Bank of America Upgrades Albemarle (NYSE:ALB) to “Buy”

Albemarle (NYSE:ALB) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Tuesday,Benzinga reports. The brokerage currently has a $190.00 target price on the specialty chemicals company’s stock, up from their prior target price of $167.00. Bank of America‘s price objective points to a potential upside of 14.17% from the company’s previous close.

Several other brokerages also recently weighed in on ALB. Oppenheimer boosted their price target on Albemarle from $109.00 to $207.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Citigroup upped their target price on Albemarle from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday. Berenberg Bank raised their price target on Albemarle from $75.00 to $135.00 and gave the stock a “hold” rating in a research note on Tuesday, January 6th. Dbs Bank upped their price objective on shares of Albemarle from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, October 24th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Albemarle in a report on Monday, December 29th. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $163.28.

Albemarle Price Performance

Shares of NYSE:ALB opened at $166.42 on Tuesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.57 and a current ratio of 2.23. The stock has a market cap of $19.61 billion, a PE ratio of -28.94, a price-to-earnings-growth ratio of 2.40 and a beta of 1.44. Albemarle has a one year low of $49.43 and a one year high of $195.68. The business’s fifty day moving average price is $158.94 and its two-hundred day moving average price is $116.36.

Albemarle (NYSE:ALB) last released its earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.13). The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Albemarle had a negative net margin of 10.74% and a positive return on equity of 0.41%. Albemarle’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter last year, the company posted ($1.09) earnings per share. On average, analysts forecast that Albemarle will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Albemarle

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hantz Financial Services Inc. increased its position in shares of Albemarle by 10,050.0% during the second 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 during the last quarter. Strategic Advocates LLC purchased a new stake in Albemarle during the 3rd quarter worth approximately $25,000. MH & Associates Securities Management Corp ADV acquired a new position in shares of Albemarle in the 4th quarter valued at approximately $26,000. CVA Family Office LLC boosted its stake in shares of Albemarle by 7,257.1% during the 2nd quarter. CVA Family Office LLC now owns 515 shares of the specialty chemicals company’s stock valued at $32,000 after buying an additional 508 shares during the last quarter. Finally, BOKF NA grew its position in shares of Albemarle by 5,771.4% during the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock worth $33,000 after buying an additional 404 shares in the last quarter. 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.