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 note issued to investors 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. “
Other equities analysts have also recently issued research reports about the company. Citigroup Inc. restated a “buy” rating and set a $101.00 target price (up previously from $89.00) on shares of Albemarle Corp. in a report on Friday, July 15th. Nomura restated a “buy” rating and set a $85.00 target price on shares of Albemarle Corp. in a report on Tuesday, July 12th. Deutsche Bank AG restated a “buy” rating and set a $94.00 target price (up previously from $84.00) on shares of Albemarle Corp. in a report on Monday, June 20th. Finally, Morgan Stanley restated a “hold” rating on shares of Albemarle Corp. in a report on Thursday, June 16th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $80.00.
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Albemarle Corp. (NYSE:ALB) traded up 1.35% during trading on Monday, reaching $83.48. The company had a trading volume of 623,019 shares. The company has a 50 day moving average price of $81.24 and a 200 day moving average price of $77.32. The company has a market capitalization of $9.38 billion, a PE ratio of 61.47 and a beta of 1.77. Albemarle Corp. has a 52-week low of $45.78 and a 52-week high of $87.29.
Albemarle Corp. (NYSE:ALB) last issued its earnings results on Wednesday, August 3rd. The company reported $1.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.08. Albemarle Corp. had a return on equity of 14.52% and a net margin of 4.54%. The firm had revenue of $669.30 million for the quarter, compared to analysts’ expectations of $860.40 million. During the same quarter last year, the business earned $0.73 earnings per share. The company’s revenue was down 6.8% compared to the same quarter last year. On average, equities analysts forecast that Albemarle Corp. will post $3.48 EPS for the current fiscal year.
In other Albemarle Corp. news, CEO Luther C. Iv Kissam sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $83.19, for a total transaction of $4,159,500.00. Following the transaction, the chief executive officer now owns 233,000 shares of the company’s stock, valued at approximately $19,383,270. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Sherman, Jr. sold 4,300 shares of the business’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $82.09, for a total value of $352,987.00. Following the transaction, the director now directly owns 1,500 shares in the company, valued at approximately $123,135. The disclosure for this sale can be found here. Company insiders own 0.71% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of ALB. Janus Capital Management raised its position in Albemarle Corp. by 1,681.0% in the third quarter. Janus Capital Management now owns 178,100 shares of the company’s stock valued at $7,854,000 after buying an additional 168,100 shares during the period. Nisa Investment Advisors raised its position in Albemarle Corp. by 12.8% in the fourth quarter. Nisa Investment Advisors now owns 53,720 shares of the company’s stock valued at $3,009,000 after buying an additional 6,100 shares during the period. Gavekal Capital bought a new position in Albemarle Corp. during the fourth quarter valued at $6,367,000. FirstMerit Bank raised its position in Albemarle Corp. by 107.7% in the fourth quarter. FirstMerit Bank now owns 11,069 shares of the company’s stock valued at $620,000 after buying an additional 5,740 shares during the period. Finally, Fourth Swedish National Pension Fund raised its position in Albemarle Corp. by 8.4% in the fourth quarter. Fourth Swedish National Pension Fund now owns 32,439 shares of the company’s stock valued at $1,817,000 after buying an additional 2,524 shares during the period. 88.50% of the stock is currently owned by hedge funds and other institutional investors.
About Albemarle Corp.
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.
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