Albemarle Corp. Upgraded to “Neutral” by Zacks (ALB)
Albemarle Corp. (NYSE:ALB) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a report issued on Thursday, AnalystRatingsNetwork.com reports. The firm currently has a $65.40 target price on the stock. Zacks‘ target price suggests a potential downside of 3.04% from the stock’s previous close.
A number of other firms have also recently commented on ALB. Analysts at Piper Jaffray Cos. downgraded shares of Albemarle Corp. from an “overweight” rating to a “neutral” rating in a research note to investors on Tuesday, September 24th. They now have a $65.00 price target on the stock, down previously from $69.00. Separately, analysts at Jefferies Group raised their price target on shares of Albemarle Corp. from $74.00 to $78.00 in a research note to investors on Friday, August 9th. They now have a “buy” rating on the stock. Finally, analysts at Topeka Capital Markets initiated coverage on shares of Albemarle Corp. in a research note to investors on Wednesday, July 31st. They set a “hold” rating and a $61.88 price target on the stock. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $81.44.
Albemarle Corp. (NYSE:ALB) traded up 4.70% on Thursday, hitting $67.45. The stock had a trading volume of 2,281,391 shares. Albemarle Corp. has a 52 week low of $50.88 and a 52 week high of $69.03. The stock has a 50-day moving average of $62.63 and a 200-day moving average of $63.01. The company has a market cap of $5.489 billion and a P/E ratio of 18.12.
Albemarle Corp. (NYSE:ALB) last announced its earnings results on Thursday, October 17th. The company reported $1.09 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.08 by $0.01. The company had revenue of $648.80 million for the quarter, compared to the consensus estimate of $655.97 million. During the same quarter in the prior year, the company posted $1.10 earnings per share. The company’s quarterly revenue was down 1.9% on a year-over-year basis. Analysts expect that Albemarle Corp. will post $4.19 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.42%. The ex-dividend date is Wednesday, December 11th.
Albemarle Corporation (NYSE:ALB) is a developer, manufacturer and marketer of specialty chemicals, which meet customer needs across a range of end markets, including the petroleum refining, consumer electronics, plastics/packaging, construction, automotive, lubricants, pharmaceuticals, crop protection, food-safety and custom chemistry services markets.
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