Albemarle Co. (ALB) Rating Reiterated by Morgan Stanley
Albemarle Co. (NYSE:ALB)‘s stock had its “equal weight” rating reiterated by analysts at Morgan Stanley in a report released on Thursday. They presently have a $100.00 price target on the specialty chemicals company’s stock, up from their previous price target of $72.00. Morgan Stanley’s target price would indicate a potential downside of 11.18% from the stock’s current price.
ALB has been the topic of several other research reports. Robert W. Baird restated an “outperform” rating and issued a $125.00 target price on shares of Albemarle in a report on Friday, March 17th. Royal Bank of Canada restated an “outperform” rating and issued a $130.00 target price (up previously from $114.00) on shares of Albemarle in a report on Thursday, March 2nd. Instinet raised their target price on shares of Albemarle from $102.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, March 1st. Zacks Investment Research upgraded shares of Albemarle from a “hold” rating to a “buy” rating and set a $117.00 target price on the stock in a report on Monday, March 27th. Finally, Aegis initiated coverage on shares of Albemarle in a report on Friday, February 17th. They issued a “buy” rating and a $108.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $115.64.
Albemarle (NYSE:ALB) traded up 0.48% during midday trading on Thursday, hitting $112.59. 636,067 shares of the company were exchanged. Albemarle has a 1-year low of $74.86 and a 1-year high of $113.70. The stock has a 50 day moving average of $108.41 and a 200-day moving average of $97.19. The stock has a market capitalization of $12.47 billion, a price-to-earnings ratio of 27.36 and a beta of 1.41.
Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, May 3rd. The specialty chemicals company reported $1.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.10. Albemarle had a net margin of 6.92% and a return on equity of 14.38%. The company had revenue of $722.06 million for the quarter, compared to analysts’ expectations of $678.74 million. Equities analysts expect that Albemarle will post $4.36 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th will be given a $0.32 dividend. The ex-dividend date is Tuesday, June 13th. This represents a $1.28 annualized dividend and a yield of 1.14%. Albemarle’s payout ratio is presently 63.54%.
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Several hedge funds have recently made changes to their positions in the stock. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of Albemarle by 10.7% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 8,626 shares of the specialty chemicals company’s stock valued at $737,000 after buying an additional 832 shares during the last quarter. Quantitative Investment Management LLC purchased a new stake in shares of Albemarle during the third quarter valued at approximately $8,574,000. Hanseatic Management Services Inc. increased its stake in shares of Albemarle by 21.7% in the third quarter. Hanseatic Management Services Inc. now owns 28,623 shares of the specialty chemicals company’s stock valued at $2,447,000 after buying an additional 5,101 shares during the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new stake in shares of Albemarle during the third quarter valued at approximately $104,000. Finally, Nomura Asset Management Co. Ltd. increased its stake in shares of Albemarle by 3.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 13,210 shares of the specialty chemicals company’s stock valued at $1,129,000 after buying an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 86.50% of the company’s stock.
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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