Brokerages Set Albemarle Corporation (NYSE:ALB) Target Price at $171.84
by Michael Walen · The Markets DailyAlbemarle Corporation (NYSE:ALB – Get Free Report) has received an average rating of “Moderate Buy” from the twenty-eight brokerages that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $172.60.
Several equities research analysts recently commented on the stock. BMO Capital Markets boosted their price objective on shares of Albemarle from $145.00 to $210.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Bank of America upgraded shares of Albemarle from a “neutral” rating to a “buy” rating and lifted their price target for the company from $167.00 to $190.00 in a research note on Tuesday, February 17th. Robert W. Baird set a $210.00 price target on shares of Albemarle and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Berenberg Bank set a $153.00 price target on shares of Albemarle in a research report on Monday, February 23rd. Finally, Oppenheimer boosted their price target on shares of Albemarle from $216.00 to $222.00 and gave the stock an “outperform” rating in a research report on Monday.
View Our Latest Report on Albemarle
Albemarle Trading Up 16.2%
ALB opened at $215.42 on Tuesday. The stock has a market capitalization of $25.40 billion, a P/E ratio of -37.46, a P/E/G ratio of 1.44 and a beta of 1.43. Albemarle has a 12 month low of $50.85 and a 12 month high of $215.71. The firm’s fifty day simple moving average is $173.11 and its 200 day simple moving average is $144.20. The company has a current ratio of 2.23, a quick ratio of 1.57 and a debt-to-equity ratio of 0.41.
Albemarle (NYSE:ALB – Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The specialty chemicals company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.13). The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a negative net margin of 10.74% and a positive return on equity of 0.41%. The company’s revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.09) earnings per share. As a group, research analysts anticipate that Albemarle will post -0.04 EPS for the current fiscal year.
Albemarle Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were given a dividend of $0.405 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.62 annualized dividend and a yield of 0.8%. Albemarle’s payout ratio is -28.17%.
Insider Buying and Selling
In other Albemarle news, CEO J Kent Masters sold 11,783 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the sale, the chief executive officer directly owned 134,628 shares of the company’s stock, valued at $22,995,808.68. The trade was a 8.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.42% of the stock is owned by company insiders.
Institutional Investors Weigh In On Albemarle
Several institutional investors and hedge funds have recently added to or reduced their stakes in ALB. Strategic Advocates LLC acquired a new position in shares of Albemarle during the 3rd quarter worth about $25,000. MH & Associates Securities Management Corp ADV acquired a new position in shares of Albemarle during the 4th quarter worth about $26,000. BOKF NA increased its stake in shares of Albemarle by 5,771.4% during the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock worth $33,000 after purchasing an additional 404 shares during the last quarter. Cromwell Holdings LLC increased its stake in shares of Albemarle by 36.8% during the 3rd quarter. Cromwell Holdings LLC now owns 413 shares of the specialty chemicals company’s stock worth $34,000 after purchasing an additional 111 shares during the last quarter. Finally, Elyxium Wealth LLC acquired a new position in shares of Albemarle during the 4th quarter worth about $34,000. 92.87% of the stock is owned by 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.