Albemarle Corp. Stock Rating Upgraded by Bank of America Corp. (ALB)
Albemarle Corp. (NYSE:ALB) was upgraded by Bank of America Corp. from a “neutral” rating to a “buy” rating in a research note issued on Thursday, AnalystRatings.NET reports. The firm currently has a $71.00 target price on the stock. Bank of America Corp.’s price objective indicates a potential upside of 7.85% from the stock’s previous close.
ALB has been the subject of a number of other recent research reports. Analysts at Jefferies Group reiterated a “buy” rating on shares of Albemarle Corp. in a research note to investors on Tuesday, October 22nd. They now have a $78.00 price target on the stock. Separately, analysts at Deutsche Bank raised their price target on shares of Albemarle Corp. from $65.00 to $72.00 in a research note to investors on Friday, October 18th. They now have a “hold” rating on the stock. Finally, analysts at Sterne Agee downgraded shares of Albemarle Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Friday, October 18th. They now have a $70.00 price target on the stock. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company’s stock. Albemarle Corp. has a consensus rating of “Hold” and an average price target of $80.09.
In other Albemarle Corp. news, CFO Scott Tozier sold 1,339 shares of Albemarle Corp. stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $64.35, for a total transaction of $86,164.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Albemarle Corp. (NYSE:ALB) traded up 1.48% on Thursday, hitting $65.83. The stock had a trading volume of 1,037,277 shares. Albemarle Corp. has a 1-year low of $56.64 and a 1-year high of $70.00. The stock has a 50-day moving average of $66.28 and a 200-day moving average of $64.54. The company has a market cap of $5.358 billion and a P/E ratio of 18.93.
Albemarle Corp. (NYSE:ALB) last announced its earnings results on Thursday, October 17th. The company reported $1.09 earnings per share for the quarter, beating the analysts’ 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 previous year, the company posted $1.10 earnings per share. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. Analysts expect that Albemarle Corp. will post $4.07 EPS for the current fiscal year.
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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.