Albemarle (NYSE:ALB) Price Target Raised to $140.00

Albemarle (NYSE:ALB) had its target price upped by Argus from $120.00 to $140.00 in a research report report published on Monday morning,MarketScreener reports. They currently have a buy rating on the specialty chemicals company’s stock.

A number of other research firms also recently weighed in on ALB. Bank of America reiterated a “neutral” rating and set a $100.00 target price (up previously from $95.00) on shares of Albemarle in a report on Tuesday, October 14th. Baird R W cut Albemarle from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 29th. Rothschild Redb raised Albemarle to a “strong-buy” rating in a research report on Friday, October 24th. JPMorgan Chase & Co. upped their target price on shares of Albemarle from $60.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, August 18th. Finally, Cowen reiterated a “hold” rating on shares of Albemarle in a research note on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, sixteen have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $100.04.

Albemarle Stock Performance

NYSE:ALB opened at $125.81 on Monday. The company has a quick ratio of 1.47, a current ratio of 2.31 and a debt-to-equity ratio of 0.38. The firm’s fifty day simple moving average is $93.70 and its 200 day simple moving average is $77.46. The stock has a market cap of $14.81 billion, a P/E ratio of -13.50 and a beta of 1.70. Albemarle has a twelve month low of $49.43 and a twelve month high of $127.07.

Albemarle (NYSE:ALB) last posted its earnings results on Wednesday, November 5th. The specialty chemicals company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.92) by $0.73. Albemarle had a negative net margin of 18.61% and a negative return on equity of 1.87%. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period last year, the company posted ($1.55) EPS. The company’s quarterly revenue was down 3.5% compared to the same quarter last year. As a group, research analysts predict that Albemarle will post -0.04 EPS for the current year.

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be given a dividend of $0.405 per share. The ex-dividend date is Friday, December 12th. This represents a $1.62 annualized dividend and a yield of 1.3%. Albemarle’s payout ratio is -101.89%.

Hedge Funds Weigh In On Albemarle

Several hedge funds have recently modified their holdings of the stock. Per Stirling Capital Management LLC. grew its stake in shares of Albemarle by 2.8% in the 3rd quarter. Per Stirling Capital Management LLC. now owns 3,332 shares of the specialty chemicals company’s stock worth $270,000 after buying an additional 91 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Albemarle by 18.2% during the third quarter. EverSource Wealth Advisors LLC now owns 677 shares of the specialty chemicals company’s stock worth $55,000 after acquiring an additional 104 shares during the last quarter. Cromwell Holdings LLC raised its position in Albemarle by 36.8% during the third quarter. Cromwell Holdings LLC now owns 413 shares of the specialty chemicals company’s stock valued at $34,000 after purchasing an additional 111 shares during the period. Money Concepts Capital Corp lifted its stake in shares of Albemarle by 1.2% in the 3rd quarter. Money Concepts Capital Corp now owns 10,160 shares of the specialty chemicals company’s stock valued at $824,000 after purchasing an additional 116 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its holdings in shares of Albemarle by 3.3% in the 3rd quarter. QRG Capital Management Inc. now owns 3,810 shares of the specialty chemicals company’s stock worth $309,000 after purchasing an additional 122 shares during the period. Hedge funds and other institutional investors 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.