Albemarle Corp. Reaches New 12-Month High Following Analyst Upgrade (ALB)
Shares of Albemarle Corp. (NYSE:ALB) reached a new 52-week high during mid-day trading on Wednesday after Jefferies Group raised their price target on the stock from $81.00 to $85.00, Analyst Ratings Net reports. Jefferies Group currently has a buy rating on the stock. Albemarle Corp. traded as high as $72.79 and last traded at $72.13, with a volume of 122,477 shares traded. The stock had previously closed at $72.26.
A number of other firms have also recently commented on ALB. Analysts at Robert W. Baird raised their price target on shares of Albemarle Corp. from $70.00 to $74.00 in a research note on Thursday, April 24th. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Albemarle Corp. in a research note on Monday, April 21st. They now have a $72.00 price target on the stock, up previously from $70.00. Six research analysts have rated the stock with 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 a consensus price target of $70.99.
The stock has a 50-day moving average of $70.62 and a 200-day moving average of $66.72. The company has a market cap of $5.733 billion and a P/E ratio of 15.35.
Albemarle Corp. (NYSE:ALB) last issued its quarterly earnings data on Wednesday, April 16th. The company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. The company had revenue of $656.70 million for the quarter, compared to the consensus estimate of $655.87 million. During the same quarter in the previous year, the company posted $0.93 earnings per share. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, analysts predict that Albemarle Corp. will post $4.32 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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