Investment analysts at Gabelli initiated coverage on shares of Albemarle (NYSE:ALB) in a report released on Thursday, The Fly reports. The brokerage set a “buy” rating and a $109.00 price target on the specialty chemicals company’s stock. Gabelli’s target price would indicate a potential upside of 58.06% from the stock’s previous close.
A number of other equities analysts have also weighed in on the company. SunTrust Banks dropped their price objective on Albemarle from $120.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Nomura upped their price objective on Albemarle from $70.00 to $71.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. Vertical Group dropped their price objective on Albemarle from $58.50 to $39.50 in a research note on Wednesday, August 14th. Oppenheimer dropped their price objective on Albemarle from $157.00 to $128.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Finally, Bank of America decreased their target price on Albemarle from $95.00 to $83.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $92.70.
NYSE:ALB traded down $0.29 during mid-day trading on Thursday, hitting $68.96. 22,273 shares of the company traded hands, compared to its average volume of 1,483,390. The stock’s fifty day moving average price is $66.12 and its 200-day moving average price is $73.81. Albemarle has a one year low of $58.63 and a one year high of $108.74. The company has a quick ratio of 0.87, a current ratio of 1.45 and a debt-to-equity ratio of 0.35. The firm has a market cap of $7.26 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 0.79 and a beta of 1.64.
Albemarle (NYSE:ALB) last released its quarterly earnings results on Wednesday, August 7th. The specialty chemicals company reported $1.55 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.41 by $0.14. Albemarle had a return on equity of 15.71% and a net margin of 16.01%. The business had revenue of $885.05 million during the quarter, compared to analyst estimates of $893.50 million. During the same quarter in the previous year, the company posted $1.36 earnings per share. Albemarle’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities analysts predict that Albemarle will post 6.38 EPS for the current year.
In other Albemarle news, insider Eric Norris purchased 3,090 shares of Albemarle stock in a transaction dated Tuesday, August 20th. The shares were purchased at an average cost of $64.66 per share, for a total transaction of $199,799.40. Following the completion of the acquisition, the insider now owns 164 shares in the company, valued at approximately $10,604.24. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.02% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Cornerstone Advisors Inc. grew its stake in Albemarle by 19.4% in the second quarter. Cornerstone Advisors Inc. now owns 3,490 shares of the specialty chemicals company’s stock worth $246,000 after purchasing an additional 567 shares in the last quarter. Kistler Tiffany Companies LLC grew its stake in Albemarle by 29.7% in the second quarter. Kistler Tiffany Companies LLC now owns 1,885 shares of the specialty chemicals company’s stock worth $133,000 after purchasing an additional 432 shares in the last quarter. Evolution Wealth Advisors LLC bought a new position in Albemarle in the second quarter worth approximately $1,878,000. Arizona State Retirement System grew its stake in Albemarle by 14.1% in the second quarter. Arizona State Retirement System now owns 52,073 shares of the specialty chemicals company’s stock worth $3,666,000 after purchasing an additional 6,441 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in Albemarle by 18.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 56,910 shares of the specialty chemicals company’s stock valued at $4,665,000 after acquiring an additional 8,665 shares in the last quarter. 90.97% of the stock is currently owned by institutional investors.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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