Albemarle (NYSE:ALB – Get Free Report) was upgraded by 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 price target on the specialty chemicals company’s stock. Mizuho’s price target indicates a potential upside of 30.54% from the stock’s previous close.
ALB has been the topic of several other research reports. JPMorgan Chase & Co. decreased their target price on Albemarle from $160.00 to $140.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 25th. Argus decreased their target price on Albemarle from $230.00 to $135.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. Barclays began coverage on Albemarle in a research note on Monday. They set an “equal weight” rating and a $109.00 target price on the stock. Royal Bank Of Canada decreased their target price on Albemarle from $166.00 to $157.00 and set an “outperform” rating on the stock in a research note on Monday, August 10th. Finally, Zacks Research downgraded Albemarle from a “hold” rating to a “strong sell” rating in a research note on Friday, October 9th. Sixteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Albemarle has an average rating of “Moderate Buy” and an average target price of $181.96.
Albemarle Stock Up 2.0%
Albemarle (NYSE:ALB – Get Free Report) last posted its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share for the quarter, beating 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 company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the company earned $0.11 earnings per share. Albemarle’s revenue was up 31.1% on a year-over-year basis. As a group, analysts forecast that Albemarle will post 11.25 earnings per share for the current year.
Institutional Investors Weigh In On Albemarle
Institutional investors and hedge funds have recently bought and sold shares of the company. Great Lakes Advisors LLC purchased a new stake in shares of Albemarle in the second quarter worth about $4,246,000. NFJ Investment Group LLC purchased a new stake in shares of Albemarle in the second quarter worth about $23,328,000. Wellington Management Group LLP boosted its stake in shares of Albemarle by 161.8% in the second quarter. Wellington Management Group LLP now owns 49,412 shares of the specialty chemicals company’s stock worth $6,672,000 after buying an additional 30,541 shares during the last quarter. Hsbc Holdings PLC boosted its stake in shares of Albemarle by 47.4% in the fourth quarter. Hsbc Holdings PLC now owns 230,690 shares of the specialty chemicals company’s stock worth $32,655,000 after buying an additional 74,202 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of Albemarle in the second quarter worth about $2,012,000. 92.87% of the stock is owned by institutional investors.
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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