Albemarle Corp. (ALB) Rating Lowered to Hold at Zacks Investment Research
Albemarle Corp. (NYSE:ALB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
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 analysts have also issued reports on the company. Deutsche Bank AG reaffirmed a “buy” rating on shares of Albemarle Corp. in a report on Wednesday, August 24th. Nomura set a $92.00 price objective on Albemarle Corp. and gave the stock a “buy” rating in a report on Tuesday, August 23rd. Finally, Citigroup Inc. raised their price target on Albemarle Corp. from $95.00 to $101.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Albemarle Corp. has an average rating of “Buy” and a consensus target price of $80.60.
Albemarle Corp. (NYSE:ALB) opened at 83.88 on Wednesday. Albemarle Corp. has a 12-month low of $45.78 and a 12-month high of $87.29. The firm has a market cap of $9.43 billion, a PE ratio of 43.92 and a beta of 1.52. The company has a 50-day moving average price of $82.30 and a 200-day moving average price of $81.30.
Albemarle Corp. (NYSE:ALB) last issued its quarterly earnings data on Monday, November 7th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.10. The company had revenue of $654 million for the quarter, compared to analyst estimates of $645.81 million. Albemarle Corp. had a return on equity of 14.38% and a net margin of 6.92%. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 earnings per share. On average, equities analysts predict that Albemarle Corp. will post $3.52 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 2nd. Stockholders of record on Thursday, December 15th will be given a dividend of $0.305 per share. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $1.22 dividend on an annualized basis and a dividend yield of 1.45%. Albemarle Corp.’s payout ratio is 63.54%.
Several large investors have recently bought and sold shares of the stock. Mitsubishi UFJ Securities Holdings Co. Ltd. bought a new stake in Albemarle Corp. during the third quarter worth about $104,000. Creative Planning increased its stake in Albemarle Corp. by 16.8% in the third quarter. Creative Planning now owns 1,228 shares of the company’s stock worth $105,000 after buying an additional 177 shares during the last quarter. Carroll Financial Associates Inc. increased its stake in Albemarle Corp. by 475.4% in the third quarter. Carroll Financial Associates Inc. now owns 1,381 shares of the company’s stock worth $118,000 after buying an additional 1,141 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in Albemarle Corp. by 0.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,438 shares of the company’s stock worth $114,000 after buying an additional 7 shares during the last quarter. Finally, Cantab Capital Partners LLP bought a new stake in Albemarle Corp. during the second quarter worth about $120,000. Institutional investors own 91.53% of the company’s stock.
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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.
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