In a recent transaction, Mark Richard Mummert, Senior Vice President of Capital Projects at Albemarle Corp (NYSE:ALB), sold 843 shares of the company's common stock. The sale was executed at an average price of $135.528 per share, resulting in a total value of approximately $114,250.
The transaction took place on May 14, 2024, and was publicly filed the following day. After the sale, Mummert's remaining stake in the company consists of 6,802 shares of Albemarle Corp's common stock.
Albemarle Corp, known for its specialty chemicals and advanced materials, has been a key player in various industrial applications and services. The company's stock is traded under the ticker ALB on the New York Stock Exchange.
The details of the transaction were disclosed in accordance with the Securities and Exchange Commission's requirements. The reported sale provides investors with insight into the trading activities of Albemarle's executives and may be of interest to those closely monitoring the company's stock movements and insider transactions.
InvestingPro Insights
As investors digest the news of Mark Richard Mummert's sale of Albemarle Corp (NYSE:ALB) shares, it's important to consider the broader financial context in which this transaction occurs. With a current market capitalization of approximately $14.98 billion, Albemarle is trading at a relatively high earnings multiple, with a P/E ratio of 45.89. However, when adjusted for the last twelve months as of Q1 2024, the P/E ratio appears more moderate at 27.75.
InvestingPro Tips indicate that Albemarle has a history of raising its dividend, with a track record of 31 consecutive years, which could be a sign of the company's commitment to returning value to shareholders. Additionally, the company's stock price has seen a strong return over the last three months, with a price total return of 15.65%. This could signal a positive trend for investors looking at recent performance.
However, it's worth noting that analysts have raised concerns about potential sales decline and weak gross profit margins, with a reported gross profit margin of -0.48% for the last twelve months as of Q1 2024. This could be a point of consideration for those evaluating the company's financial health and future prospects.
For investors seeking a deeper analysis or additional insights, InvestingPro offers a wealth of information. There are currently 13 additional InvestingPro Tips available on Albemarle, which can be accessed at https://www.investing.com/pro/ALB. Moreover, those interested in a comprehensive investment tool can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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