Albemarle (NYSE:ALB) Shares Gap Up – Should You Buy?

Albemarle Co. (NYSE:ALB)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $104.03, but opened at $107.00. Albemarle shares last traded at $104.72, with a volume of 242,616 shares changing hands.

Analysts Set New Price Targets

ALB has been the topic of several research analyst reports. Robert W. Baird lowered their price target on shares of Albemarle from $85.00 to $79.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Berenberg Bank cut shares of Albemarle from a “buy” rating to a “hold” rating and lowered their target price for the stock from $160.00 to $83.00 in a report on Wednesday, July 31st. Bank of America lowered their target price on shares of Albemarle from $135.00 to $126.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Mizuho lowered their target price on shares of Albemarle from $128.00 to $103.00 in a report on Wednesday, July 31st. Finally, Piper Sandler lowered their target price on shares of Albemarle from $95.00 to $90.00 and set an “underweight” rating on the stock in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $114.47.

Albemarle Trading Up 2.9 %

The company has a market cap of $12.88 billion, a price-to-earnings ratio of -6.54 and a beta of 1.55. The business’s fifty day moving average price is $96.99 and its 200 day moving average price is $99.55. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.44 and a quick ratio of 1.58.

Albemarle Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.405 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.62 annualized dividend and a yield of 1.48%. Albemarle’s payout ratio is -9.67%.

Hedge Funds Weigh In On Albemarle

Hedge funds and other institutional investors have recently bought and sold shares of the company. First Community Trust NA acquired a new position in Albemarle in the second quarter valued at $25,000. Quarry LP increased its stake in Albemarle by 1,400.0% in the third quarter. Quarry LP now owns 270 shares of the specialty chemicals company’s stock valued at $26,000 after purchasing an additional 252 shares in the last quarter. CVA Family Office LLC increased its stake in Albemarle by 610.0% in the second quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after purchasing an additional 244 shares in the last quarter. Eastern Bank bought a new stake in Albemarle in the third quarter valued at $31,000. Finally, Cromwell Holdings LLC increased its stake in Albemarle by 61.9% in the third quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock valued at $37,000 after purchasing an additional 148 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Company Profile

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.