Albemarle (NYSE:ALB) was downgraded by stock analysts at Citigroup from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday, February 5th, MarketBeat Ratings reports. They currently have a $81.00 target price on the specialty chemicals company’s stock, down from their previous target price of $90.00. Citigroup‘s target price would indicate a potential downside of 10.78% from the stock’s current price.
Several other research firms also recently weighed in on ALB. Berenberg Bank set a $130.00 price target on shares of Albemarle and gave the stock a “buy” rating in a research note on Friday, November 9th. Loop Capital set a $130.00 price target on shares of Albemarle and gave the company a “buy” rating in a research report on Monday, October 8th. Zacks Investment Research upgraded shares of Albemarle from a “hold” rating to a “buy” rating and set a $113.00 price target for the company in a research report on Monday, November 19th. Buckingham Research initiated coverage on shares of Albemarle in a research report on Thursday, November 15th. They set a “neutral” rating and a $106.00 price target for the company. Finally, ValuEngine upgraded shares of Albemarle from a “sell” rating to a “hold” rating in a report on Thursday, November 1st. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $104.68.
ALB stock traded down $0.50 during midday trading on Tuesday, hitting $90.79. 1,320,900 shares of the stock traded hands, compared to its average volume of 1,526,961. The firm has a market cap of $9.47 billion, a PE ratio of 16.57, a P/E/G ratio of 0.89 and a beta of 1.60. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.18 and a current ratio of 1.69. Albemarle has a 1-year low of $71.89 and a 1-year high of $108.74.
Albemarle (NYSE:ALB) last announced its earnings results on Wednesday, February 20th. The specialty chemicals company reported $1.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.46 by $0.07. The business had revenue of $921.70 million for the quarter, compared to analyst estimates of $894.45 million. Albemarle had a net margin of 20.55% and a return on equity of 15.82%. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.34 earnings per share. Research analysts predict that Albemarle will post 6.22 earnings per share for the current fiscal year.
In related news, EVP Karen G. Narwold sold 1,295 shares of the stock in a transaction dated Friday, January 4th. The shares were sold at an average price of $74.76, for a total value of $96,814.20. Following the sale, the executive vice president now directly owns 31,028 shares of the company’s stock, valued at approximately $2,319,653.28. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Scott Tozier sold 3,343 shares of the stock in a transaction dated Friday, January 4th. The shares were sold at an average price of $74.55, for a total transaction of $249,220.65. Following the completion of the sale, the chief financial officer now directly owns 46,711 shares in the company, valued at $3,482,305.05. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in ALB. Advisors Asset Management Inc. lifted its position in Albemarle by 21.1% during the second quarter. Advisors Asset Management Inc. now owns 24,267 shares of the specialty chemicals company’s stock valued at $2,289,000 after acquiring an additional 4,230 shares during the last quarter. Schroder Investment Management Group purchased a new position in shares of Albemarle during the 2nd quarter worth about $2,318,000. Appleton Partners Inc. MA lifted its holdings in shares of Albemarle by 3.4% during the 3rd quarter. Appleton Partners Inc. MA now owns 19,075 shares of the specialty chemicals company’s stock worth $1,903,000 after acquiring an additional 636 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of Albemarle by 8.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 23,418 shares of the specialty chemicals company’s stock worth $2,335,000 after acquiring an additional 1,913 shares during the period. Finally, Personal Capital Advisors Corp lifted its holdings in shares of Albemarle by 8.0% during the 3rd quarter. Personal Capital Advisors Corp now owns 230,391 shares of the specialty chemicals company’s stock worth $22,988,000 after acquiring an additional 17,068 shares during the period. Institutional investors own 92.75% of the company’s stock.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium and Advanced Materials segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and automobiles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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