Albemarle (NYSE:ALB) Given New $253.00 Price Target at Royal Bank Of Canada

Albemarle (NYSE:ALB) had its target price upped by equities research analysts at Royal Bank Of Canada from $245.00 to $253.00 in a note issued to investors on Monday,MarketScreener reports. The brokerage currently has an “outperform” rating on the specialty chemicals company’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 24.19% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. decreased their price target on shares of Albemarle from $195.00 to $145.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. Argus lifted their price objective on shares of Albemarle from $185.00 to $230.00 in a report on Monday. Jefferies Financial Group upped their target price on shares of Albemarle from $230.00 to $244.00 in a research report on Monday. Weiss Ratings raised Albemarle from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday. Finally, Citigroup raised their price target on Albemarle from $210.00 to $225.00 and gave the company a “neutral” rating in a research report on Friday. Thirteen equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $191.83.

Albemarle Stock Performance

Shares of ALB opened at $203.72 on Monday. The company has a market cap of $24.02 billion, a PE ratio of -59.74, a price-to-earnings-growth ratio of 1.46 and a beta of 1.36. The company has a current ratio of 2.07, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23. The stock has a 50-day moving average price of $179.56 and a 200-day moving average price of $154.41. Albemarle has a 12-month low of $53.70 and a 12-month high of $221.00.

Albemarle (NYSE:ALB) last posted its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $1.24 by $1.71. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. Albemarle’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.18) earnings per share. As a group, equities analysts forecast that Albemarle will post 8.72 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO J Kent Masters sold 11,783 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the transaction, the chief executive officer owned 134,628 shares of the company’s stock, valued at approximately $22,995,808.68. This trade represents a 8.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.42% of the company’s stock.

Institutional Trading of Albemarle

Hedge funds have recently added to or reduced their stakes in the business. MH & Associates Securities Management Corp ADV bought a new position in shares of Albemarle during the fourth quarter valued at about $26,000. Elyxium Wealth LLC purchased a new position in shares of Albemarle in the fourth quarter worth about $34,000. Torren Management LLC bought a new stake in shares of Albemarle in the 4th quarter valued at about $38,000. Sound Income Strategies LLC lifted its stake in shares of Albemarle by 190.1% in the 1st quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company’s stock valued at $52,000 after acquiring an additional 192 shares during the last quarter. Finally, Root Financial Partners LLC boosted its holdings in Albemarle by 121.5% during the 4th quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company’s stock valued at $42,000 after acquiring an additional 164 shares during the period. 92.87% of the stock is owned by 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.