Albemarle (NYSE:ALB) Sets New 1-Year High – Here’s What Happened

Albemarle Corporation (NYSE:ALB)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $150.72 and last traded at $145.4710, with a volume of 3525316 shares. The stock had previously closed at $145.88.

Analyst Ratings Changes

Several brokerages have recently weighed in on ALB. Mizuho upped their price objective on Albemarle from $110.00 to $132.00 and gave the company a “neutral” rating in a report on Thursday, December 18th. Cowen reiterated a “hold” rating on shares of Albemarle in a report on Thursday, October 9th. TD Cowen raised their target price on shares of Albemarle from $70.00 to $85.00 and gave the stock a “hold” rating in a report on Thursday, October 9th. Argus increased their price objective on Albemarle from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, November 17th. Finally, Rothschild Redb raised Albemarle to a “strong-buy” rating in a research report on Friday, October 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eighteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $120.21.

Albemarle Stock Performance

The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.51 and a current ratio of 2.27. The firm has a 50 day moving average of $116.03 and a 200-day moving average of $90.10. The stock has a market capitalization of $17.34 billion, a PE ratio of -92.67 and a beta of 1.43.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Wednesday, November 5th. The specialty chemicals company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.92) by $0.73. Albemarle had a positive return on equity of 0.10% and a negative net margin of 0.43%.The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the company earned ($1.55) earnings per share. Albemarle’s quarterly revenue was down 3.5% compared to the same quarter last year. Research analysts forecast that Albemarle Corporation will post -0.04 earnings per share for the current year.

Albemarle Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be issued a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, December 12th. Albemarle’s dividend payout ratio (DPR) is -101.89%.

Institutional Investors Weigh In On Albemarle

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its position in shares of Albemarle by 2.0% during the second quarter. Geode Capital Management LLC now owns 2,954,331 shares of the specialty chemicals company’s stock valued at $184,782,000 after buying an additional 59,104 shares during the last quarter. ProShare Advisors LLC raised its holdings in Albemarle by 48.5% in the 2nd quarter. ProShare Advisors LLC now owns 2,870,110 shares of the specialty chemicals company’s stock valued at $179,870,000 after acquiring an additional 937,538 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Albemarle in the 3rd quarter worth approximately $138,723,000. Dimensional Fund Advisors LP grew its holdings in shares of Albemarle by 3.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,475,832 shares of the specialty chemicals company’s stock worth $119,710,000 after purchasing an additional 52,698 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Albemarle by 1.8% during the third quarter. Northern Trust Corp now owns 1,263,734 shares of the specialty chemicals company’s stock valued at $102,464,000 after purchasing an additional 22,856 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Company Profile

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.