Albemarle (NYSE:ALB) Stock Price Target Lowered at Royal Bank Of Canada

by · The Markets Daily

Albemarle (NYSE:ALB – Get Free Report) had its price objective reduced by Royal Bank Of Canada from $157.00 to $129.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the specialty chemicals company’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 32.73% from the stock’s previous close.

Several other brokerages have also recently weighed in on ALB. Jefferies Financial Group reduced their price target on Albemarle from $244.00 to $211.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Citigroup lowered their price objective on Albemarle from $225.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Robert W. Baird dropped their price objective on shares of Albemarle from $236.00 to $224.00 and set a “neutral” rating on the stock in a research note on Thursday, June 18th. Morgan Stanley reaffirmed a “reduce” rating and set a $161.00 price objective on shares of Albemarle in a research note on Monday, August 10th. Finally, JPMorgan Chase & Co. cut their target price on shares of Albemarle from $160.00 to $140.00 and set a “neutral” rating for the company in a report on Tuesday, August 25th. Sixteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $180.74.

View Our Latest Stock Report on ALB

Albemarle Stock Performance

Shares of NYSE ALB traded down $0.78 during trading on Thursday, reaching $97.19. 393,330 shares of the company traded hands, compared to its average volume of 2,450,565. The firm’s fifty day simple moving average is $120.61 and its 200 day simple moving average is $146.64. The stock has a market cap of $11.47 billion, a P/E ratio of 358.14, a PEG ratio of 0.58 and a beta of 1.36. Albemarle has a 12-month low of $88.01 and a 12-month high of $221.00. The company has a current ratio of 2.09, a quick ratio of 1.35 and a debt-to-equity ratio of 0.22.

Albemarle (NYSE:ALB – Get Free Report) last issued its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.55. Albemarle had a return on equity of 10.96% and a net margin of 3.09%. The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the business earned $0.11 earnings per share. The company’s revenue was up 31.1% compared to the same quarter last year. As a group, research analysts anticipate that Albemarle will post 11.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Albemarle

A number of large investors have recently bought and sold shares of ALB. Primecap Management Co. CA purchased a new stake in shares of Albemarle in the second quarter valued at approximately $358,101,000. Deutsche Bank AG purchased a new position in shares of Albemarle during the 2nd quarter valued at approximately $131,049,000. Bank of New York Mellon Corp purchased a new position in shares of Albemarle during the 2nd quarter valued at approximately $103,268,000. Nykredit A S purchased a new position in shares of Albemarle during the 2nd quarter valued at approximately $78,121,000. Finally, Altshuler Shaham Ltd acquired a new stake in Albemarle in the 1st quarter valued at $94,815,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

About Albemarle

(Get Free Report)

Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company that develops, manufactures and markets materials used in energy storage, transportation, consumer products and industrial applications. The company is best known for its lithium business, which supplies lithium compounds used in rechargeable batteries for electric vehicles, portable electronics and energy-storage systems.

Albemarle also produces bromine-based specialty chemicals used in areas such as fire safety, water treatment, pharmaceutical manufacturing and other industrial processes.

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