Albemarle (NYSE:ALB) Rating Lowered to Hold at Zacks Research

Albemarle (NYSE:ALB) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

ALB has been the topic of several other research reports. Wells Fargo & Company increased their price objective on Albemarle from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Oppenheimer boosted their target price on shares of Albemarle from $216.00 to $222.00 and gave the company an “outperform” rating in a research report on Monday, April 13th. Weiss Ratings upgraded shares of Albemarle from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, May 7th. UBS Group raised their price target on shares of Albemarle from $230.00 to $264.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, Scotiabank lifted their price objective on shares of Albemarle from $200.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Fifteen analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Albemarle currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.87.

Albemarle Stock Up 0.3%

Albemarle stock opened at $118.56 on Monday. The company’s 50-day moving average price is $152.87 and its two-hundred day moving average price is $167.96. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. The stock has a market cap of $13.98 billion, a P/E ratio of -34.77 and a beta of 1.34. Albemarle has a twelve month low of $64.95 and a twelve 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, topping analysts’ consensus estimates of $1.24 by $1.71. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The business’s revenue was up 32.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.18) earnings per share. As a group, analysts expect that Albemarle will post 12.95 EPS for the current year.

Insider Activity at Albemarle

In related news, CEO J Kent Masters sold 16,393 shares of the business’s 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.42% of the company’s stock.

Hedge Funds Weigh In On Albemarle

Several hedge funds have recently bought and sold shares of ALB. Tema ETFs LLC raised its position in shares of Albemarle by 6.9% in the 2nd quarter. Tema ETFs LLC now owns 2,249 shares of the specialty chemicals company’s stock valued at $304,000 after buying an additional 145 shares in the last quarter. Handelsbanken Fonder AB boosted its position in shares of Albemarle by 14.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 602,617 shares of the specialty chemicals company’s stock worth $81,371,000 after acquiring an additional 73,815 shares in the last quarter. City Holding Co. boosted its position in shares of Albemarle by 11.1% during the 2nd quarter. City Holding Co. now owns 3,763 shares of the specialty chemicals company’s stock worth $508,000 after acquiring an additional 375 shares in the last quarter. Norway Savings Bank increased its stake in Albemarle by 4.1% in the second quarter. Norway Savings Bank now owns 8,933 shares of the specialty chemicals company’s stock valued at $1,206,000 after acquiring an additional 353 shares during the last quarter. Finally, Czech National Bank raised its position in Albemarle by 4.6% during the second quarter. Czech National Bank now owns 33,569 shares of the specialty chemicals company’s stock valued at $4,533,000 after purchasing an additional 1,474 shares in the last quarter. 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.