Merrill Lynch Upgrades Albemarle Corp. to Buy (ALB)
Albemarle Corp. (NYSE:ALB) was upgraded by Merrill Lynch to a “buy” rating in a research note issued on Thursday, Stock Ratings News reports.
In other Albemarle Corp. news, CFO Scott Tozier sold 1,339 shares of the stock on the open market in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $64.35, for a total value of $86,164.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
ALB has been the subject of a number of other recent research reports. Analysts at Robert W. Baird upgraded shares of Albemarle Corp. from a “neutral” rating to a “buy” rating in a research note to investors on Thursday. They now have a $71.00 price target on the stock, up previously from $57.00. Separately, analysts at Bank of America Corp. upgraded shares of Albemarle Corp. from a “neutral” rating to a “buy” rating in a research note to investors on Thursday. They now have a $71.00 price target on the stock. Finally, 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. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $80.09.
Albemarle Corp. (NYSE:ALB) traded up 1.48% on Thursday, hitting $65.83. 1,037,277 shares of the company’s stock traded hands. Albemarle Corp. has a one year low of $56.64 and a one 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 issued its quarterly earnings data on Thursday, October 17th. The company reported $1.09 earnings per share (EPS) for the quarter, beating the 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. On average, analysts predict that Albemarle Corp. will post $4.07 earnings per share 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.
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