Albemarle Corp. (ALB) Downgraded by Zacks Investment Research to Hold
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. “
Other equities analysts have also issued research reports about the stock. Deutsche Bank AG reiterated a buy rating on shares of Albemarle Corp. in a report on Wednesday, August 24th. Nomura set a $92.00 price target on shares of Albemarle Corp. and gave the company a buy rating in a 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 company 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. The stock presently has an average rating of Buy and a consensus price target of $80.60.
Albemarle Corp. (NYSE:ALB) opened at 85.95 on Tuesday. The company’s 50 day moving average is $82.33 and its 200-day moving average is $81.62. Albemarle Corp. has a 52 week low of $45.78 and a 52 week high of $87.29. The firm has a market cap of $9.67 billion, a P/E ratio of 45.00 and a beta of 1.52.
Albemarle Corp. (NYSE:ALB) last announced its earnings results on Monday, November 7th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $654 million for the quarter, compared to analyst estimates of $645.81 million. During the same quarter last year, the business earned $0.90 earnings per share. Albemarle Corp.’s revenue was down 5.7% compared to the same quarter last year. Equities analysts expect 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 paid a $0.305 dividend. This represents a $1.22 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date is Tuesday, December 13th. Albemarle Corp.’s dividend payout ratio is currently 63.54%.
Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Albemarle Corp. by 20.0% in the second quarter. Vanguard Group Inc. now owns 10,771,871 shares of the company’s stock worth $854,316,000 after buying an additional 1,795,733 shares in the last quarter. FMR LLC raised its stake in shares of Albemarle Corp. by 2.7% in the second quarter. FMR LLC now owns 8,704,263 shares of the company’s stock worth $690,335,000 after buying an additional 231,955 shares in the last quarter. State Street Corp raised its stake in shares of Albemarle Corp. by 9.1% in the second quarter. State Street Corp now owns 6,024,541 shares of the company’s stock worth $477,813,000 after buying an additional 504,118 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Albemarle Corp. by 218.8% in the third quarter. Jennison Associates LLC now owns 4,147,707 shares of the company’s stock worth $354,587,000 after buying an additional 2,846,734 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of 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 worth $270,382,000 after buying an additional 148,484 shares in the last quarter. 84.20% of the stock is owned by institutional investors.
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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