Zacks Investment Research upgraded shares of Albemarle Corp. (NYSE:ALB) from a hold rating to a buy rating in a research note issued to investors on Tuesday. They currently have $94.00 price objective on the stock.
According to Zacks, “Albemarle Corporation is a major producer of fine and performance chemicals including polymer intermediates, cleaning product intermediates and additives, agricultural chemical intermediates, pharmaceutical intermediates, catalysts, brominated flame retardants, bromine chemicals and potassium and chlorine chemicals. “
Other analysts have also recently issued research reports about the stock. Deutsche Bank AG reaffirmed a buy rating on shares of Albemarle Corp. in a research report on Wednesday, August 24th. Nomura set a $92.00 price target on shares of Albemarle Corp. and gave the company a buy rating in a research report on Tuesday, August 23rd. Finally, Citigroup Inc. upped their price target on shares of Albemarle Corp. from $95.00 to $101.00 and gave the company a buy rating in a research report on Tuesday, August 9th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $80.60.
Shares of Albemarle Corp. (NYSE:ALB) opened at 83.88 on Tuesday. Albemarle Corp. has a 52-week low of $45.78 and a 52-week high of $87.29. The firm has a market cap of $9.43 billion, a P/E ratio of 43.92 and a beta of 1.52. The company has a 50 day moving average price of $82.30 and a 200-day moving average price of $81.30.
Albemarle Corp. (NYSE:ALB) last posted its quarterly earnings data on Monday, November 7th. The company reported $0.91 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.10. The business earned $654 million during the quarter, compared to the consensus estimate of $645.81 million. Albemarle Corp. had a return on equity of 14.38% and a net margin of 6.92%. Albemarle Corp.’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. On average, analysts expect that Albemarle Corp. will post $3.52 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 2nd. Investors of record on Thursday, December 15th will be issued a $0.305 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $1.22 dividend on an annualized basis and a dividend yield of 1.45%. Albemarle Corp.’s dividend payout ratio is presently 63.54%.
Large investors have recently bought and sold shares of the company. Wellington Management Group LLP acquired a new stake in Albemarle Corp. during the first quarter worth $15,369,000. AMP Capital Investors Ltd raised its stake in Albemarle Corp. by 3.8% in the first quarter. AMP Capital Investors Ltd now owns 29,926 shares of the company’s stock worth $1,916,000 after buying an additional 1,100 shares in the last quarter. Legal & General Group Plc raised its stake in Albemarle Corp. by 19.7% in the first quarter. Legal & General Group Plc now owns 85,890 shares of the company’s stock worth $5,490,000 after buying an additional 14,154 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its stake in Albemarle Corp. by 3.0% in the first quarter. Metropolitan Life Insurance Co. NY now owns 101,733 shares of the company’s stock worth $6,504,000 after buying an additional 2,918 shares in the last quarter. Finally, Seven Eight Capital LLC acquired a new stake in Albemarle Corp. during the first quarter worth $231,000. Institutional investors own 91.53% of the company’s stock.
About Albemarle Corp.
Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, heating, ventilation, and aluminum finishing.