Albemarle (NYSE:ALB) Downgraded by Seaport Global Securities
Seaport Global Securities cut shares of Albemarle (NYSE:ALB) from a buy rating to a neutral rating in a research note issued to investors on Thursday morning, Briefing.com Automated Import reports. Seaport Global Securities also issued estimates for Albemarle’s Q4 2019 earnings at $1.75 EPS, FY2019 earnings at $6.06 EPS, Q1 2020 earnings at $1.08 EPS, Q2 2020 earnings at $1.15 EPS, Q3 2020 earnings at $1.17 EPS, Q4 2020 earnings at $1.46 EPS and FY2021 earnings at $5.52 EPS.
Other research analysts have also recently issued reports about the stock. BMO Capital Markets lowered their price target on shares of Albemarle from $95.00 to $80.00 and set an outperform rating for the company in a research report on Friday, October 25th. They noted that the move was a valuation call. Wells Fargo & Co lowered their price target on shares of Albemarle from $75.00 to $65.00 and set a market perform rating for the company in a research report on Friday, October 25th. Gabelli began coverage on shares of Albemarle in a research report on Thursday, September 12th. They set a buy rating and a $109.00 price target for the company. Oppenheimer lowered their price target on shares of Albemarle from $157.00 to $128.00 and set an outperform rating for the company in a research report on Friday, August 9th. Finally, Buckingham Research lowered their price target on shares of Albemarle from $80.00 to $75.00 and set a neutral rating for the company in a research report on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $83.70.
Shares of NYSE:ALB traded up $0.60 on Thursday, hitting $66.14. The company had a trading volume of 923,818 shares, compared to its average volume of 2,140,128. The firm’s 50-day simple moving average is $66.53 and its two-hundred day simple moving average is $68.28. Albemarle has a 1 year low of $58.63 and a 1 year high of $102.79. The company has a quick ratio of 0.82, a current ratio of 1.39 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 1.09 and a beta of 1.63.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.368 dividend. The ex-dividend date of this dividend is Thursday, December 12th. This is a boost from Albemarle’s previous quarterly dividend of $0.37. This represents a $1.47 annualized dividend and a yield of 2.23%. Albemarle’s payout ratio is 26.82%.
In other Albemarle news, CEO Luther C. Iv Kissam sold 36,000 shares of Albemarle stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.00, for a total value of $2,520,000.00. Following the completion of the transaction, the chief executive officer now directly owns 334,046 shares of the company’s stock, valued at $23,383,220. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eric Norris bought 3,090 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was purchased at an average cost of $64.66 per share, with a total value of $199,799.40. Following the completion of the acquisition, the insider now directly owns 164 shares of the company’s stock, valued at approximately $10,604.24. The disclosure for this purchase can be found here. 1.02% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of the business. Gemmer Asset Management LLC grew its stake in shares of Albemarle by 71.1% in the second quarter. Gemmer Asset Management LLC now owns 361 shares of the specialty chemicals company’s stock worth $25,000 after acquiring an additional 150 shares during the period. NEXT Financial Group Inc grew its stake in shares of Albemarle by 71.1% in the second quarter. NEXT Financial Group Inc now owns 433 shares of the specialty chemicals company’s stock worth $31,000 after acquiring an additional 180 shares during the period. Exane Derivatives bought a new stake in shares of Albemarle in the second quarter worth approximately $32,000. Oakworth Capital Inc. bought a new stake in shares of Albemarle in the second quarter worth approximately $32,000. Finally, CWM LLC grew its stake in shares of Albemarle by 84.9% in the third quarter. CWM LLC now owns 501 shares of the specialty chemicals company’s stock worth $35,000 after acquiring an additional 230 shares during the period. 90.46% of the stock is owned by institutional investors and hedge funds.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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