Citigroup downgraded shares of Albemarle (NYSE:ALB) from a neutral rating to a sell rating in a research report sent to investors on Wednesday morning, Briefing.com Automated Import reports. They currently have $58.00 price target on the specialty chemicals company’s stock, down from their prior price target of $62.00.
A number of other equities research analysts also recently weighed in on the stock. Deutsche Bank dropped their price target on shares of Albemarle from $80.00 to $70.00 and set a hold rating for the company in a research note on Monday, October 28th. Gabelli started coverage on shares of Albemarle in a research note on Thursday, September 12th. They set a buy rating and a $109.00 price target for the company. Credit Suisse Group reissued a buy rating and set a $85.00 price target on shares of Albemarle in a research note on Friday, November 8th. Nomura boosted their price target on shares of Albemarle from $70.00 to $71.00 and gave the stock a neutral rating in a research note on Friday, August 9th. Finally, Oppenheimer dropped their price target on shares of Albemarle from $157.00 to $128.00 and set an outperform rating for the company in a research note on Friday, August 9th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $83.70.
Shares of NYSE ALB traded up $0.60 during trading on Wednesday, reaching $66.14. The company had a trading volume of 923,818 shares, compared to its average volume of 2,139,492. Albemarle has a 52 week low of $58.63 and a 52 week high of $102.79. The stock has a market cap of $6.91 billion, a PE ratio of 12.07, a PEG ratio of 1.09 and a beta of 1.63. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.82 and a current ratio of 1.39. The business’s 50 day moving average price is $66.53 and its 200-day moving average price is $68.28.
Albemarle (NYSE:ALB) last announced its earnings results on Wednesday, November 6th. The specialty chemicals company reported $1.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.49 by $0.04. The company had revenue of $879.70 million during the quarter, compared to the consensus estimate of $883.67 million. Albemarle had a net margin of 16.27% and a return on equity of 15.94%. The company’s revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.31 earnings per share. Equities analysts anticipate that Albemarle will post 6.08 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.368 dividend. This represents a $1.47 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Thursday, December 12th. This is an increase from Albemarle’s previous quarterly dividend of $0.37. Albemarle’s dividend payout ratio is presently 26.82%.
In other Albemarle news, CEO Luther C. Iv Kissam sold 36,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.00, for a total value of $2,520,000.00. Following the completion of the sale, the chief executive officer now owns 334,046 shares of the company’s stock, valued at $23,383,220. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Norris bought 3,090 shares of the stock in a transaction on Tuesday, August 20th. The stock was purchased at an average cost of $64.66 per share, with a total value of $199,799.40. Following the purchase, the insider now directly owns 164 shares of the company’s stock, valued at approximately $10,604.24. The disclosure for this purchase can be found here. 1.02% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the business. Gemmer Asset Management LLC boosted its holdings in shares of Albemarle by 71.1% in the second quarter. Gemmer Asset Management LLC now owns 361 shares of the specialty chemicals company’s stock valued at $25,000 after buying an additional 150 shares during the period. NEXT Financial Group Inc boosted its holdings in shares of Albemarle by 71.1% in the second quarter. NEXT Financial Group Inc now owns 433 shares of the specialty chemicals company’s stock valued at $31,000 after buying an additional 180 shares during the period. Exane Derivatives acquired a new position in shares of Albemarle in the second quarter valued at approximately $32,000. Oakworth Capital Inc. acquired a new position in shares of Albemarle in the second quarter valued at approximately $32,000. Finally, CWM LLC boosted its holdings in shares of Albemarle by 84.9% in the third quarter. CWM LLC now owns 501 shares of the specialty chemicals company’s stock valued at $35,000 after buying an additional 230 shares during the period. 90.46% of the stock is owned by hedge funds and other institutional investors.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, 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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