Albemarle (NYSE:ALB) Reaches New 52-Week High After Analyst Upgrade

Albemarle Corporation (NYSE:ALB) shares reached a new 52-week high during trading on Wednesday after Citigroup raised their price target on the stock from $150.00 to $180.00. Citigroup currently has a neutral rating on the stock. Albemarle traded as high as $180.00 and last traded at $177.8280, with a volume of 1195411 shares traded. The stock had previously closed at $172.54.

ALB has been the subject of several other research reports. Argus upped their price target on shares of Albemarle from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, November 17th. Berenberg Bank lifted their price objective on shares of Albemarle from $75.00 to $135.00 and gave the company a “hold” rating in a research note on Tuesday, January 6th. Stephens reaffirmed an “outperform” rating on shares of Albemarle in a report on Friday, December 19th. Truist Financial upgraded shares of Albemarle from a “hold” rating to a “buy” rating and increased their target price for the stock from $125.00 to $205.00 in a research note on Wednesday. Finally, Robert W. Baird set a $210.00 price target on Albemarle and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Four research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $152.48.

Hedge Funds Weigh In On Albemarle

A number of large investors have recently modified their holdings of the business. City Holding Co. boosted its stake in shares of Albemarle by 16.4% in the fourth quarter. City Holding Co. now owns 3,515 shares of the specialty chemicals company’s stock valued at $497,000 after buying an additional 495 shares in the last quarter. Legacy Trust raised its position in Albemarle by 6.7% in the fourth quarter. Legacy Trust now owns 25,578 shares of the specialty chemicals company’s stock worth $3,618,000 after acquiring an additional 1,599 shares in the last quarter. Quotient Wealth Partners LLC lifted its holdings in Albemarle by 2.8% in the fourth quarter. Quotient Wealth Partners LLC now owns 3,163 shares of the specialty chemicals company’s stock valued at $447,000 after acquiring an additional 85 shares during the period. Fiduciary Alliance LLC boosted its position in shares of Albemarle by 7.8% during the 4th quarter. Fiduciary Alliance LLC now owns 38,916 shares of the specialty chemicals company’s stock worth $5,504,000 after purchasing an additional 2,806 shares in the last quarter. Finally, MH & Associates Securities Management Corp ADV purchased a new stake in shares of Albemarle during the 4th quarter worth $26,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Stock Performance

The stock’s 50 day moving average price is $142.13 and its two-hundred day moving average price is $104.14. The company has a current ratio of 2.27, a quick ratio of 1.51 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $22.12 billion, a price-to-earnings ratio of -118.22, a PEG ratio of 4.68 and a beta of 1.41.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Wednesday, November 5th. The specialty chemicals company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the firm earned ($1.55) earnings per share. The firm’s revenue was down 3.5% on a year-over-year basis. On average, analysts forecast that Albemarle Corporation will post -0.04 EPS for the current year.

Albemarle Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 12th were issued a $0.405 dividend. The ex-dividend date was Friday, December 12th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 0.9%. Albemarle’s dividend payout ratio is currently -101.89%.

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.