Albemarle Corp. (NYSE:ALB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage presently has a $94.00 price objective on the stock. Zacks Investment Research’s price objective suggests a potential upside of 11.90% from the stock’s current price.
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. “
Several other analysts also recently commented on the company. Deutsche Bank AG restated a “buy” rating on shares of Albemarle Corp. in a research note on Wednesday, August 24th. Nomura set a $92.00 target price on Albemarle Corp. and gave the company a “buy” rating in a research note on Tuesday, August 23rd. Finally, Citigroup Inc. lifted their price target on Albemarle Corp. from $95.00 to $101.00 and gave the company a “buy” rating in a research note on Tuesday, August 9th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $80.60.
Albemarle Corp. (NYSE:ALB) traded down 0.05% during mid-day trading on Monday, reaching $83.96. The company’s stock had a trading volume of 547,622 shares. The company has a market cap of $9.44 billion, a price-to-earnings ratio of 43.96 and a beta of 1.52. The firm has a 50 day moving average price of $82.28 and a 200 day moving average price of $81.42. Albemarle Corp. has a 52-week low of $45.78 and a 52-week high of $87.29.
Albemarle Corp. (NYSE:ALB) last issued its earnings results on Monday, November 7th. The company reported $0.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.10. The company 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%. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period last year, the business posted $0.90 EPS. Equities research analysts anticipate that Albemarle Corp. will post $3.52 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 2nd. Shareholders of record on Thursday, December 15th will be given a dividend of $0.305 per share. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $1.22 annualized dividend and a dividend yield of 1.45%. Albemarle Corp.’s dividend payout ratio is currently 63.54%.
Several institutional investors have recently bought and sold shares of the company. First Heartland Consultants Inc. purchased a new position in Albemarle Corp. during the third quarter valued at approximately $305,000. ETRADE Capital Management LLC bought a new stake in Albemarle Corp. during the third quarter worth approximately $224,000. Piedmont Investment Advisors LLC bought a new stake in Albemarle Corp. during the third quarter worth approximately $607,000. Price T Rowe Associates Inc. MD boosted its stake in Albemarle Corp. by 0.8% in the third quarter. Price T Rowe Associates Inc. MD now owns 200,490 shares of the company’s stock worth $17,140,000 after buying an additional 1,600 shares during the period. Finally, Picton Mahoney Asset Management bought a new stake in Albemarle Corp. during the third quarter worth approximately $15,749,000. 84.20% of the stock is currently owned by hedge funds and other institutional investors.
Albemarle Corp. Company Profile
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.