Albemarle (NYSE:ALB) Shares Gap Down – Here’s What Happened

Albemarle Corporation (NYSE:ALB) shares gapped down prior to trading on Friday . The stock had previously closed at $173.78, but opened at $166.20. Albemarle shares last traded at $164.38, with a volume of 1,253,786 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ALB shares. Morgan Stanley restated an “equal weight” rating on shares of Albemarle in a research note on Friday, December 19th. TD Cowen boosted their price target on shares of Albemarle from $70.00 to $85.00 and gave the company a “hold” rating in a report on Thursday, October 9th. Rothschild Redb raised Albemarle to a “strong-buy” rating in a research report on Friday, October 24th. Deutsche Bank Aktiengesellschaft raised Albemarle from a “hold” rating to a “buy” rating and upped their price target for the company from $125.00 to $185.00 in a research report on Monday. Finally, Wells Fargo & Company lifted their target price on Albemarle from $100.00 to $135.00 and gave the company an “equal weight” rating in a research note on Friday, December 19th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Albemarle currently has an average rating of “Moderate Buy” and a consensus target price of $137.75.

Albemarle Price Performance

The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.51. The stock has a market capitalization of $19.19 billion, a price-to-earnings ratio of -102.49, a PEG ratio of 6.78 and a beta of 1.41. The stock’s 50 day simple moving average is $135.40 and its 200-day simple moving average is $100.41.

Albemarle (NYSE:ALB) last released its quarterly earnings results on Wednesday, November 5th. The specialty chemicals company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.73. Albemarle had a negative net margin of 0.43% and a positive return on equity of 0.10%. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the firm earned ($1.55) EPS. Albemarle’s revenue for the quarter was down 3.5% on a year-over-year basis. On average, analysts expect that Albemarle Corporation will post -0.04 EPS for the current fiscal year.

Albemarle Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 12th were issued a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 1.0%. The ex-dividend date was Friday, December 12th. Albemarle’s dividend payout ratio (DPR) is -101.89%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Strategic Advocates LLC bought a new position in Albemarle during the third quarter worth $25,000. Hantz Financial Services Inc. increased its holdings in shares of Albemarle by 10,050.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 406 shares of the specialty chemicals company’s stock worth $25,000 after purchasing an additional 402 shares during the period. BOKF NA raised its position in shares of Albemarle by 5,771.4% during the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after buying an additional 404 shares during the last quarter. Cromwell Holdings LLC grew 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 worth $34,000 after buying an additional 111 shares in the last quarter. Finally, Physician Wealth Advisors Inc. bought a new position in Albemarle during the third quarter valued at about $40,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

About Albemarle

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.