Albemarle (NYSE:ALB – Get Free Report) was upgraded by equities researchers at Mizuho from a “neutral” rating to an “outperform” rating in a report issued on Wednesday, Marketbeat.com reports. The brokerage currently has a $130.00 price target on the specialty chemicals company’s stock. Mizuho’s target price indicates a potential upside of 31.19% from the stock’s current price.
Other analysts also recently issued research reports about the company. Truist Financial cut their price objective on Albemarle from $245.00 to $225.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Barclays started coverage on Albemarle in a report on Monday. They set an “equal weight” rating and a $109.00 price objective on the stock. BMO Capital Markets restated an “outperform” rating and set a $175.00 price objective on shares of Albemarle in a report on Tuesday, October 6th. Rothschild & Co Redburn cut their price objective on Albemarle from $188.00 to $170.00 and set a “neutral” rating on the stock in a report on Wednesday, July 1st. Finally, Citigroup cut their price objective on Albemarle from $225.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Sixteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $181.96.
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 the consensus estimate of $3.20 by $0.55. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same period in the previous year, the business earned $0.11 earnings per share. Albemarle’s revenue for the quarter was up 31.1% compared to the same quarter last year. Analysts anticipate that Albemarle will post 11.25 earnings per share for the current fiscal year.
Institutional Trading of Albemarle
Several institutional investors and hedge funds have recently bought and sold shares of ALB. Addison Advisors LLC acquired a new position in Albemarle in the second quarter worth approximately $28,000. Sound Income Strategies LLC increased its holdings in Albemarle by 190.1% in the first quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company’s stock worth $52,000 after buying an additional 192 shares during the last quarter. Dakota Community Bank & Trust NA acquired a new position in Albemarle in the first quarter worth approximately $54,000. Fiduciary Financial Advisors acquired a new position in Albemarle in the second quarter worth approximately $41,000. Finally, Jones Financial Companies Lllp acquired a new position in Albemarle in the second quarter worth approximately $42,000. Institutional investors and hedge funds own 92.87% of the company’s stock.
About Albemarle
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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