Albemarle (NYSE:ALB) Shares Gap Up – Here’s Why
by Sarita Garza · The Markets DailyAlbemarle Corporation (NYSE:ALB – Get Free Report)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $129.72, but opened at $136.00. Albemarle shares last traded at $134.4950, with a volume of 426,180 shares changing hands.
Wall Street Analyst Weigh In
Several equities research analysts have recently commented on the stock. Royal Bank Of Canada lifted their price objective on shares of Albemarle from $253.00 to $257.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Bank of America lifted their price target on Albemarle from $190.00 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Oppenheimer increased their price objective on Albemarle from $216.00 to $222.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Wall Street Zen upgraded Albemarle from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Wells Fargo & Company lifted their target price on Albemarle from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $201.17.
Get Our Latest Report on Albemarle
Albemarle Stock Up 3.0%
The company has a market capitalization of $15.75 billion, a price-to-earnings ratio of -39.38, a P/E/G ratio of 0.64 and a beta of 1.31. The business’s 50-day moving average is $174.92 and its 200-day moving average is $169.40. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23.
Albemarle (NYSE:ALB – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $1.24 by $1.71. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The firm’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.18) EPS. As a group, equities analysts predict that Albemarle Corporation will post 12.98 earnings per share for the current year.
Albemarle Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be issued a $0.405 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $1.62 dividend on an annualized basis and a yield of 1.2%. Albemarle’s payout ratio is presently -47.51%.
Insider Buying and Selling
In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $183.72, for a total value of $3,011,721.96. Following the sale, the chief executive officer owned 87,519 shares in the company, valued at approximately $16,078,990.68. This represents a 15.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.42% of the company’s stock.
Institutional Trading of Albemarle
A number of hedge funds have recently added to or reduced their stakes in ALB. Norges Bank acquired a new position in shares of Albemarle in the fourth quarter worth about $165,271,000. Phoenix Financial Ltd. acquired a new position in shares of Albemarle during the 4th quarter worth about $130,415,000. Northwestern Mutual Wealth Management Co. lifted its stake in Albemarle by 4,338.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company’s stock valued at $104,444,000 after buying an additional 721,793 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Albemarle by 22,047.4% in the 2nd quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company’s stock worth $44,613,000 after buying an additional 710,589 shares during the last quarter. Finally, Samlyn Capital LLC purchased a new stake in Albemarle during the 3rd quarter worth approximately $47,088,000. 92.87% of the stock is owned by hedge funds and other institutional investors.
Albemarle Company Profile
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.