Albemarle (NYSE:ALB) Upgraded to “Buy” at Vertical Research

Albemarle (NYSE:ALB) was upgraded by equities researchers at Vertical Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has a $224.00 target price on the specialty chemicals company’s stock. Vertical Research’s target price would indicate a potential upside of 30.40% from the stock’s current price.

A number of other brokerages also recently issued reports on ALB. Mizuho boosted their price objective on shares of Albemarle from $185.00 to $205.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Wells Fargo & Company boosted their target price on shares of Albemarle from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. HSBC boosted their target price on shares of Albemarle from $200.00 to $220.00 and gave the company a “buy” rating in a report on Monday, April 27th. Oppenheimer boosted their target price on shares of Albemarle from $216.00 to $222.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Finally, Wall Street Zen upgraded shares of Albemarle from a “buy” rating to a “strong-buy” rating in a report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $201.25.

Albemarle Stock Up 0.1%

Shares of Albemarle stock opened at $171.78 on Tuesday. The company has a current ratio of 2.07, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23. The company’s fifty day simple moving average is $182.70 and its two-hundred day simple moving average is $161.92. The company has a market cap of $20.26 billion, a P/E ratio of -50.38, a PEG ratio of 0.86 and a beta of 1.36. Albemarle has a 12-month low of $53.70 and a 12-month high of $221.00.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $1.71. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The company’s quarterly revenue was up 32.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.18) EPS. Research analysts anticipate that Albemarle will post 12.45 EPS for the current year.

Insider Activity

In other news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $183.72, for a total value of $3,011,721.96. Following the completion of the transaction, the chief executive officer owned 87,519 shares of the company’s stock, valued at $16,078,990.68. The trade was a 15.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.42% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Albemarle

Large investors have recently modified their holdings of the stock. Strategic Advocates LLC purchased a new position in shares of Albemarle in the 3rd quarter worth about $25,000. MH & Associates Securities Management Corp ADV purchased a new position in shares of Albemarle in the 4th quarter worth about $26,000. BOKF NA raised its position in shares of Albemarle by 5,771.4% in the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock worth $33,000 after purchasing an additional 404 shares during the last quarter. Elyxium Wealth LLC purchased a new position in shares of Albemarle in the 4th quarter worth about $34,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Albemarle by 536.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock worth $36,000 after purchasing an additional 483 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.