Albemarle (NYSE:ALB) Price Target Raised to $91.00 at Truist Financial

Albemarle (NYSE:ALB) had its price objective increased by equities research analysts at Truist Financial from $87.00 to $91.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the specialty chemicals company’s stock. Truist Financial’s target price points to a potential downside of 4.30% from the company’s previous close.

A number of other brokerages have also issued reports on ALB. Wall Street Zen raised Albemarle from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Zacks Research lowered Albemarle from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Royal Bank Of Canada upped their price target on shares of Albemarle from $80.00 to $117.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Jefferies Financial Group lifted their price objective on shares of Albemarle from $105.00 to $124.00 in a research note on Monday, October 27th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Albemarle from $60.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, fifteen have issued a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Albemarle has a consensus rating of “Hold” and an average price target of $96.29.

Albemarle Stock Performance

Shares of NYSE:ALB traded up $3.83 on Friday, hitting $95.09. The company’s stock had a trading volume of 1,245,488 shares, compared to its average volume of 3,555,335. The company has a market capitalization of $11.19 billion, a price-to-earnings ratio of -10.21 and a beta of 1.70. The stock’s 50-day moving average is $87.87 and its two-hundred day moving average is $73.91. Albemarle has a 12 month low of $49.43 and a 12 month high of $113.91. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.47 and a current ratio of 2.31.

Albemarle (NYSE:ALB) last released its earnings results on Wednesday, November 5th. The specialty chemicals company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.92) by $0.73. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Albemarle had a negative net margin of 18.61% and a negative return on equity of 1.87%. Albemarle’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the company earned ($1.55) EPS. On average, equities research analysts forecast that Albemarle will post -0.04 EPS for the current year.

Hedge Funds Weigh In On Albemarle

Several institutional investors have recently bought and sold shares of the company. Hantz Financial Services Inc. raised its stake in shares of Albemarle by 10,050.0% in the second quarter. Hantz Financial Services Inc. now owns 406 shares of the specialty chemicals company’s stock valued at $25,000 after buying an additional 402 shares during the period. Cromwell Holdings LLC raised its stake in Albemarle by 36.8% in the 3rd quarter. Cromwell Holdings LLC now owns 413 shares of the specialty chemicals company’s stock valued at $34,000 after acquiring an additional 111 shares during the period. National Pension Service lifted its holdings in Albemarle by 74.5% during the first quarter. National Pension Service now owns 452 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 193 shares during the last quarter. Physician Wealth Advisors Inc. bought a new position in Albemarle during the third quarter worth about $40,000. Finally, Costello Asset Management INC purchased a new position in shares of Albemarle in the first quarter worth about $36,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

About Albemarle

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.