Nomura Increases Albemarle Corporation (ALB) Price Target to $154.00
Albemarle Corporation (NYSE:ALB) had its price objective increased by investment analysts at Nomura from $146.00 to $154.00 in a research note issued to investors on Tuesday. The firm currently has a “buy” rating on the specialty chemicals company’s stock. Nomura’s price target would suggest a potential upside of 12.07% from the stock’s previous close.
ALB has been the topic of several other reports. KeyCorp reaffirmed a “buy” rating and set a $125.00 price objective on shares of Albemarle Corporation in a report on Sunday, September 3rd. Zacks Investment Research downgraded shares of Albemarle Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Oppenheimer Holdings, Inc. initiated coverage on shares of Albemarle Corporation in a report on Wednesday, August 16th. They set an “outperform” rating and a $133.00 price objective on the stock. Instinet increased their price objective on shares of Albemarle Corporation from $134.00 to $146.00 and gave the company a “buy” rating in a report on Monday, September 18th. Finally, Aegis reaffirmed a “buy” rating on shares of Albemarle Corporation in a report on Friday, July 7th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $118.05.
Shares of Albemarle Corporation (NYSE ALB) opened at 137.42 on Tuesday. The stock has a market cap of $15.18 billion, a PE ratio of 17.58 and a beta of 1.67. Albemarle Corporation has a 52 week low of $76.32 and a 52 week high of $140.10. The firm has a 50-day moving average of $127.20 and a 200 day moving average of $114.87.
Albemarle Corporation (NYSE:ALB) last posted its quarterly earnings data on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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%. The company’s revenue was up 10.1% compared to the same quarter last year. During the same period last year, the firm posted $0.93 earnings per share. On average, equities analysts forecast that Albemarle Corporation will post $4.38 EPS for the current fiscal year.
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In other news, EVP Matthew Juneau sold 5,397 shares of the firm’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $115.77, for a total value of $624,810.69. Following the transaction, the executive vice president now directly owns 360 shares of the company’s stock, valued at $41,677.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Karen G. Narwold sold 11,500 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $115.95, for a total transaction of $1,333,425.00. Following the completion of the transaction, the executive vice president now directly owns 36,620 shares in the company, valued at $4,246,089. The disclosure for this sale can be found here. Company insiders own 0.74% of the company’s stock.
A number of hedge funds have recently modified their holdings of ALB. UBS Asset Management Americas Inc. raised its stake in Albemarle Corporation by 9.5% during the first quarter. UBS Asset Management Americas Inc. now owns 283,138 shares of the specialty chemicals company’s stock worth $29,911,000 after purchasing an additional 24,621 shares during the period. Pacer Advisors Inc. raised its stake in Albemarle Corporation by 3.5% during the first quarter. Pacer Advisors Inc. now owns 1,944 shares of the specialty chemicals company’s stock worth $205,000 after purchasing an additional 66 shares during the period. Stifel Financial Corp raised its stake in Albemarle Corporation by 4.7% during the first quarter. Stifel Financial Corp now owns 7,437 shares of the specialty chemicals company’s stock worth $793,000 after purchasing an additional 333 shares during the period. Victory Capital Management Inc. raised its stake in Albemarle Corporation by 2.2% during the first quarter. Victory Capital Management Inc. now owns 29,712 shares of the specialty chemicals company’s stock worth $3,139,000 after purchasing an additional 635 shares during the period. Finally, AXA purchased a new position in Albemarle Corporation during the first quarter worth about $359,000. 83.77% of the stock is currently owned by institutional investors.
About Albemarle Corporation
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.
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