Zacks Investment Research upgraded shares of Albemarle Corp. (NYSE:ALB) from a hold rating to a buy rating in a research note published on Tuesday morning. The firm currently has $94.00 target price on the stock.

According to Zacks, “Albemarle Corporation is a major producer of fine and performance chemicals including polymer intermediates, cleaning product intermediates and additives, agricultural chemical intermediates, pharmaceutical intermediates, catalysts, brominated flame retardants, bromine chemicals and potassium and chlorine chemicals. “

Several other equities research analysts have also recently commented on the stock. Deutsche Bank AG reiterated a buy rating on shares of Albemarle Corp. in a research report on Wednesday, August 24th. Nomura set a $92.00 price target on shares of Albemarle Corp. and gave the stock a buy rating in a research report on Tuesday, August 23rd. Finally, Citigroup Inc. lifted their price target on shares of Albemarle Corp. from $95.00 to $101.00 and gave the stock a buy rating in a research report on Tuesday, August 9th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $80.60.

Analyst Recommendations for Albemarle Corp. (NYSE:ALB)

Albemarle Corp. (NYSE:ALB) opened at 84.30 on Tuesday. The firm has a market cap of $9.48 billion, a price-to-earnings ratio of 44.14 and a beta of 1.52. The firm has a 50-day moving average of $82.27 and a 200 day moving average of $81.28. Albemarle Corp. has a 1-year low of $45.78 and a 1-year high of $87.29.

Albemarle Corp. (NYSE:ALB) last issued its quarterly earnings results on Monday, November 7th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.81 by $0.10. Albemarle Corp. had a net margin of 6.92% and a return on equity of 14.38%. The company earned $654 million during the quarter, compared to analysts’ expectations of $645.81 million. During the same quarter in the previous year, the company earned $0.90 EPS. Albemarle Corp.’s revenue was down 5.7% on a year-over-year basis. Analysts expect that Albemarle Corp. will post $3.52 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, January 2nd. Investors of record on Thursday, December 15th will be issued a dividend of $0.305 per share. The ex-dividend date is Tuesday, December 13th. This represents a $1.22 dividend on an annualized basis and a yield of 1.45%. Albemarle Corp.’s payout ratio is 63.54%.

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Albemarle Corp. by 20.0% in the second quarter. Vanguard Group Inc. now owns 10,771,871 shares of the company’s stock valued at $854,316,000 after buying an additional 1,795,733 shares in the last quarter. FMR LLC increased its position in Albemarle Corp. by 2.7% in the second quarter. FMR LLC now owns 8,704,263 shares of the company’s stock valued at $690,335,000 after buying an additional 231,955 shares in the last quarter. State Street Corp increased its position in Albemarle Corp. by 9.1% in the second quarter. State Street Corp now owns 6,024,541 shares of the company’s stock valued at $477,813,000 after buying an additional 504,118 shares in the last quarter. Jennison Associates LLC increased its position in Albemarle Corp. by 218.8% in the third quarter. Jennison Associates LLC now owns 4,147,707 shares of the company’s stock valued at $354,587,000 after buying an additional 2,846,734 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its position in Albemarle Corp. by 4.9% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,162,729 shares of the company’s stock valued at $270,382,000 after buying an additional 148,484 shares in the last quarter. Institutional investors and hedge funds own 91.53% of the company’s stock.

COPYRIGHT VIOLATION WARNING: This article was reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this article on another domain, it was copied illegally and reposted in violation of US and international trademark and copyright law. The correct version of this article can be viewed at https://www.thecerbatgem.com/2016/11/23/albemarle-corp-alb-upgraded-to-buy-at-zacks-investment-research.html.

About Albemarle Corp.

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.

5 Day Chart for NYSE:ALB

Receive News & Stock Ratings for Albemarle Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Albemarle Corp. and related stocks with our FREE daily email newsletter.