Albemarle (NYSE:ALB) Given New $83.00 Price Target at Royal Bank of Canada

Albemarle (NYSE:ALB) had its price target reduced by Royal Bank of Canada to $83.00 in a report published on Wednesday morning, The Fly reports. They currently have an outperform rating on the specialty chemicals company’s stock.

ALB has been the subject of several other reports. Jefferies Financial Group cut their price target on shares of Albemarle from $114.00 to $90.00 and set a buy rating for the company in a research report on Monday, May 20th. They noted that the move was a valuation call. Bank of America dropped their target price on shares of Albemarle from $95.00 to $83.00 and set a buy rating for the company in a report on Monday, August 12th. SunTrust Banks dropped their target price on shares of Albemarle from $120.00 to $100.00 and set a buy rating for the company in a report on Friday, August 9th. TheStreet lowered shares of Albemarle from a b- rating to a c+ rating in a report on Monday, May 20th. Finally, KeyCorp reiterated an overweight rating and set a $94.00 target price (down from $100.00) on shares of Albemarle in a report on Tuesday, July 9th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $91.84.

Shares of NYSE:ALB opened at $63.09 on Wednesday. Albemarle has a 1-year low of $61.24 and a 1-year high of $108.74. The firm has a market capitalization of $6.81 billion, a PE ratio of 11.51, a PEG ratio of 0.69 and a beta of 1.59. The business’s 50 day moving average is $70.88 and its 200-day moving average is $76.25. The company has a current ratio of 1.45, a quick ratio of 0.87 and a debt-to-equity ratio of 0.35.



Albemarle (NYSE:ALB) last posted its quarterly earnings data on Wednesday, August 7th. The specialty chemicals company reported $1.55 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.14. The company had revenue of $885.05 million for the quarter, compared to analyst estimates of $893.50 million. Albemarle had a return on equity of 15.71% and a net margin of 16.01%. The business’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.36 earnings per share. On average, sell-side analysts predict that Albemarle will post 6.33 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.3675 dividend. This represents a $1.47 annualized dividend and a yield of 2.33%. The ex-dividend date is Thursday, September 12th. Albemarle’s dividend payout ratio is currently 26.82%.

Several institutional investors have recently modified their holdings of the company. Kistler Tiffany Companies LLC increased its position in shares of Albemarle by 29.7% during the second quarter. Kistler Tiffany Companies LLC now owns 1,885 shares of the specialty chemicals company’s stock valued at $133,000 after acquiring an additional 432 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new stake in Albemarle during the second quarter worth approximately $1,878,000. Arizona State Retirement System raised its holdings in Albemarle by 14.1% during the second quarter. Arizona State Retirement System now owns 52,073 shares of the specialty chemicals company’s stock worth $3,666,000 after purchasing an additional 6,441 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Albemarle by 18.0% during the first quarter. Envestnet Asset Management Inc. now owns 56,910 shares of the specialty chemicals company’s stock worth $4,665,000 after purchasing an additional 8,665 shares in the last quarter. Finally, GHP Investment Advisors Inc. increased its holdings in shares of Albemarle by 4.7% in the 1st quarter. GHP Investment Advisors Inc. now owns 7,721 shares of the specialty chemicals company’s stock valued at $633,000 after acquiring an additional 347 shares during the period. Institutional investors and hedge funds own 89.43% of the company’s stock.

Albemarle Company Profile

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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Analyst Recommendations for Albemarle (NYSE:ALB)

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