Albemarle (NYSE:ALB) Given New $245.00 Price Target at Truist Financial

Albemarle (NYSE:ALB) had its target price lowered by Truist Financial from $260.00 to $245.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the specialty chemicals company’s stock.

Other research analysts have also issued research reports about the stock. Mizuho dropped their price objective on shares of Albemarle from $205.00 to $185.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 1st. Zacks Research raised shares of Albemarle from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 11th. Royal Bank Of Canada set a $166.00 price target on shares of Albemarle in a report on Friday. Rothschild & Co Redburn dropped their price target on shares of Albemarle from $188.00 to $170.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 1st. Finally, Bank of America increased their price objective on Albemarle from $190.00 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Albemarle presently has an average rating of “Moderate Buy” and an average target price of $199.87.

Albemarle Trading Down 2.3%

NYSE:ALB opened at $118.01 on Monday. The stock has a market cap of $13.92 billion, a PE ratio of -34.61 and a beta of 1.34. Albemarle has a fifty-two week low of $64.95 and a fifty-two week high of $221.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21. The stock’s 50-day moving average is $154.62 and its two-hundred day moving average is $168.12.

Albemarle (NYSE:ALB) last posted its quarterly earnings results 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 business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The firm’s revenue was up 32.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.18) earnings per share. As a group, equities research analysts forecast that Albemarle will post 13.07 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were issued a dividend of $0.405 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.4%. Albemarle’s dividend payout ratio is currently -47.51%.

Insider Buying and Selling at Albemarle

In related news, CEO J Kent Masters sold 16,393 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 87,519 shares in the company, valued at approximately $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 this link. Insiders own 0.42% of the company’s stock.

Hedge Funds Weigh In On Albemarle

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MH & Associates Securities Management Corp ADV acquired a new stake in shares of Albemarle in the fourth quarter worth $26,000. BOKF NA boosted its holdings in shares of Albemarle by 5,771.4% during the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock worth $33,000 after buying an additional 404 shares during the period. Elyxium Wealth LLC acquired a new position in Albemarle in the 4th quarter valued at $34,000. EverSource Wealth Advisors LLC grew its stake in Albemarle by 536.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after buying an additional 483 shares during the last quarter. Finally, Torren Management LLC bought a new position in Albemarle in the 4th quarter worth $38,000. 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.