Citigroup Raises Albemarle (NYSE:ALB) Price Target to $180.00

Albemarle (NYSE:ALB) had its price objective increased by analysts at Citigroup from $150.00 to $180.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The firm currently has a “neutral” rating on the specialty chemicals company’s stock. Citigroup’s price target would indicate a potential upside of 6.77% from the company’s previous close.

Several other brokerages have also recently commented on ALB. Hsbc Global Res upgraded Albemarle from a “hold” rating to a “strong-buy” rating in a report on Sunday, January 18th. JPMorgan Chase & Co. upped their price target on shares of Albemarle from $80.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 28th. Deutsche Bank Aktiengesellschaft raised shares of Albemarle from a “hold” rating to a “buy” rating and increased their price objective for the stock from $125.00 to $185.00 in a report on Monday, January 12th. Royal Bank Of Canada boosted their target price on shares of Albemarle from $159.00 to $200.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Finally, Truist Financial raised shares of Albemarle from a “hold” rating to a “buy” rating and increased their price target for the company from $125.00 to $205.00 in a research note on Wednesday, January 21st. Four research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $161.16.

Albemarle Price Performance

NYSE:ALB opened at $168.58 on Tuesday. The company has a quick ratio of 1.51, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. The firm has a market cap of $19.84 billion, a PE ratio of -106.02, a price-to-earnings-growth ratio of 3.05 and a beta of 1.44. Albemarle has a 12 month low of $49.43 and a 12 month high of $195.68. The company’s 50-day moving average price is $152.76 and its two-hundred day moving average price is $111.13.

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

Hedge Funds Weigh In On Albemarle

Several hedge funds have recently added to or reduced their stakes in the stock. Moneco Advisors LLC bought a new position in Albemarle during the fourth quarter worth about $251,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Albemarle in the 4th quarter valued at approximately $1,443,000. Meridian Wealth Management LLC acquired a new stake in shares of Albemarle in the 4th quarter valued at approximately $226,000. Money Concepts Capital Corp boosted its stake in Albemarle by 1.4% during the 4th quarter. Money Concepts Capital Corp now owns 10,302 shares of the specialty chemicals company’s stock worth $1,457,000 after acquiring an additional 142 shares during the last quarter. Finally, Swiss Life Asset Management Ltd increased its stake in Albemarle by 23.5% in the fourth quarter. Swiss Life Asset Management Ltd now owns 6,692 shares of the specialty chemicals company’s stock valued at $947,000 after purchasing an additional 1,273 shares in the last quarter. 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.