Albemarle (ALB) Upgraded to Buy at Citigroup

Citigroup upgraded shares of Albemarle (NYSE:ALB) from a neutral rating to a buy rating in a report released on Friday morning, Marketbeat reports. The brokerage currently has $106.00 price objective on the specialty chemicals company’s stock.

Several other research analysts also recently commented on the stock. KeyCorp dropped their price objective on shares of Albemarle from $148.00 to $140.00 and set an overweight rating for the company in a report on Thursday, April 12th. Argus dropped their price objective on shares of Albemarle from $148.00 to $125.00 and set a buy rating for the company in a report on Tuesday, March 27th. Seaport Global Securities reissued a buy rating on shares of Albemarle in a report on Tuesday, March 6th. Royal Bank of Canada dropped their price objective on shares of Albemarle from $133.00 to $100.00 and set a buy rating for the company in a report on Friday, March 2nd. Finally, BMO Capital Markets reissued an outperform rating and set a $130.00 price objective (down previously from $160.00) on shares of Albemarle in a report on Friday, March 2nd. Seven investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Albemarle currently has a consensus rating of Buy and an average price target of $126.39.

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ALB opened at $96.87 on Friday. Albemarle has a 52 week low of $86.75 and a 52 week high of $144.99. The stock has a market cap of $10,565.97, a price-to-earnings ratio of 21.10, a P/E/G ratio of 1.14 and a beta of 1.66. The company has a quick ratio of 1.57, a current ratio of 2.06 and a debt-to-equity ratio of 0.37.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Tuesday, February 27th. The specialty chemicals company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.21 by $0.13. Albemarle had a net margin of 1.79% and a return on equity of 13.27%. The business had revenue of $857.79 million during the quarter, compared to the consensus estimate of $791.46 million. sell-side analysts forecast that Albemarle will post 5.15 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Thursday, March 15th were given a $0.335 dividend. This is a positive change from Albemarle’s previous quarterly dividend of $0.32. This represents a $1.34 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date was Wednesday, March 14th. Albemarle’s dividend payout ratio is 29.19%.

A number of institutional investors have recently bought and sold shares of ALB. SeaCrest Wealth Management LLC purchased a new stake in Albemarle in the 4th quarter worth about $103,000. Stephens Inc. AR purchased a new stake in Albemarle in the 4th quarter worth about $115,000. Banco de Sabadell S.A purchased a new stake in Albemarle in the 4th quarter worth about $133,000. Valeo Financial Advisors LLC purchased a new stake in Albemarle in the 4th quarter worth about $155,000. Finally, Renaissance Investment Group LLC purchased a new stake in Albemarle in the 4th quarter worth about $201,000. 86.44% of the stock is currently owned by institutional investors.

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About Albemarle

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium and Advanced Materials segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and automobiles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.

Analyst Recommendations for Albemarle (NYSE:ALB)

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