Albemarle (NYSE:ALB – Get Free Report) was upgraded by equities research analysts at Mizuho from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday, Marketbeat reports. The firm presently has a $130.00 target price on the specialty chemicals company’s stock. Mizuho’s target price points to a potential upside of 30.47% from the stock’s previous close.
A number of other equities analysts have also recently commented on ALB. Scotiabank cut their target price on shares of Albemarle from $200.00 to $190.00 and set a “sector outperform” rating on the stock in a report on Monday, August 10th. Robert W. Baird lowered their price objective on shares of Albemarle from $236.00 to $224.00 and set a “neutral” rating on the stock in a research report on Thursday, June 18th. JPMorgan Chase & Co. dropped their price objective on shares of Albemarle from $160.00 to $140.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 25th. Morgan Stanley restated a “reduce” rating and issued a $161.00 price objective on shares of Albemarle in a research note on Monday, August 10th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $175.00 target price on shares of Albemarle in a report on Tuesday, October 6th. Sixteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $181.96.
Check Out Our Latest Stock Report on Albemarle
Albemarle Stock Performance
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 analysts’ consensus estimates of $3.20 by $0.55. The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.61 billion. Albemarle had a return on equity of 10.96% and a net margin of 3.09%. The firm’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.11 EPS. On average, sell-side analysts expect that Albemarle will post 11.25 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in ALB. Foster Group Inc. increased its position in Albemarle by 17.6% during the 3rd quarter. Foster Group Inc. now owns 3,476 shares of the specialty chemicals company’s stock worth $368,000 after purchasing an additional 520 shares during the period. NorthCrest Asset Manangement LLC lifted its holdings in shares of Albemarle by 473.6% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 49,249 shares of the specialty chemicals company’s stock valued at $5,210,000 after buying an additional 40,663 shares during the period. Versant Capital Management Inc boosted its stake in shares of Albemarle by 216.2% in the third quarter. Versant Capital Management Inc now owns 955 shares of the specialty chemicals company’s stock valued at $101,000 after buying an additional 653 shares in the last quarter. Parrish Capital LLC raised its position in Albemarle by 12.5% in the third quarter. Parrish Capital LLC now owns 8,551 shares of the specialty chemicals company’s stock worth $905,000 after acquiring an additional 947 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its holdings in Albemarle by 3.6% in the second quarter. QRG Capital Management Inc. now owns 4,948 shares of the specialty chemicals company’s stock valued at $668,000 after acquiring an additional 171 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.
Albemarle Company Profile
Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company that develops, manufactures and markets materials used in energy storage, transportation, consumer products and industrial applications. The company is best known for its lithium business, which supplies lithium compounds used in rechargeable batteries for electric vehicles, portable electronics and energy-storage systems.
Albemarle also produces bromine-based specialty chemicals used in areas such as fire safety, water treatment, pharmaceutical manufacturing and other industrial processes.
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