Albemarle (NYSE:ALB) Raised to Hold at ValuEngine

ValuEngine upgraded shares of Albemarle (NYSE:ALB) from a sell rating to a hold rating in a research report sent to investors on Wednesday, ValuEngine reports.

Other equities analysts have also issued research reports about the company. Oppenheimer dropped their target price on Albemarle from $157.00 to $128.00 and set an outperform rating on the stock in a report on Friday, August 9th. Vertical Group dropped their target price on Albemarle from $58.50 to $39.50 in a report on Wednesday, August 14th. Royal Bank of Canada decreased their price objective on shares of Albemarle to $83.00 and set an outperform rating for the company in a research note on Wednesday, August 14th. Loop Capital decreased their price objective on shares of Albemarle to $98.00 and set a buy rating for the company in a research note on Friday, September 13th. Finally, G.Research restated a buy rating on shares of Albemarle in a research note on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the stock. Albemarle currently has an average rating of Buy and a consensus target price of $92.55.

NYSE:ALB traded down $0.91 during trading hours on Wednesday, hitting $66.32. The company’s stock had a trading volume of 939,158 shares, compared to its average volume of 1,466,298. The stock has a market capitalization of $7.03 billion, a P/E ratio of 12.10, a price-to-earnings-growth ratio of 0.87 and a beta of 1.64. The stock has a fifty day moving average of $65.04 and a 200-day moving average of $71.68. 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 has a 52-week low of $58.63 and a 52-week high of $108.74.

Albemarle (NYSE:ALB) last posted its earnings results on Wednesday, August 7th. The specialty chemicals company reported $1.55 EPS for the quarter, beating the consensus estimate of $1.41 by $0.14. The firm 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%. Albemarle’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.36 earnings per share. On average, sell-side analysts forecast that Albemarle will post 6.37 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a $0.3675 dividend. The ex-dividend date was Thursday, September 12th. This represents a $1.47 annualized dividend and a yield of 2.22%. Albemarle’s dividend payout ratio is presently 26.82%.

In other Albemarle news, insider Eric Norris bought 3,090 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was acquired at an average price of $64.66 per share, for a total transaction of $199,799.40. Following the completion of the purchase, the insider now owns 164 shares of the company’s stock, valued at $10,604.24. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Luther C. Iv Kissam sold 36,000 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.00, for a total transaction of $2,520,000.00. Following the sale, the chief executive officer now owns 334,046 shares of the company’s stock, valued at approximately $23,383,220. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Albemarle by 1.1% during the second quarter. Vanguard Group Inc. now owns 12,741,734 shares of the specialty chemicals company’s stock worth $897,145,000 after buying an additional 137,085 shares during the period. BlackRock Inc. lifted its position 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 period. Primecap Management Co. CA lifted its position 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 period. Baillie Gifford & Co. lifted its position 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 period. Finally, Principal Financial Group Inc. lifted its position 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 period. Institutional investors and hedge funds own 90.63% of the company’s stock.

About Albemarle

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Albemarle (NYSE:ALB)

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