Truist Financial Issues Pessimistic Forecast for Albemarle (NYSE:ALB) Stock Price

Albemarle (NYSE:ALB) had its price target reduced by Truist Financial from $260.00 to $245.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. Truist Financial’s price objective indicates a potential upside of 106.64% from the company’s current price.

Several other brokerages have also issued reports on ALB. Wells Fargo & Company lifted their price target on Albemarle from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. UBS Group increased their price objective on Albemarle from $230.00 to $264.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Jefferies Financial Group decreased their price objective on Albemarle from $244.00 to $211.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft boosted their target price on Albemarle from $210.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Finally, Citigroup raised Albemarle from a “neutral” rating to a “buy” rating and set a $225.00 target price for the company in a research note on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $199.87.

Albemarle Price Performance

Shares of NYSE:ALB opened at $118.56 on Monday. The company’s fifty day moving average price is $152.87 and its 200-day moving average price is $167.96. The firm has a market capitalization of $13.98 billion, a price-to-earnings ratio of -34.77 and a beta of 1.34. Albemarle has a one year low of $64.95 and a one year high of $221.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21.

Albemarle (NYSE:ALB) last posted its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $1.71. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the previous year, the firm posted ($0.18) EPS. The firm’s revenue was up 32.7% compared to the same quarter last year. On average, equities research analysts anticipate that Albemarle will post 12.95 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $183.72, for a total value of $3,011,721.96. Following the transaction, the chief executive officer owned 87,519 shares in the company, valued at approximately $16,078,990.68. The trade was a 15.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.42% of the company’s stock.

Institutional Investors Weigh In On Albemarle

Several institutional investors have recently bought and sold shares of ALB. MH & Associates Securities Management Corp ADV bought a new stake in Albemarle in the fourth quarter valued at approximately $26,000. BOKF NA grew its holdings in shares of Albemarle by 5,771.4% in the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock worth $33,000 after purchasing an additional 404 shares during the last quarter. Elyxium Wealth LLC bought a new position in shares of Albemarle in the fourth quarter worth approximately $34,000. EverSource Wealth Advisors LLC increased its stake in shares of Albemarle by 536.7% in the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock worth $36,000 after buying an additional 483 shares during the period. Finally, Torren Management LLC purchased a new position in shares of Albemarle in the fourth quarter worth $38,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

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.