Zacks Investment Research upgraded shares of Albemarle Corp. (NYSE:ALB) from a sell rating to a hold rating in a report issued on Monday morning.
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. “
ALB has been the subject of several other research reports. Deutsche Bank AG reaffirmed a buy rating on shares of Albemarle Corp. in a research note on Wednesday, August 24th. Morgan Stanley reiterated a hold rating on shares of Albemarle Corp. in a research report on Thursday, June 16th. Citigroup Inc. reiterated a buy rating and set a $89.00 target price on shares of Albemarle Corp. in a research report on Wednesday, June 29th. Finally, Nomura set a $92.00 target price on shares of Albemarle Corp. and gave the company a buy rating in a research report on Tuesday, August 23rd. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Albemarle Corp. presently has a consensus rating of Buy and an average price target of $80.00.
Albemarle Corp. (NYSE:ALB) opened at 80.44 on Monday. Albemarle Corp. has a 12 month low of $45.78 and a 12 month high of $87.29. The firm has a 50-day moving average of $81.06 and a 200 day moving average of $77.77. The firm has a market capitalization of $9.04 billion, a PE ratio of 59.23 and a beta of 1.77.
Albemarle Corp. (NYSE:ALB) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.01 by $0.08. The company earned $669.30 million during the quarter, compared to analysts’ expectations of $860.40 million. Albemarle Corp. had a net margin of 4.54% and a return on equity of 14.52%. Albemarle Corp.’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.73 earnings per share. Equities research analysts forecast that Albemarle Corp. will post $3.48 earnings per share for the current year.
In related news, Director John Sherman, Jr. sold 4,300 shares of Albemarle Corp. stock in a transaction on Friday, August 5th. The shares were sold at an average price of $82.09, for a total value of $352,987.00. Following the transaction, the director now directly owns 1,500 shares of the company’s stock, valued at $123,135. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Luther C. Iv Kissam sold 50,000 shares of Albemarle Corp. stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $83.19, for a total transaction of $4,159,500.00. Following the completion of the transaction, the chief executive officer now directly owns 233,000 shares in the company, valued at $19,383,270. The disclosure for this sale can be found here. 0.71% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of ALB. Creative Planning increased its position in shares of Albemarle Corp. by 16.8% in the third quarter. Creative Planning now owns 1,228 shares of the company’s stock valued at $105,000 after buying an additional 177 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its position in shares of Albemarle Corp. by 0.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,438 shares of the company’s stock valued at $114,000 after buying an additional 7 shares during the last quarter. Carroll Financial Associates Inc. increased its position in shares of Albemarle Corp. by 475.4% in the third quarter. Carroll Financial Associates Inc. now owns 1,381 shares of the company’s stock valued at $118,000 after buying an additional 1,141 shares during the last quarter. Cantab Capital Partners LLP purchased a new position in shares of Albemarle Corp. during the second quarter valued at approximately $120,000. Finally, Mizuho Asset Management Co. Ltd. increased its position in shares of Albemarle Corp. by 97.9% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,605 shares of the company’s stock valued at $127,000 after buying an additional 794 shares during the last quarter. 88.50% of the stock is currently owned by institutional investors.
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.