Albemarle (NYSE:ALB – Get Free Report) was upgraded by equities research analysts at Barclays to a “hold” rating in a research note issued to investors on Monday, Zacks reports.
Several other equities research analysts have also recently commented on ALB. Scotiabank cut their price target on shares of Albemarle from $200.00 to $190.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 10th. Mizuho raised Albemarle from a “neutral” rating to an “outperform” rating and set a $130.00 target price on the stock in a research report on Wednesday. BMO Capital Markets reiterated an “outperform” rating and set a $175.00 target price on shares of Albemarle in a report on Tuesday, October 6th. Jefferies Financial Group dropped their target price on Albemarle from $244.00 to $211.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Finally, Wall Street Zen raised Albemarle from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Sixteen equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Albemarle currently has a consensus rating of “Moderate Buy” and a consensus price target of $181.96.
Albemarle Price Performance
Albemarle (NYSE:ALB – Get Free Report) last announced its 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. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. The firm’s revenue was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.11 earnings per share. Equities research analysts anticipate that Albemarle will post 11.25 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Albemarle
A number of hedge funds and other institutional investors have recently bought and sold shares of ALB. Great Lakes Advisors LLC acquired a new stake in shares of Albemarle in the second quarter valued at approximately $4,246,000. NFJ Investment Group LLC bought a new position in shares of Albemarle during the 2nd quarter worth approximately $23,328,000. Wellington Management Group LLP increased its holdings in shares of Albemarle by 161.8% during the 2nd quarter. Wellington Management Group LLP now owns 49,412 shares of the specialty chemicals company’s stock worth $6,672,000 after acquiring an additional 30,541 shares during the last quarter. Hsbc Holdings PLC increased its holdings in shares of Albemarle by 47.4% during the 4th quarter. Hsbc Holdings PLC now owns 230,690 shares of the specialty chemicals company’s stock worth $32,655,000 after acquiring an additional 74,202 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Albemarle during the 2nd quarter worth approximately $2,012,000. Institutional investors own 92.87% of the company’s stock.
Albemarle News Roundup
Here are the key news stories impacting Albemarle this week:
- Positive Sentiment: Mizuho upgraded Albemarle from Neutral to Outperform and set a $130 price target, implying substantial upside from recent trading levels. The upgrade reflects improving confidence in a recovery for the lithium market and helped the stock attempt to end its recent losing streak. Lithium Stock Looks to End Losing Streak After Upgrade
- Positive Sentiment: Options activity was unusually bullish. Traders purchased 14,722 Albemarle call options, approximately 97% above the typical daily volume of 7,492 contracts. While options activity does not guarantee a price increase, the surge indicates increased speculative interest and potentially more optimistic positioning.
- Neutral Sentiment: Barclays initiated coverage with an Equal Weight rating. The neutral stance provides a new institutional assessment but does not offer a strong catalyst for either buyers or sellers. Barclays Initiates Coverage of Albemarle With Equal Weight Rating
- Negative Sentiment: Zacks maintained a highly bearish view, assigning Albemarle a Rank #5, or Strong Sell. The rating reflects downward earnings revisions and lithium prices that have fallen roughly 80% since late 2022, underscoring continued pressure on profitability and future results. Bear of the Day: Albemarle Corporation
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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