Truist Financial Cuts Albemarle (NYSE:ALB) Price Target to $245.00

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

A number of other brokerages have also recently weighed in on ALB. Berenberg Bank lifted their price objective on shares of Albemarle from $153.00 to $192.00 and gave the company a “hold” rating in a report on Tuesday, June 2nd. Scotiabank increased their target price on shares of Albemarle from $200.00 to $215.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. Royal Bank Of Canada set a $166.00 price target on shares of Albemarle in a research report on Friday, July 17th. Robert W. Baird cut their price objective on Albemarle from $236.00 to $224.00 and set a “neutral” rating on the stock in a research report on Thursday, June 18th. Finally, Mizuho reduced their price objective on Albemarle from $205.00 to $185.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 1st. Fifteen research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $199.87.

Albemarle Price Performance

ALB stock opened at $117.59 on Monday. The business’s fifty day moving average price is $151.20 and its 200 day moving average price is $167.79. Albemarle has a 12-month low of $64.95 and a 12-month high of $221.00. The company has a current ratio of 2.07, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $13.87 billion, a PE ratio of -34.48 and a beta of 1.34.

Albemarle (NYSE:ALB) last announced its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $1.71. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.Albemarle’s revenue for the quarter was up 32.7% on a year-over-year basis. During the same period last year, the business posted ($0.18) EPS. On average, sell-side analysts anticipate that Albemarle will post 13.08 EPS for the current year.

Albemarle Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be issued a dividend of $0.41 per share. This is a boost from Albemarle’s previous quarterly dividend of $0.41. The ex-dividend date is Friday, September 11th. This represents a $1.64 annualized dividend and a yield of 1.4%. Albemarle’s dividend payout ratio (DPR) is presently -47.51%.

Insider Buying and Selling

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the sale, the chief executive officer directly owned 87,519 shares of the company’s stock, valued at approximately $16,078,990.68. This represents a 15.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.42% of the stock is owned by company insiders.

Institutional Investors Weigh In On Albemarle

Institutional investors have recently modified their holdings of the company. MH & Associates Securities Management Corp ADV purchased a new position in Albemarle in the fourth quarter valued at $26,000. BOKF NA lifted 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 buying an additional 404 shares during the last quarter. Elyxium Wealth LLC purchased a new stake in Albemarle during the 4th quarter worth about $34,000. EverSource Wealth Advisors LLC boosted its position in shares of Albemarle by 536.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock worth $36,000 after acquiring an additional 483 shares in the last quarter. Finally, Torren Management LLC acquired a new position in shares of Albemarle during the 4th quarter worth about $38,000. 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.