Royal Bank of Canada Increases Albemarle (NYSE:ALB) Price Target to $246.00

Albemarle (NYSE:ALB) had its price target increased by stock analysts at Royal Bank of Canada from $218.00 to $246.00 in a research report issued to clients and investors on Monday, The Fly reports. The firm presently has a “sector perform” rating on the specialty chemicals company’s stock. Royal Bank of Canada’s target price points to a potential upside of 6.74% from the company’s current price.

A number of other brokerages also recently commented on ALB. Wells Fargo & Company increased their price target on shares of Albemarle from $175.00 to $225.00 and gave the company an “equal weight” rating in a report on Friday, August 6th. Zacks Investment Research raised shares of Albemarle from a “hold” rating to a “buy” rating and set a $197.00 price target for the company in a report on Tuesday, July 13th. Cowen increased their price objective on shares of Albemarle from $180.00 to $260.00 and gave the stock an “outperform” rating in a research report on Monday, August 30th. Loop Capital increased their price objective on shares of Albemarle from $208.00 to $253.00 and gave the stock a “buy” rating in a research report on Monday, August 23rd. Finally, Bank of America increased their price objective on shares of Albemarle from $121.00 to $140.00 and gave the stock an “underperform” rating in a research report on Friday, August 6th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Albemarle has an average rating of “Hold” and an average price target of $199.95.

ALB opened at $230.47 on Monday. The firm has a 50-day simple moving average of $214.39 and a two-hundred day simple moving average of $178.41. Albemarle has a 52 week low of $79.06 and a 52 week high of $253.10. The company has a market capitalization of $26.95 billion, a PE ratio of 37.35, a price-to-earnings-growth ratio of 4.50 and a beta of 1.57. The company has a quick ratio of 1.44, a current ratio of 2.18 and a debt-to-equity ratio of 0.32.

Albemarle (NYSE:ALB) last announced its quarterly earnings results on Tuesday, August 3rd. The specialty chemicals company reported $0.89 EPS for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.06. Albemarle had a net margin of 21.78% and a return on equity of 8.92%. The firm had revenue of $773.90 million during the quarter, compared to the consensus estimate of $787.72 million. During the same quarter last year, the firm earned $0.86 EPS. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. As a group, sell-side analysts expect that Albemarle will post 3.57 earnings per share for the current year.

In other Albemarle news, EVP Karen G. Narwold sold 1,338 shares of the firm’s stock in a transaction that occurred on Thursday, July 8th. The shares were sold at an average price of $165.69, for a total value of $221,693.22. Following the completion of the sale, the executive vice president now directly owns 41,019 shares in the company, valued at $6,796,438.11. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Karen G. Narwold sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 6th. The shares were sold at an average price of $216.12, for a total transaction of $2,161,200.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,534 shares of company stock worth $5,298,393. 0.63% of the stock is currently owned by corporate insiders.

Several large investors have recently bought and sold shares of the company. TCI Wealth Advisors Inc. lifted its stake in shares of Albemarle by 43.0% during the second quarter. TCI Wealth Advisors Inc. now owns 173 shares of the specialty chemicals company’s stock worth $29,000 after buying an additional 52 shares during the period. IFP Advisors Inc lifted its stake in shares of Albemarle by 1.2% during the second quarter. IFP Advisors Inc now owns 4,637 shares of the specialty chemicals company’s stock worth $783,000 after buying an additional 56 shares during the period. Perigon Wealth Management LLC lifted its stake in shares of Albemarle by 2.3% during the second quarter. Perigon Wealth Management LLC now owns 2,666 shares of the specialty chemicals company’s stock worth $449,000 after buying an additional 59 shares during the period. Neuberger Berman Group LLC lifted its stake in shares of Albemarle by 2.9% during the first quarter. Neuberger Berman Group LLC now owns 2,276 shares of the specialty chemicals company’s stock worth $329,000 after buying an additional 64 shares during the period. Finally, Delta Financial Advisors LLC lifted its stake in shares of Albemarle by 1.6% during the second quarter. Delta Financial Advisors LLC now owns 4,091 shares of the specialty chemicals company’s stock worth $689,000 after buying an additional 64 shares during the period. Institutional investors and hedge funds own 81.13% of the company’s stock.

Albemarle Company Profile

Albemarle Corp. engages in developing, manufacturing, and marketing of chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food-safety, and custom chemistry services. It operates through the following segments: Lithium, Bromine Specialties, and Catalysts.

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