Albemarle Corp. (ALB) Receives Consensus Recommendation of “Buy” from Analysts
Shares of Albemarle Corp. (NYSE:ALB) have received an average rating of “Buy” from the thirteen analysts that are currently covering the stock. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $77.13.
ALB has been the subject of several research reports. Morgan Stanley restated a “hold” rating on shares of Albemarle Corp. in a research note on Thursday, June 16th. Deutsche Bank AG restated a “buy” rating and set a $94.00 price objective (up from $84.00) on shares of Albemarle Corp. in a research note on Monday, June 20th. Citigroup Inc. restated a “buy” rating and set a $89.00 price objective on shares of Albemarle Corp. in a research note on Wednesday, June 29th. Nomura restated a “buy” rating and set a $85.00 price objective on shares of Albemarle Corp. in a research note on Tuesday, July 12th. Finally, Zacks Investment Research cut shares of Albemarle Corp. from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 18th.
Shares of Albemarle Corp. (NYSE:ALB) traded up 0.94% during mid-day trading on Friday, hitting $81.20. 365,039 shares of the stock were exchanged. Albemarle Corp. has a 52-week low of $45.78 and a 52-week high of $87.29. The stock’s 50-day moving average price is $81.06 and its 200-day moving average price is $77.77. The company has a market cap of $9.13 billion, a P/E ratio of 59.79 and a beta of 1.77.
Albemarle Corp. (NYSE:ALB) last released its earnings results on Wednesday, August 3rd. The company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.08. The company earned $669.30 million during the quarter, compared to analysts’ expectations of $860.40 million. Albemarle Corp. had a net margin of 4.54% and a return on equity of 14.52%. Albemarle Corp.’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same period last year, the business earned $0.73 EPS. Equities research analysts anticipate that Albemarle Corp. will post $3.48 earnings per share for the current fiscal year.
In related news, CEO Luther C. Iv Kissam sold 50,000 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $83.19, for a total value of $4,159,500.00. Following the completion of the transaction, the chief executive officer now directly owns 233,000 shares in the company, valued at approximately $19,383,270. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John Sherman, Jr. sold 4,300 shares of the business’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $82.09, for a total transaction of $352,987.00. Following the completion of the transaction, the director now owns 1,500 shares of the company’s stock, valued at $123,135. The disclosure for this sale can be found here. 0.71% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the stock. New York State Teachers Retirement System boosted its position in Albemarle Corp. by 21.8% in the second quarter. New York State Teachers Retirement System now owns 167,823 shares of the company’s stock valued at $13,310,000 after buying an additional 30,056 shares in the last quarter. Anchor Bolt Capital LP raised its stake in shares of Albemarle Corp. by 26.0% in the first quarter. Anchor Bolt Capital LP now owns 615,757 shares of the company’s stock valued at $39,365,000 after buying an additional 126,989 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Albemarle Corp. by 3.7% in the first quarter. Geode Capital Management LLC now owns 692,194 shares of the company’s stock valued at $44,226,000 after buying an additional 24,401 shares during the last quarter. Rothschild Investment Corp IL bought a new stake in shares of Albemarle Corp. during the second quarter valued at approximately $397,000. Finally, Gateway Investment Advisers LLC bought a new stake in shares of Albemarle Corp. during the second quarter valued at approximately $801,000. Hedge funds and other institutional investors own 88.50% of the company’s stock.
Albemarle Corp. Company Profile
Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, heating, ventilation, and aluminum finishing.
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