Albemarle (NYSE:ALB) Lowered to Sector Perform at Royal Bank of Canada

Royal Bank of Canada downgraded shares of Albemarle (NYSE:ALB) from an outperform rating to a sector perform rating in a research report sent to investors on Tuesday morning, Automated Import reports. Royal Bank of Canada currently has $71.00 target price on the specialty chemicals company’s stock, down from their prior target price of $77.00.

ALB has been the subject of several other reports. Bank of America lowered Albemarle from a buy rating to an underperform rating in a research report on Monday, October 28th. Gabelli began coverage on Albemarle in a research report on Thursday, September 12th. They set a buy rating and a $109.00 target price for the company. Berenberg Bank set a $75.00 target price on Albemarle and gave the company a hold rating in a research report on Monday, August 12th. ValuEngine raised Albemarle from a sell rating to a hold rating in a research report on Wednesday, October 2nd. Finally, Buckingham Research cut their price target on Albemarle from $80.00 to $75.00 and set a neutral rating for the company in a research note on Thursday, October 3rd. Four equities 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. The stock currently has a consensus rating of Hold and an average target price of $83.70.

Shares of Albemarle stock traded up $0.60 during trading hours on Tuesday, hitting $66.14. 923,818 shares of the company’s stock traded hands, compared to its average volume of 2,139,492. Albemarle has a 12-month low of $58.63 and a 12-month high of $102.79. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of 12.07, a PEG ratio of 1.09 and a beta of 1.63. The company has a fifty day simple moving average of $66.53 and a 200-day simple moving average of $68.28. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.39 and a quick ratio of 0.82.

Albemarle (NYSE:ALB) last announced its earnings results on Wednesday, November 6th. The specialty chemicals company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.04. Albemarle had a return on equity of 15.94% and a net margin of 16.27%. The firm had revenue of $879.70 million during the quarter, compared to analyst estimates of $883.67 million. During the same period last year, the firm posted $1.31 EPS. The business’s revenue was up 13.1% compared to the same quarter last year. On average, analysts forecast that Albemarle will post 6.08 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.368 per share. This is an increase from Albemarle’s previous quarterly dividend of $0.37. The ex-dividend date is Thursday, December 12th. This represents a $1.47 annualized dividend and a dividend yield of 2.23%. Albemarle’s dividend payout ratio is presently 26.82%.

In related news, insider Eric Norris bought 3,090 shares of the business’s stock in a transaction on 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 purchase, the insider now directly owns 164 shares in the company, valued at $10,604.24. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Luther C. Iv Kissam sold 36,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.00, for a total value of $2,520,000.00. Following the completion of the transaction, 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. 1.02% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Albemarle by 1.1% in the 2nd quarter. Vanguard Group Inc. now owns 12,741,734 shares of the specialty chemicals company’s stock worth $897,145,000 after purchasing an additional 137,085 shares during the period. BlackRock Inc. boosted its stake in Albemarle by 9.0% in the 2nd quarter. BlackRock Inc. now owns 8,304,153 shares of the specialty chemicals company’s stock worth $584,695,000 after purchasing an additional 682,231 shares during the period. Primecap Management Co. CA boosted its stake in Albemarle by 30.8% in the 2nd quarter. Primecap Management Co. CA now owns 5,777,880 shares of the specialty chemicals company’s stock worth $406,821,000 after purchasing an additional 1,362,000 shares during the period. Baillie Gifford & Co. boosted its stake in Albemarle by 1.7% in the 2nd quarter. Baillie Gifford & Co. now owns 2,685,713 shares of the specialty chemicals company’s stock worth $189,101,000 after purchasing an additional 45,809 shares during the period. Finally, Iridian Asset Management LLC CT boosted its stake in Albemarle by 3.5% in the 2nd quarter. Iridian Asset Management LLC CT now owns 1,470,945 shares of the specialty chemicals company’s stock worth $103,569,000 after purchasing an additional 49,392 shares during the period. Institutional investors and hedge funds own 90.46% 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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Analyst Recommendations for Albemarle (NYSE:ALB)

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