Albemarle (NYSE:ALB – Get Free Report) had its target price lifted by equities research analysts at Jefferies Financial Group from $230.00 to $244.00 in a research note issued on Monday,MarketScreener reports. Jefferies Financial Group’s price objective would suggest a potential upside of 19.77% from the stock’s previous close.
Several other research firms also recently weighed in on ALB. BMO Capital Markets raised their price target on Albemarle from $145.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Bank of America increased their price objective on Albemarle from $190.00 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Mizuho lifted their price objective on Albemarle from $185.00 to $205.00 and gave the stock a “neutral” rating in a research report on Thursday. Argus boosted their target price on shares of Albemarle from $140.00 to $185.00 in a research note on Monday, February 23rd. Finally, HSBC upped their target price on shares of Albemarle from $200.00 to $220.00 and gave the company a “buy” rating in a report on Monday, April 27th. Thirteen investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $191.83.
Read Our Latest Research Report on Albemarle
Albemarle Stock Up 0.1%
Albemarle (NYSE:ALB – Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $1.71. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the company posted ($0.18) EPS. The company’s revenue was up 32.7% on a year-over-year basis. Equities analysts anticipate that Albemarle will post 8.72 EPS for the current fiscal year.
Insider Activity
In related news, CEO J Kent Masters sold 11,783 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $170.81, for a total value of $2,012,654.23. Following the completion of the sale, the chief executive officer directly owned 134,628 shares in the company, valued at approximately $22,995,808.68. The trade was a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.42% of the company’s stock.
Institutional Trading of Albemarle
Institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC increased its stake in Albemarle by 25.5% during the first quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company’s stock worth $229,000 after acquiring an additional 654 shares during the last quarter. Integrated Wealth Concepts LLC increased its position in Albemarle by 26.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company’s stock worth $346,000 after purchasing an additional 996 shares in the last quarter. United Services Automobile Association acquired a new stake in Albemarle during the 1st quarter worth approximately $208,000. Empowered Funds LLC purchased a new position in Albemarle in the first quarter valued at approximately $411,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Albemarle by 536.7% in the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after buying an additional 483 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.
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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