Gabelli Begins Coverage on Albemarle (NYSE:ALB)

Gabelli began coverage on shares of Albemarle (NYSE:ALB) in a research note issued to investors on Thursday, The Fly reports. The brokerage issued a buy rating and a $109.00 price objective on the specialty chemicals company’s stock.

A number of other equities analysts also recently issued reports on ALB. Jefferies Financial Group cut their price target on Albemarle from $114.00 to $90.00 and set a buy rating for the company in a research note on Monday, May 20th. They noted that the move was a valuation call. Vertical Group cut their price target on Albemarle from $58.50 to $39.50 in a research note on Wednesday, August 14th. Loop Capital cut their price target on Albemarle to $108.00 and set a buy rating for the company in a research note on Thursday, May 16th. SunTrust Banks cut their price target on Albemarle from $120.00 to $100.00 and set a buy rating for the company in a research note on Friday, August 9th. Finally, KeyCorp reiterated an overweight rating and set a $94.00 price target (down previously from $100.00) on shares of Albemarle in a research note on Tuesday, July 9th. Four analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $92.70.

Albemarle stock traded up $0.20 during midday trading on Thursday, reaching $69.48. The stock had a trading volume of 78,793 shares, compared to its average volume of 1,511,228. Albemarle has a 12 month low of $58.63 and a 12 month high of $108.74. The company has a market capitalization of $7.24 billion, a P/E ratio of 12.69, a PEG ratio of 0.82 and a beta of 1.64. The company has a fifty day moving average price of $66.12 and a two-hundred day moving average price of $73.81. 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 issued its earnings results on Wednesday, August 7th. The specialty chemicals company reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.14. Albemarle had a return on equity of 15.71% and a net margin of 16.01%. The business had revenue of $885.05 million during the quarter, compared to analyst estimates of $893.50 million. During the same period in the previous year, the company posted $1.36 EPS. The firm’s revenue was up 3.7% compared to the same quarter last year. On average, equities research analysts predict that Albemarle will post 6.38 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.3675 dividend. The ex-dividend date is Thursday, September 12th. This represents a $1.47 dividend on an annualized basis and a dividend yield of 2.12%. Albemarle’s payout ratio is presently 26.82%.

In other Albemarle news, insider Eric Norris bought 3,090 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were purchased at an average price of $64.66 per share, for a total transaction of $199,799.40. Following the purchase, the insider now directly owns 164 shares of the company’s stock, valued at $10,604.24. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 1.02% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Albemarle by 1.1% in the second quarter. Vanguard Group Inc. now owns 12,741,734 shares of the specialty chemicals company’s stock valued at $897,145,000 after purchasing an additional 137,085 shares during the last quarter. BlackRock Inc. lifted its stake in Albemarle by 9.0% in the second quarter. BlackRock Inc. now owns 8,304,153 shares of the specialty chemicals company’s stock valued at $584,695,000 after purchasing an additional 682,231 shares during the last quarter. Primecap Management Co. CA lifted its stake in Albemarle by 30.8% in the second quarter. Primecap Management Co. CA now owns 5,777,880 shares of the specialty chemicals company’s stock valued at $406,821,000 after purchasing an additional 1,362,000 shares during the last quarter. Baillie Gifford & Co. lifted its stake in Albemarle by 1.7% in the second quarter. Baillie Gifford & Co. now owns 2,685,713 shares of the specialty chemicals company’s stock valued at $189,101,000 after purchasing an additional 45,809 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Albemarle by 27.9% in the first quarter. Principal Financial Group Inc. now owns 1,720,253 shares of the specialty chemicals company’s stock valued at $141,028,000 after purchasing an additional 375,253 shares during the last quarter. Hedge funds and other institutional investors own 90.97% 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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