Albemarle (NYSE:ALB) Reaches New 1-Year High on Analyst Upgrade

Albemarle Corporation (NYSE:ALB)’s stock price hit a new 52-week high during mid-day trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $169.62 and last traded at $169.2370, with a volume of 3418310 shares changing hands. The stock had previously closed at $161.29.

ALB has been the subject of a number of other reports. TD Cowen upped their price target on shares of Albemarle from $70.00 to $85.00 and gave the stock a “hold” rating in a research report on Thursday, October 9th. HSBC boosted their price objective on Albemarle from $87.00 to $117.00 and gave the stock a “hold” rating in a research note on Tuesday, November 25th. Evercore ISI increased their target price on Albemarle from $88.00 to $100.00 and gave the company an “in-line” rating in a research note on Tuesday, November 11th. Jefferies Financial Group raised their target price on Albemarle from $152.00 to $167.00 and gave the company a “buy” rating in a report on Monday, January 5th. Finally, Stephens restated an “outperform” rating on shares of Albemarle in a report on Friday, December 19th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $134.96.

Hedge Funds Weigh In On Albemarle

Several institutional investors and hedge funds have recently made changes to their positions in the business. Strategic Advocates LLC bought a new stake in shares of Albemarle in the third quarter worth $25,000. Hantz Financial Services Inc. grew its holdings in Albemarle by 10,050.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 406 shares of the specialty chemicals company’s stock worth $25,000 after acquiring an additional 402 shares in the last quarter. BOKF NA grew its holdings in 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 acquiring an additional 404 shares in the last quarter. Cromwell Holdings LLC increased its position in shares of Albemarle by 36.8% in the 3rd quarter. Cromwell Holdings LLC now owns 413 shares of the specialty chemicals company’s stock worth $34,000 after purchasing an additional 111 shares during the last quarter. Finally, Physician Wealth Advisors Inc. acquired a new stake in shares of Albemarle in the 3rd quarter valued at about $40,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Albemarle Stock Up 0.4%

The firm has a market cap of $20.90 billion, a P/E ratio of -111.67, a PEG ratio of 7.44 and a beta of 1.41. The firm’s 50-day moving average price is $133.75 and its 200 day moving average price is $99.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.51.

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, beating the consensus estimate of ($0.92) by $0.73. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Albemarle had a positive return on equity of 0.10% and a negative net margin of 0.43%.Albemarle’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.55) earnings per share. On average, equities research analysts expect that Albemarle Corporation 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 Friday, January 2nd. Shareholders of record on Friday, December 12th were paid a dividend of $0.405 per share. The ex-dividend date was Friday, December 12th. This represents a $1.62 annualized dividend and a yield of 0.9%. Albemarle’s payout ratio is presently -101.89%.

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.