Albemarle (NYSE:ALB) Price Target Raised to $225.00

by · The Cerbat Gem

Albemarle (NYSE:ALBFree Report) had its target price hoisted by Bank of America from $190.00 to $225.00 in a report issued on Tuesday morning,Benzinga reports. Bank of America currently has a buy rating on the specialty chemicals company’s stock.

Several other research firms have also issued reports on ALB. Royal Bank Of Canada raised their price target on shares of Albemarle from $200.00 to $216.00 and gave the stock an “outperform” rating in a report on Tuesday, February 17th. BMO Capital Markets lifted their price objective on shares of Albemarle from $145.00 to $210.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Berenberg Bank set a $153.00 price objective on shares of Albemarle in a research note on Monday, February 23rd. Morgan Stanley set a $189.00 price objective on shares of Albemarle in a research note on Tuesday, April 14th. Finally, Scotiabank upgraded shares of Albemarle from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the company from $85.00 to $200.00 in a research note on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $176.32.

Read Our Latest Stock Analysis on ALB

Albemarle Stock Down 0.6%

Albemarle stock opened at $193.04 on Tuesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.57 and a current ratio of 2.23. Albemarle has a 52-week low of $53.70 and a 52-week high of $215.71. The firm has a 50 day moving average price of $176.04 and a two-hundred day moving average price of $148.02. The firm has a market cap of $22.76 billion, a price-to-earnings ratio of -33.57, a PEG ratio of 1.47 and a beta of 1.43.

Albemarle (NYSE:ALBGet Free Report) last released its quarterly earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.13). Albemarle had a positive return on equity of 0.41% and a negative net margin of 10.74%.The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the business posted ($1.09) EPS. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. Equities analysts predict that Albemarle will post 8.28 EPS for the current year.

Albemarle Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were paid a $0.405 dividend. The ex-dividend date was Friday, March 13th. This represents a $1.62 annualized dividend and a dividend yield of 0.8%. Albemarle’s payout ratio is currently -28.17%.

Insider Buying and Selling at Albemarle

In related news, CEO J Kent Masters sold 11,783 shares of Albemarle stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $170.81, for a total value of $2,012,654.23. Following the completion of the sale, the chief executive officer owned 134,628 shares of the company’s stock, valued at approximately $22,995,808.68. This trade represents a 8.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.42% of the stock is owned by corporate insiders.

Institutional Trading of Albemarle

Hedge funds have recently bought and sold shares of the business. PGGM Investments boosted its holdings in Albemarle by 10.8% during the 3rd quarter. PGGM Investments now owns 1,185,005 shares of the specialty chemicals company’s stock worth $96,080,000 after acquiring an additional 115,081 shares during the last quarter. Occidental Asset Management LLC purchased a new position in Albemarle during the 3rd quarter worth $3,313,000. CWM LLC boosted its holdings in Albemarle by 14.8% during the 3rd quarter. CWM LLC now owns 165,074 shares of the specialty chemicals company’s stock worth $13,384,000 after acquiring an additional 21,257 shares during the last quarter. Nordea Investment Management AB purchased a new position in Albemarle during the 4th quarter worth $6,171,000. Finally, Bard Financial Services Inc. boosted its holdings in Albemarle by 45.3% during the 3rd quarter. Bard Financial Services Inc. now owns 42,895 shares of the specialty chemicals company’s stock worth $3,478,000 after acquiring an additional 13,380 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Company Profile

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Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.

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