CIBC initiated coverage on shares of Albemarle Corporation (NYSE:ALB) in a research note released on Thursday. The brokerage issued an outperform rating and a $133.00 price target on the specialty chemicals company’s stock.

A number of other research analysts have also recently commented on the stock. Oppenheimer Holdings, Inc. began coverage on shares of Albemarle Corporation in a research report on Wednesday. They set an outperform rating and a $133.00 price target on the stock. BidaskClub cut shares of Albemarle Corporation from a buy rating to a hold rating in a research report on Saturday, August 12th. Vertical Research reiterated a hold rating and set a $109.00 price target (up from $108.00) on shares of Albemarle Corporation in a research report on Thursday, August 10th. SunTrust Banks, Inc. cut shares of Albemarle Corporation from a buy rating to a hold rating and set a $121.00 price target on the stock. in a research report on Wednesday, August 9th. Finally, Zacks Investment Research cut shares of Albemarle Corporation from a buy rating to a hold rating in a research report on Tuesday, August 1st. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Albemarle Corporation currently has an average rating of Buy and an average target price of $109.61.

Shares of Albemarle Corporation (NYSE:ALB) opened at 112.59 on Thursday. Albemarle Corporation has a one year low of $75.11 and a one year high of $123.48. The company has a market capitalization of $12.44 billion, a price-to-earnings ratio of 14.40 and a beta of 1.59. The company’s 50 day moving average is $114.72 and its 200 day moving average is $107.36.

Albemarle Corporation (NYSE:ALB) last announced its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.02. The business had revenue of $737.25 million for the quarter, compared to the consensus estimate of $735.50 million. Albemarle Corporation had a net margin of 31.49% and a return on equity of 11.59%. Albemarle Corporation’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the firm posted $0.93 earnings per share. Equities research analysts predict that Albemarle Corporation will post $4.36 earnings per share for the current year.

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The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend is Thursday, September 14th. Albemarle Corporation’s dividend payout ratio is 16.41%.

In other news, EVP Karen G. Narwold sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $108.16, for a total value of $2,163,200.00. Following the transaction, the executive vice president now owns 45,120 shares in the company, valued at $4,880,179.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Douglas L. Maine sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $107.94, for a total transaction of $1,079,400.00. Following the completion of the transaction, the director now owns 24,150 shares in the company, valued at approximately $2,606,751. The disclosure for this sale can be found here. Insiders sold 105,000 shares of company stock worth $11,499,850 in the last 90 days. Company insiders own 0.74% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Toronto Dominion Bank raised its stake in shares of Albemarle Corporation by 23.6% in the second quarter. Toronto Dominion Bank now owns 37,565 shares of the specialty chemicals company’s stock worth $3,964,000 after buying an additional 7,165 shares during the last quarter. Hahn Capital Management LLC raised its stake in shares of Albemarle Corporation by 7.2% in the second quarter. Hahn Capital Management LLC now owns 299,699 shares of the specialty chemicals company’s stock worth $31,630,000 after buying an additional 20,175 shares during the last quarter. Cetera Investment Advisers acquired a new stake in shares of Albemarle Corporation during the second quarter worth approximately $286,000. Advisory Services Network LLC raised its stake in shares of Albemarle Corporation by 43.7% in the second quarter. Advisory Services Network LLC now owns 1,273 shares of the specialty chemicals company’s stock worth $134,000 after buying an additional 387 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Albemarle Corporation by 9.2% in the second quarter. Public Employees Retirement System of Ohio now owns 174,373 shares of the specialty chemicals company’s stock worth $18,403,000 after buying an additional 14,671 shares during the last quarter. Hedge funds and other institutional investors own 86.22% of the company’s stock.

Albemarle Corporation Company Profile

Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.

Analyst Recommendations for Albemarle Corporation (NYSE:ALB)

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