HSBC Issues Positive Forecast for Albemarle (NYSE:ALB) Stock Price

Albemarle (NYSE:ALB) had its price target upped by HSBC from $75.00 to $87.00 in a research note issued to investors on Friday,MarketScreener reports. HSBC currently has a hold rating on the specialty chemicals company’s stock.

A number of other analysts have also weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Albemarle in a research note on Wednesday, October 8th. Scotiabank lifted their price objective on Albemarle from $65.00 to $70.00 and gave the company a “sector perform” rating in a research note on Friday, August 1st. Rothschild Redb raised Albemarle to a “strong-buy” rating in a report on Friday, October 24th. Argus increased their price target on shares of Albemarle from $90.00 to $120.00 in a report on Tuesday, October 14th. Finally, TD Cowen upped their price target on Albemarle from $70.00 to $85.00 and gave the stock a “hold” rating in a report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, fifteen have given a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $95.74.

Albemarle Trading Up 6.4%

NYSE ALB opened at $97.08 on Friday. Albemarle has a 12-month low of $49.43 and a 12-month high of $113.91. The company has a fifty day simple moving average of $88.11 and a two-hundred day simple moving average of $74.21. The company has a current ratio of 2.31, a quick ratio of 1.47 and a debt-to-equity ratio of 0.38. The stock has a market cap of $11.42 billion, a P/E ratio of -10.42 and a beta of 1.70.

Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, November 5th. The specialty chemicals company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.73. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. Albemarle had a negative return on equity of 1.87% and a negative net margin of 18.61%.The firm’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the business posted ($1.55) EPS. On average, analysts forecast that Albemarle will post -0.04 earnings per share for the current year.

Albemarle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be issued a $0.405 dividend. The ex-dividend date is Friday, December 12th. This represents a $1.62 dividend on an annualized basis and a yield of 1.7%. Albemarle’s dividend payout ratio is presently -101.89%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. CenterBook Partners LP purchased a new position in Albemarle during the third quarter worth about $3,862,000. Readystate Asset Management LP acquired a new position in shares of Albemarle in the 3rd quarter worth approximately $2,063,000. NEOS Investment Management LLC boosted its position in shares of Albemarle by 45.1% during the 3rd quarter. NEOS Investment Management LLC now owns 12,544 shares of the specialty chemicals company’s stock worth $1,017,000 after purchasing an additional 3,897 shares during the period. Zions Bancorporation National Association UT raised its position in Albemarle by 155.7% in the third quarter. Zions Bancorporation National Association UT now owns 2,506 shares of the specialty chemicals company’s stock valued at $203,000 after purchasing an additional 1,526 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its stake in Albemarle by 0.7% during the third quarter. State of New Jersey Common Pension Fund D now owns 41,621 shares of the specialty chemicals company’s stock worth $3,375,000 after purchasing an additional 286 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Company Profile

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.