Albemarle Corporation (NYSE:ALB) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Albemarle Corporation (NYSE:ALB) have received a consensus rating of “Hold” from the thirty brokerages that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $120.2083.

A number of research analysts have weighed in on the stock. UBS Group upgraded shares of Albemarle from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $107.00 to $185.00 in a research report on Friday, December 5th. Stephens restated an “outperform” rating on shares of Albemarle in a research report on Friday, December 19th. HSBC upped their price target on Albemarle from $87.00 to $117.00 and gave the stock a “hold” rating in a report on Tuesday, November 25th. Bank of America reissued a “neutral” rating and issued a $100.00 price objective (up from $95.00) on shares of Albemarle in a report on Tuesday, October 14th. Finally, Rothschild & Co Redburn upped their target price on Albemarle from $135.00 to $158.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th.

Albemarle Trading Up 1.8%

Albemarle stock opened at $144.00 on Friday. The firm has a market cap of $16.95 billion, a PE ratio of -90.56, a P/E/G ratio of 7.07 and a beta of 1.41. Albemarle has a 12 month low of $49.43 and a 12 month high of $152.08. The stock’s 50 day simple moving average is $122.85 and its two-hundred day simple moving average is $94.12. 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 posted its earnings results on Wednesday, November 5th. The specialty chemicals company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.92) by $0.73. Albemarle had a negative net margin of 0.43% and a positive return on equity of 0.10%. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the firm earned ($1.55) EPS. The business’s quarterly revenue was down 3.5% on a year-over-year basis. Analysts anticipate that Albemarle will post -0.04 earnings per share for the current year.

Albemarle Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 12th were given a dividend of $0.405 per share. The ex-dividend date was Friday, December 12th. This represents a $1.62 dividend on an annualized basis and a yield of 1.1%. Albemarle’s dividend payout ratio is currently -101.89%.

Institutional Trading of Albemarle

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Per Stirling Capital Management LLC. lifted its holdings in Albemarle by 2.8% in the 3rd quarter. Per Stirling Capital Management LLC. now owns 3,332 shares of the specialty chemicals company’s stock valued at $270,000 after purchasing an additional 91 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Albemarle by 18.2% in the third quarter. EverSource Wealth Advisors LLC now owns 677 shares of the specialty chemicals company’s stock valued at $55,000 after buying an additional 104 shares during the last quarter. Cromwell Holdings LLC raised its position in shares of 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 buying an additional 111 shares during the last quarter. Money Concepts Capital Corp lifted its stake in shares of Albemarle by 1.2% in the third quarter. Money Concepts Capital Corp now owns 10,160 shares of the specialty chemicals company’s stock worth $824,000 after buying an additional 116 shares in the last quarter. Finally, Allworth Financial LP boosted its position in Albemarle by 7.5% during the third quarter. Allworth Financial LP now owns 1,730 shares of the specialty chemicals company’s stock worth $140,000 after acquiring an additional 120 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Albemarle Company Profile

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.