Wells Fargo & Company Raises Albemarle (NYSE:ALB) Price Target to $135.00

Albemarle (NYSE:ALB) had its price objective upped by equities research analysts at Wells Fargo & Company from $100.00 to $135.00 in a report issued on Friday, MarketBeat Ratings reports. The firm currently has an “equal weight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price target would indicate a potential downside of 7.44% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Royal Bank Of Canada reiterated an “outperform” rating and set a $159.00 price target on shares of Albemarle in a research report on Thursday. Stephens reissued an “outperform” rating on shares of Albemarle in a research note on Friday. BMO Capital Markets boosted their price objective on shares of Albemarle from $136.00 to $145.00 and gave the stock an “outperform” rating in a research report on Monday, December 15th. Zacks Research downgraded Albemarle from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 5th. Finally, Jefferies Financial Group lifted their target price on Albemarle from $124.00 to $152.00 and gave the company a “buy” rating in a research note on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eighteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $120.21.

Albemarle Stock Performance

NYSE:ALB opened at $145.85 on Friday. The stock has a market capitalization of $17.17 billion, a P/E ratio of -91.73 and a beta of 1.43. Albemarle has a 1 year low of $49.43 and a 1 year high of $149.82. The firm has a 50 day moving average of $113.05 and a 200-day moving average of $88.27. The company has a current ratio of 2.27, a quick ratio of 1.51 and a debt-to-equity ratio of 0.40.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, November 5th. The specialty chemicals company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.92) by $0.73. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.27 billion. Albemarle had a positive return on equity of 0.10% and a negative net margin of 0.43%.The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.55) EPS. As a group, sell-side analysts anticipate that Albemarle will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Albemarle

Hedge funds have recently added to or reduced their stakes in the stock. Strategic Advocates LLC acquired a new position in shares of Albemarle during the 3rd quarter worth about $25,000. Hantz Financial Services Inc. boosted its stake in Albemarle by 10,050.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 406 shares of the specialty chemicals company’s stock worth $25,000 after acquiring an additional 402 shares during the last quarter. BOKF NA grew its holdings in Albemarle by 5,771.4% during the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 404 shares during the period. Cromwell Holdings LLC increased its stake in Albemarle by 36.8% in the third quarter. Cromwell Holdings LLC now owns 413 shares of the specialty chemicals company’s stock valued at $34,000 after purchasing an additional 111 shares in the last quarter. Finally, Physician Wealth Advisors Inc. acquired a new stake in Albemarle in the third quarter worth $40,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

About Albemarle

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.