Albemarle (NYSE:ALB) Price Target Lowered to $65.00 at Truist Financial

Albemarle (NYSE:ALB) had its target price lowered by Truist Financial from $85.00 to $65.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a hold rating on the specialty chemicals company’s stock.

Several other research analysts also recently commented on the company. Wells Fargo & Company lowered their target price on Albemarle from $80.00 to $60.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Clarkson Capital assumed coverage on Albemarle in a research note on Tuesday, January 14th. They set a “buy” rating and a $112.00 price target on the stock. Evercore ISI downgraded Albemarle from an “outperform” rating to an “inline” rating in a report on Wednesday, February 5th. Morgan Stanley cut their target price on Albemarle from $73.00 to $68.00 and set an “underweight” rating on the stock in a report on Tuesday, February 18th. Finally, Royal Bank of Canada lowered their price target on shares of Albemarle from $133.00 to $114.00 and set an “overweight” rating for the company in a report on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $98.70.

Albemarle Stock Performance

Shares of Albemarle stock opened at $57.32 on Monday. The company has a 50 day moving average of $72.96 and a 200-day moving average of $88.26. The company has a market cap of $6.74 billion, a PE ratio of -5.12 and a beta of 1.59. The company has a current ratio of 1.95, a quick ratio of 1.19 and a debt-to-equity ratio of 0.39. Albemarle has a 1-year low of $49.43 and a 1-year high of $137.50.

Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, February 12th. The specialty chemicals company reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.49). Albemarle had a negative net margin of 21.93% and a negative return on equity of 1.72%. As a group, equities research analysts forecast that Albemarle will post -0.04 earnings per share for the current fiscal year.

Albemarle Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend was Friday, March 14th. Albemarle’s payout ratio is -14.46%.

Hedge Funds Weigh In On Albemarle

Several institutional investors have recently added to or reduced their stakes in the stock. MML Investors Services LLC raised its stake in shares of Albemarle by 21.9% in the third quarter. MML Investors Services LLC now owns 22,115 shares of the specialty chemicals company’s stock valued at $2,094,000 after buying an additional 3,968 shares during the period. Toronto Dominion Bank lifted its position in shares of Albemarle by 15.2% during the third quarter. Toronto Dominion Bank now owns 39,499 shares of the specialty chemicals company’s stock worth $3,741,000 after acquiring an additional 5,197 shares in the last quarter. TD Private Client Wealth LLC lifted its position in shares of Albemarle by 50.4% during the third quarter. TD Private Client Wealth LLC now owns 394 shares of the specialty chemicals company’s stock worth $37,000 after acquiring an additional 132 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Albemarle during the 3rd quarter valued at $267,000. Finally, Tidal Investments LLC boosted its position in shares of Albemarle by 1.5% in the third quarter. Tidal Investments LLC now owns 18,457 shares of the specialty chemicals company’s stock valued at $1,748,000 after acquiring an additional 274 shares during the period. Institutional investors own 92.87% of the company’s stock.

Albemarle Company Profile

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.