Bank of America started coverage on shares of Albemarle (NYSE:ALB) in a research note issued to investors on Monday morning. The firm issued a buy rating and a $115.00 price target on the specialty chemicals company’s stock.
Several other equities research analysts have also commented on the stock. Morgan Stanley initiated coverage on shares of Albemarle in a research report on Tuesday, February 27th. They issued a buy rating and a $150.00 price objective on the stock. KeyCorp decreased their price objective on shares of Albemarle from $148.00 to $140.00 and set an overweight rating on the stock in a research report on Thursday, April 12th. Citigroup upgraded shares of Albemarle from a neutral rating to a buy rating and set a $106.00 price objective on the stock in a research report on Friday, April 13th. Vertical Group upgraded shares of Albemarle from a hold rating to a buy rating in a research report on Tuesday, June 12th. Finally, BMO Capital Markets reiterated an outperform rating and issued a $130.00 price objective (down from $160.00) on shares of Albemarle in a research report on Friday, March 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have assigned a buy rating to the company. The company has an average rating of Buy and a consensus target price of $123.76.
Shares of Albemarle opened at $91.96 on Monday, according to MarketBeat Ratings. The firm has a market cap of $10.35 billion, a price-to-earnings ratio of 20.03, a P/E/G ratio of 1.10 and a beta of 1.63. Albemarle has a one year low of $86.75 and a one year high of $144.99. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.72 and a current ratio of 2.48.
Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, May 9th. The specialty chemicals company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.20 by $0.10. The company had revenue of $821.60 million for the quarter, compared to analyst estimates of $798.20 million. Albemarle had a net margin of 4.27% and a return on equity of 13.80%. The business’s revenue was up 13.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.05 EPS. analysts forecast that Albemarle will post 5.25 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Friday, June 15th will be paid a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 1.46%. The ex-dividend date of this dividend is Thursday, June 14th. Albemarle’s payout ratio is 29.19%.
A number of hedge funds have recently made changes to their positions in ALB. Carmignac Gestion acquired a new position in Albemarle in the 1st quarter valued at about $113,591,000. Iridian Asset Management LLC CT raised its stake in Albemarle by 43.6% in the 1st quarter. Iridian Asset Management LLC CT now owns 1,985,826 shares of the specialty chemicals company’s stock valued at $184,166,000 after purchasing an additional 602,784 shares during the last quarter. Principal Financial Group Inc. raised its stake in Albemarle by 334.1% in the 1st quarter. Principal Financial Group Inc. now owns 741,798 shares of the specialty chemicals company’s stock valued at $68,795,000 after purchasing an additional 570,899 shares during the last quarter. BlackRock Inc. increased its stake in shares of Albemarle by 5.0% during the 1st quarter. BlackRock Inc. now owns 8,462,171 shares of the specialty chemicals company’s stock valued at $784,785,000 after acquiring an additional 400,323 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its stake in shares of Albemarle by 33.7% during the 1st quarter. Artisan Partners Limited Partnership now owns 1,557,135 shares of the specialty chemicals company’s stock valued at $144,409,000 after acquiring an additional 392,519 shares during the last quarter. 86.20% of the stock is owned by hedge funds and other institutional investors.
Albemarle Company Profile
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.
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