Albemarle (NYSE:ALB – Get Free Report) had its price objective cut by research analysts at JPMorgan Chase & Co. from $160.00 to $140.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the specialty chemicals company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 1.13% from the stock’s current price.
A number of other research analysts also recently issued reports on ALB. Vertical Research upgraded Albemarle from a “hold” rating to a “buy” rating and set a $224.00 price objective for the company in a research note on Tuesday, May 26th. Truist Financial lowered their price target on shares of Albemarle from $245.00 to $225.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Mizuho dropped their price target on shares of Albemarle from $205.00 to $185.00 and set a “neutral” rating for the company in a research report on Wednesday, July 1st. Berenberg Bank increased their price objective on shares of Albemarle from $153.00 to $192.00 and gave the stock a “hold” rating in a research note on Tuesday, June 2nd. Finally, Morgan Stanley restated a “reduce” rating and set a $161.00 price objective on shares of Albemarle in a research report on Monday, August 10th. Fifteen research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $190.04.
Read Our Latest Report on Albemarle
Albemarle Price Performance
Albemarle (NYSE:ALB – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.55. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the prior year, the business posted $0.11 earnings per share. The business’s quarterly revenue was up 31.1% on a year-over-year basis. Sell-side analysts anticipate that Albemarle will post 11.63 earnings per share for the current year.
Institutional Trading of Albemarle
A number of large investors have recently made changes to their positions in the business. California State Teachers Retirement System raised its position in Albemarle by 13,478.5% during the second quarter. California State Teachers Retirement System now owns 18,483,447 shares of the specialty chemicals company’s stock valued at $2,495,820,000 after purchasing an additional 18,347,324 shares during the period. Primecap Management Co. CA bought a new position in shares of Albemarle during the 2nd quarter valued at approximately $358,101,000. Norges Bank purchased a new stake in Albemarle during the 4th quarter valued at $165,271,000. Deutsche Bank AG purchased a new stake in shares of Albemarle in the second quarter valued at $131,049,000. Finally, Phoenix Financial Ltd. purchased a new position in shares of Albemarle during the fourth quarter valued at approximately $130,415,000. 92.87% of the stock is currently owned by institutional investors.
Albemarle Company Profile
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.
See Also
- Five stocks we like better than Albemarle
- Beyond Big Tech: 3 Non-Tech Earnings Winners to Watch
- 3 Contrarian Trades for a Market That Looks Too Hot
- The Bull Case for D-Wave After a Disappointing Earnings Season
- Visa Just Put Hims & Hers in the Penalty Box—Here’s Why It Matters
Receive News & Ratings for Albemarle Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Albemarle and related companies with MarketBeat.com's FREE daily email newsletter.
