Albemarle (NYSE:ALB) Stock Rating Upgraded by Bank of America

Albemarle (NYSE:ALB) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage presently has a $190.00 price target on the specialty chemicals company’s stock, up from their previous price target of $167.00. Bank of America‘s price objective would suggest a potential upside of 11.16% from the company’s previous close.

A number of other equities research analysts have also weighed in on the company. Deutsche Bank Aktiengesellschaft upgraded Albemarle from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $125.00 to $185.00 in a research report on Monday, January 12th. Weiss Ratings reissued a “sell (d+)” rating on shares of Albemarle in a research note on Monday, December 29th. Jefferies Financial Group boosted their price target on Albemarle from $210.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. Mizuho lifted their target price on shares of Albemarle from $156.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 12th. Finally, Robert W. Baird set a $210.00 target price on shares of Albemarle and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Albemarle has an average rating of “Moderate Buy” and an average target price of $167.52.

Albemarle Stock Up 1.2%

Shares of NYSE ALB opened at $170.92 on Tuesday. The company has a market cap of $20.14 billion, a price-to-earnings ratio of -29.73, a PEG ratio of 1.88 and a beta of 1.44. The company has a current ratio of 2.23, a quick ratio of 1.57 and a debt-to-equity ratio of 0.41. Albemarle has a 12 month low of $49.43 and a 12 month high of $195.68. The stock has a 50-day moving average price of $160.48 and a two-hundred day moving average price of $117.44.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.13). Albemarle had a positive return on equity of 0.41% and a negative net margin of 10.74%.The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the company earned ($1.09) earnings per share. Albemarle’s revenue for the quarter was up 15.9% compared to the same quarter last year. As a group, analysts forecast that Albemarle will post -0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Albemarle

Several large investors have recently added to or reduced their stakes in the business. Hantz Financial Services Inc. boosted its holdings in shares of 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 buying an additional 402 shares in the last quarter. Strategic Advocates LLC acquired a new position in shares of Albemarle during the 3rd quarter valued at $25,000. MH & Associates Securities Management Corp ADV acquired a new position in shares of Albemarle during the 4th quarter valued at $26,000. CVA Family Office LLC increased its stake in Albemarle by 7,257.1% in the second quarter. CVA Family Office LLC now owns 515 shares of the specialty chemicals company’s stock valued at $32,000 after purchasing an additional 508 shares in the last quarter. Finally, BOKF NA raised its holdings in shares of 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. 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.