Zacks Investment Research lowered shares of Albemarle Corp. (NYSE:ALB) from a buy rating to a hold rating in a research note released on Wednesday 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. “
Other equities analysts have also issued 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 objective on shares of Albemarle Corp. and gave the company a buy rating in a research report on Tuesday, August 23rd. Finally, Citigroup Inc. increased their price objective 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 research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Albemarle Corp. currently has an average rating of Buy and an average price target of $80.60.
Albemarle Corp. (NYSE:ALB) opened at 84.00 on Wednesday. The firm’s 50-day moving average is $82.28 and its 200 day moving average is $81.42. Albemarle Corp. has a one year low of $45.78 and a one year high of $87.29. The stock has a market cap of $9.45 billion, a P/E ratio of 43.98 and a beta of 1.52.
Albemarle Corp. (NYSE:ALB) last released its quarterly 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 business earned $654 million during the quarter, compared to analyst estimates of $645.81 million. Albemarle Corp. had a net margin of 6.92% and a return on equity of 14.38%. The company’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 earnings per share. On average, analysts anticipate that Albemarle Corp. will post $3.52 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 2nd. Stockholders of record on Thursday, December 15th will be paid a dividend of $0.305 per share. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $1.22 dividend on an annualized basis and a dividend yield of 1.45%. Albemarle Corp.’s payout ratio is 63.54%.
Several large investors have recently modified their holdings of ALB. Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new stake in shares of Albemarle Corp. during the third quarter worth approximately $104,000. Creative Planning boosted its stake in Albemarle Corp. by 16.8% in the third quarter. Creative Planning now owns 1,228 shares of the company’s stock worth $105,000 after buying an additional 177 shares in the last quarter. Carroll Financial Associates Inc. boosted its stake in Albemarle Corp. by 475.4% in the third quarter. Carroll Financial Associates Inc. now owns 1,381 shares of the company’s stock worth $118,000 after buying an additional 1,141 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Albemarle Corp. by 0.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,438 shares of the company’s stock worth $114,000 after buying an additional 7 shares in the last quarter. Finally, Cantab Capital Partners LLP bought a new stake in Albemarle Corp. during the second quarter worth about $120,000. 91.53% of the stock is currently owned by institutional investors and hedge funds.
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.