Albemarle Corp. (ALB) Stock Rating Upgraded by Zacks Investment Research
Albemarle Corp. (NYSE:ALB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm presently has a $94.00 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 11.90% from the company’s current price.
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. “
ALB has been the subject of several other reports. Deutsche Bank AG reaffirmed a “buy” rating on shares of Albemarle Corp. in a research report on Wednesday, August 24th. Nomura set a $92.00 price objective on Albemarle Corp. and gave the stock a “buy” rating in a research report on Tuesday, August 23rd. Finally, Citigroup Inc. upped their price objective on 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 eight have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $80.60.
Albemarle Corp. (NYSE:ALB) traded down 0.05% during trading on Monday, reaching $83.96. The company’s stock had a trading volume of 547,622 shares. Albemarle Corp. has a 52-week low of $45.78 and a 52-week high of $87.29. The firm has a market capitalization of $9.44 billion, a price-to-earnings ratio of 43.96 and a beta of 1.52. The stock’s 50-day moving average is $82.28 and its 200 day moving average is $81.42.
Albemarle Corp. (NYSE:ALB) last posted its earnings results on Monday, November 7th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.10. Albemarle Corp. had a return on equity of 14.38% and a net margin of 6.92%. The firm earned $654 million during the quarter, compared to analysts’ expectations of $645.81 million. During the same period in the previous year, the firm earned $0.90 earnings per share. The company’s revenue was down 5.7% on a year-over-year basis. On average, analysts predict that Albemarle Corp. will post $3.52 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 2nd. Shareholders of record on Thursday, December 15th will be paid a $0.305 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $1.22 annualized dividend and a yield of 1.45%. Albemarle Corp.’s dividend payout ratio is 63.54%.
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Hedge funds have recently added to or reduced their stakes in the stock. New York State Teachers Retirement System raised its stake 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. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Albemarle Corp. by 7.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 326,505 shares of the company’s stock valued at $25,895,000 after buying an additional 23,093 shares in the last quarter. Channing Capital Management LLC raised its stake in Albemarle Corp. by 0.8% in the second quarter. Channing Capital Management LLC now owns 35,381 shares of the company’s stock valued at $2,806,000 after buying an additional 287 shares in the last quarter. Rothschild Investment Corp IL acquired a new stake in Albemarle Corp. during the second quarter valued at about $397,000. Finally, Wright Investors Service Inc. acquired a new stake in Albemarle Corp. during the second quarter valued at about $333,000. Hedge funds and other institutional investors own 84.20% of the company’s stock.
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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