BMO Capital Markets Issues Positive Forecast for Albemarle (NYSE:ALB) Stock Price

by · The Cerbat Gem

Albemarle (NYSE:ALB – Free Report) had its price objective raised by BMO Capital Markets from $136.00 to $145.00 in a research note released on Monday,MarketScreener reports. They currently have an outperform rating on the specialty chemicals company’s stock.

Several other equities research analysts have also issued reports on the company. Dbs Bank lifted their price target on Albemarle from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, October 24th. TD Cowen raised their price objective on shares of Albemarle from $70.00 to $85.00 and gave the company a “hold” rating in a research report on Thursday, October 9th. Cowen restated a “hold” rating on shares of Albemarle in a report on Thursday, October 9th. Rothschild & Co Redburn lifted their price objective on shares of Albemarle from $135.00 to $158.00 and gave the company a “buy” rating in a research note on Thursday, December 4th. Finally, Truist Financial increased their target price on shares of Albemarle from $87.00 to $91.00 and gave the stock a “hold” rating in a research report on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eighteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Albemarle presently has a consensus rating of “Hold” and an average target price of $112.71.

Get Our Latest Stock Report on Albemarle

Albemarle Trading Up 1.0%

Shares of NYSE ALB opened at $133.50 on Monday. The company has a current ratio of 2.27, a quick ratio of 1.51 and a debt-to-equity ratio of 0.40. Albemarle has a one year low of $49.43 and a one year high of $136.10. The business has a 50-day moving average price of $109.38 and a two-hundred day moving average price of $86.18. The firm has a market capitalization of $15.71 billion, a PE ratio of -83.62 and a beta of 1.43.

Albemarle (NYSE:ALB – Get Free Report) last posted its quarterly earnings results on Wednesday, November 5th. The specialty chemicals company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.92) by $0.73. Albemarle had a negative net margin of 0.43% and a positive return on equity of 0.10%. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the previous year, the company posted ($1.55) EPS. Albemarle’s revenue was down 3.5% on a year-over-year basis. As a group, analysts predict that Albemarle will post -0.04 earnings per share for the current fiscal year.

Albemarle Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, December 12th. Albemarle’s dividend payout ratio is -101.89%.

Hedge Funds Weigh In On Albemarle

A number of institutional investors have recently made changes to their positions in ALB. Manning & Napier Advisors LLC acquired a new stake in Albemarle in the 3rd quarter valued at approximately $138,723,000. ProShare Advisors LLC grew its stake in shares of Albemarle by 48.5% in the second quarter. ProShare Advisors LLC now owns 2,870,110 shares of the specialty chemicals company’s stock worth $179,870,000 after acquiring an additional 937,538 shares during the last quarter. AQR Capital Management LLC increased its position in Albemarle by 22,047.4% during the second quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company’s stock worth $44,613,000 after acquiring an additional 710,589 shares during the period. Samlyn Capital LLC bought a new stake in Albemarle in the 3rd quarter valued at $47,088,000. Finally, FengHe Fund Management Pte. Ltd. acquired a new stake in Albemarle in the 2nd quarter worth $32,903,000. 92.87% of the stock is currently owned by institutional investors.

About Albemarle

(Get Free Report)

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.

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