Truist Financial Lowers Albemarle (NYSE:ALB) Price Target to $245.00

Albemarle (NYSE:ALB) had its price objective lowered by research analysts at Truist Financial from $260.00 to $245.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. Truist Financial’s target price suggests a potential upside of 107.22% from the stock’s previous close.

Several other research analysts have also recently issued reports on ALB. Zacks Research raised Albemarle from a “hold” rating to a “strong-buy” rating in a report on Monday, May 11th. UBS Group raised their price objective on shares of Albemarle from $230.00 to $264.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Mizuho lowered their price objective on shares of Albemarle from $205.00 to $185.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 1st. Wall Street Zen raised shares of Albemarle from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 13th. Finally, Argus increased their target price on Albemarle from $185.00 to $230.00 and gave the company a “buy” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $199.87.

Albemarle Stock Performance

Shares of ALB traded down $2.55 during trading hours on Monday, reaching $118.23. 178,675 shares of the company’s stock traded hands, compared to its average volume of 2,475,390. Albemarle has a twelve month low of $64.95 and a twelve month high of $221.00. The firm has a market capitalization of $13.94 billion, a price-to-earnings ratio of -34.75 and a beta of 1.34. The business’s fifty day simple moving average is $156.46 and its two-hundred day simple moving average is $168.29. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21.

Albemarle (NYSE:ALB) last posted its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $1.71. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The business’s revenue was up 32.7% on a year-over-year basis. During the same period last year, the firm posted ($0.18) earnings per share. Analysts predict that Albemarle will post 13.07 earnings per share for the current year.

Insider Transactions at Albemarle

In related news, CEO J Kent Masters sold 16,393 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the transaction, the chief executive officer owned 87,519 shares in the company, valued at $16,078,990.68. The trade was a 15.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.42% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Norges Bank bought a new position in shares of Albemarle during the 4th quarter worth about $165,271,000. Phoenix Financial Ltd. acquired a new stake in Albemarle during the fourth quarter valued at approximately $130,415,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Albemarle by 4,338.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company’s stock worth $104,444,000 after buying an additional 721,793 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Albemarle by 22,047.4% during the 2nd quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company’s stock worth $44,613,000 after buying an additional 710,589 shares during the period. Finally, Samlyn Capital LLC bought a new stake in Albemarle in the third quarter valued at $47,088,000. 92.87% of the stock is owned by institutional investors.

About Albemarle

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.