Albemarle (ALB) Stock Rating Lowered by Zacks Investment Research
Albemarle (NYSE:ALB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Albemarle has outperformed the industry it belongs to over a year. Albemarle remains focused on strengthening its lithium business. It is well placed to leverage strong expected growth in the battery-grade lithium market. The company should also gain from the synergies of Rockwood Holdings acquisition. Albemarle is also divesting non-core assets to boost growth opportunities and focus on its key businesses. Moreover, the company remains committed to deliver incremental returns to shareholders. However, Albemarle faces headwinds associated with higher expected operational costs and high tax rate in 2017. Moreover, unfavorable impacts of Hurricane Harvey may continue to affect its results.”
Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada reaffirmed a “buy” rating and issued a $149.00 target price on shares of Albemarle in a research report on Wednesday, October 18th. KeyCorp upped their target price on shares of Albemarle from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, October 16th. Jefferies Group upped their target price on shares of Albemarle from $144.00 to $156.00 and gave the company a “buy” rating in a research report on Thursday, September 21st. Instinet upped their target price on shares of Albemarle from $134.00 to $146.00 and gave the company a “buy” rating in a research report on Monday, September 18th. Finally, Loop Capital initiated coverage on shares of Albemarle in a research report on Thursday, September 28th. They set a “buy” rating and a $150.00 price target on the stock. Eleven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $128.45.
Albemarle (NYSE:ALB) last posted its earnings results on Wednesday, November 8th. The specialty chemicals company reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.01. Albemarle had a net margin of 30.07% and a return on equity of 11.61%. The company had revenue of $755.00 million for the quarter, compared to analysts’ expectations of $732.19 million. During the same quarter in the prior year, the company posted $0.91 earnings per share. Albemarle’s revenue for the quarter was up 15.4% compared to the same quarter last year. equities research analysts forecast that Albemarle will post 4.46 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in ALB. Northwestern Mutual Wealth Management Co. increased its stake in shares of Albemarle by 2.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the specialty chemicals company’s stock worth $102,000 after buying an additional 20 shares during the period. Thompson Davis & CO. Inc. increased its stake in shares of Albemarle by 650.0% during the third quarter. Thompson Davis & CO. Inc. now owns 750 shares of the specialty chemicals company’s stock worth $102,000 after buying an additional 650 shares during the period. Highlander Capital Management LLC purchased a new stake in shares of Albemarle during the second quarter worth approximately $106,000. Advisory Services Network LLC increased its stake in shares of Albemarle by 43.7% during 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 period. Finally, Howe & Rusling Inc. increased its stake in shares of Albemarle by 2,038.0% during the third quarter. Howe & Rusling Inc. now owns 1,069 shares of the specialty chemicals company’s stock worth $146,000 after buying an additional 1,019 shares during the period. Hedge funds and other institutional investors own 87.99% of the company’s stock.
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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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