Wall Street Zen downgraded shares of Albemarle (NYSE:ALB – Free Report) from a buy rating to a hold rating in a research note issued to investors on Saturday.
Other equities analysts have also issued research reports about the stock. HSBC increased their target price on shares of Albemarle from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Jefferies Financial Group dropped their price target on shares of Albemarle from $244.00 to $211.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Rothschild & Co Redburn reduced their price target on shares of Albemarle from $188.00 to $170.00 and set a “neutral” rating for the company in a research note on Wednesday, July 1st. Truist Financial decreased their price objective on shares of Albemarle from $245.00 to $225.00 and set a “buy” rating for the company in a report on Friday, August 7th. Finally, UBS Group lowered their price objective on shares of Albemarle from $205.00 to $175.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Fifteen analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Albemarle currently has an average rating of “Moderate Buy” and a consensus price target of $190.26.
Get Our Latest Analysis on Albemarle
Albemarle Stock Up 4.3%
Albemarle (NYSE:ALB – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.55. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The company’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.11 earnings per share. As a group, research analysts forecast that Albemarle will post 11.91 EPS for the current year.
Albemarle Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend is Friday, September 11th. This is an increase from Albemarle’s previous quarterly dividend of $0.41. This represents a $1.64 dividend on an annualized basis and a yield of 1.2%. Albemarle’s dividend payout ratio is presently 600.00%.
Institutional Investors Weigh In On Albemarle
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Primecap Management Co. CA acquired a new position in shares of Albemarle in the 2nd quarter worth approximately $358,101,000. Norges Bank bought a new stake in shares of Albemarle in the 4th quarter worth approximately $165,271,000. Deutsche Bank AG acquired a new stake in Albemarle during the second quarter valued at approximately $131,049,000. Phoenix Financial Ltd. acquired a new stake in Albemarle during the fourth quarter valued at approximately $130,415,000. Finally, Bank of New York Mellon Corp bought a new stake in Albemarle during the second quarter worth approximately $103,268,000. 92.87% of the stock is 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.
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