Albemarle Corp. (ALB) Upgraded at Zacks Investment Research
Albemarle Corp. (NYSE:ALB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “Albemarle Corporation is a major producer of fine and performance chemicals including polymer intermediates, cleaning product intermediates and additives, agricultural chemical intermediates, pharmaceutical intermediates, catalysts, brominated flame retardants, bromine chemicals and potassium and chlorine chemicals. “
ALB has been the topic of several other research reports. Deutsche Bank AG reissued a “buy” rating on shares of Albemarle Corp. in a report on Wednesday, August 24th. Morgan Stanley reissued a “hold” rating on shares of Albemarle Corp. in a report on Thursday, June 16th. Citigroup Inc. reissued a “buy” rating and set a $89.00 price objective on shares of Albemarle Corp. in a report on Wednesday, June 29th. Finally, Nomura set a $92.00 price objective on Albemarle Corp. and gave the company a “buy” rating in a report on Tuesday, August 23rd. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Albemarle Corp. presently has an average rating of “Buy” and an average price target of $80.00.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/10/albemarle-corp-alb-upgraded-at-zacks-investment-research-2.html
Shares of Albemarle Corp. (NYSE:ALB) traded up 1.35% during midday trading on Monday, hitting $83.48. The company’s stock had a trading volume of 623,019 shares. Albemarle Corp. has a 1-year low of $45.78 and a 1-year high of $87.29. The company has a market cap of $9.38 billion, a P/E ratio of 61.47 and a beta of 1.77. The company has a 50-day moving average price of $81.24 and a 200 day moving average price of $77.32.
Albemarle Corp. (NYSE:ALB) last issued its earnings results on Wednesday, August 3rd. The company reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.08. The firm had revenue of $669.30 million for the quarter, compared to the consensus estimate of $860.40 million. Albemarle Corp. had a return on equity of 14.52% and a net margin of 4.54%. The company’s revenue was down 6.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.73 EPS. On average, equities research analysts predict that Albemarle Corp. will post $3.48 EPS for the current year.
In other news, CEO Luther C. Iv Kissam sold 50,000 shares of Albemarle Corp. stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $83.19, for a total value of $4,159,500.00. Following the completion of the transaction, the chief executive officer now directly owns 233,000 shares of the company’s stock, valued at approximately $19,383,270. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John Sherman, Jr. sold 4,300 shares of the business’s stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $82.09, for a total value of $352,987.00. Following the completion of the sale, the director now directly owns 1,500 shares of the company’s stock, valued at $123,135. The disclosure for this sale can be found here. 0.71% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in shares of Albemarle Corp. by 3.7% in the first quarter. Geode Capital Management LLC now owns 692,194 shares of the company’s stock worth $44,226,000 after buying an additional 24,401 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Albemarle Corp. by 72.0% in the first quarter. Goldman Sachs Group Inc. now owns 770,233 shares of the company’s stock worth $49,241,000 after buying an additional 322,307 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Albemarle Corp. by 3.5% in the first quarter. UBS Asset Management Americas Inc. now owns 239,430 shares of the company’s stock worth $15,307,000 after buying an additional 8,059 shares during the last quarter. UBS Group AG raised its stake in shares of Albemarle Corp. by 7.8% in the first quarter. UBS Group AG now owns 59,800 shares of the company’s stock worth $3,823,000 after buying an additional 4,304 shares during the last quarter. Finally, Cupps Capital Management LLC raised its stake in shares of Albemarle Corp. by 84.1% in the first quarter. Cupps Capital Management LLC now owns 51,332 shares of the company’s stock worth $3,281,000 after buying an additional 23,445 shares during the last quarter. 88.50% of the stock is owned by institutional investors and hedge funds.
Albemarle Corp. Company Profile
Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, heating, ventilation, and aluminum finishing.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Albemarle Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Albemarle Corp. and related companies with MarketBeat.com's FREE daily email newsletter.