Albemarle (NYSE:ALB) Price Target Raised to $200.00

Albemarle (NYSE:ALB) had its target price upped by Royal Bank Of Canada from $159.00 to $200.00 in a research note published on Wednesday morning, MarketBeat Ratings reports. The firm currently has an outperform rating on the specialty chemicals company’s stock.

Several other brokerages have also issued reports on ALB. Weiss Ratings reiterated a “sell (d+)” rating on shares of Albemarle in a report on Monday, December 29th. Dbs Bank raised their price objective on shares of Albemarle from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, October 24th. Citigroup boosted their target price on shares of Albemarle from $100.00 to $150.00 and gave the stock a “neutral” rating in a research report on Thursday, December 18th. TD Cowen restated a “hold” rating on shares of Albemarle in a report on Thursday, October 9th. Finally, Jefferies Financial Group lifted their price objective on shares of Albemarle from $152.00 to $167.00 and gave the company a “buy” rating in a research note on Monday, January 5th. Four analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Albemarle presently has an average rating of “Moderate Buy” and a consensus price target of $152.48.

Albemarle Trading Up 0.7%

Shares of NYSE:ALB opened at $189.56 on Wednesday. The firm has a fifty day moving average of $143.62 and a two-hundred day moving average of $105.00. The company has a quick ratio of 1.51, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. Albemarle has a 12-month low of $49.43 and a 12-month high of $191.97. The firm has a market capitalization of $22.31 billion, a P/E ratio of -119.22, a price-to-earnings-growth ratio of 3.74 and a beta of 1.41.

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

Albemarle Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 12th were issued a dividend of $0.405 per share. The ex-dividend date was Friday, December 12th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 0.9%. Albemarle’s payout ratio is -101.89%.

Hedge Funds Weigh In On Albemarle

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hantz Financial Services Inc. boosted its holdings in Albemarle by 10,050.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 406 shares of the specialty chemicals company’s stock valued at $25,000 after purchasing an additional 402 shares during the period. Strategic Advocates LLC acquired a new position in shares of Albemarle during the third quarter valued at about $25,000. MH & Associates Securities Management Corp ADV bought a new stake in shares of Albemarle in the fourth quarter valued at about $26,000. CVA Family Office LLC grew its position in Albemarle by 7,257.1% during the second quarter. CVA Family Office LLC now owns 515 shares of the specialty chemicals company’s stock worth $32,000 after buying an additional 508 shares in the last quarter. Finally, BOKF NA increased its stake in Albemarle by 5,771.4% during the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after acquiring an additional 404 shares during the period. Institutional investors own 92.87% of the company’s stock.

About Albemarle

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.