmaceuticals and medical device industries. Albemarle Corporation was founded in 1887 and is headquartered in Charlotte, North Carolina.
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