Albemarle (NYSE:ALB) Price Target Raised to $230.00

Albemarle (NYSE:ALB) had its price target lifted by UBS Group from $220.00 to $230.00 in a research report released on Thursday, Marketbeat Ratings reports. The firm currently has a buy rating on the specialty chemicals company’s stock.

A number of other research analysts also recently weighed in on the stock. Royal Bank Of Canada increased their price objective on shares of Albemarle from $200.00 to $216.00 and gave the company an “outperform” rating in a research report on Tuesday, February 17th. Truist Financial set a $210.00 price objective on shares of Albemarle in a research report on Friday, March 6th. Rothschild & Co Redburn increased their price objective on shares of Albemarle from $158.00 to $185.00 and gave the company a “buy” rating in a research report on Tuesday, February 10th. Argus increased their price objective on shares of Albemarle from $140.00 to $185.00 in a research report on Monday, February 23rd. Finally, Robert W. Baird set a $210.00 price target on shares of Albemarle and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $171.24.

Albemarle Stock Up 0.7%

Shares of Albemarle stock opened at $173.47 on Thursday. The company has a market cap of $20.45 billion, a price-to-earnings ratio of -30.17, a price-to-earnings-growth ratio of 1.33 and a beta of 1.43. The company’s 50 day moving average is $170.81 and its 200 day moving average is $141.57. Albemarle has a twelve month low of $50.85 and a twelve month high of $206.00. The company has a quick ratio of 1.57, a current ratio of 2.23 and a debt-to-equity ratio of 0.41.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.13). The company 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 10.74% and a positive return on equity of 0.41%. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter last year, the company earned ($1.09) EPS. Research analysts anticipate that Albemarle will post -0.04 EPS for the current year.

Albemarle Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Friday, March 13th. Albemarle’s dividend payout ratio (DPR) is presently -28.17%.

Insider Activity at Albemarle

In other news, CEO J Kent Masters sold 11,783 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the sale, the chief executive officer directly owned 134,628 shares in the company, valued at $22,995,808.68. This trade represents a 8.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.33% of the stock is owned by insiders.

Hedge Funds Weigh In On Albemarle

A number of institutional investors and hedge funds have recently made changes to their positions in the business. J. Derek Lewis & Associates Inc. purchased a new position in shares of Albemarle in the 4th quarter worth $284,000. Hsbc Holdings PLC lifted its holdings in shares of Albemarle by 47.4% in the 4th quarter. Hsbc Holdings PLC now owns 230,690 shares of the specialty chemicals company’s stock worth $32,655,000 after acquiring an additional 74,202 shares during the last quarter. Forty three Eighteen Advisors LLC bought a new stake in shares of Albemarle in the 4th quarter worth about $952,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Albemarle by 1.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 43,685 shares of the specialty chemicals company’s stock worth $6,179,000 after acquiring an additional 525 shares during the last quarter. Finally, Osbon Capital Management LLC bought a new stake in shares of Albemarle in the 4th quarter worth about $65,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

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.