Zacks Research Upgrades Albemarle (NYSE:ALB) to Hold

Albemarle (NYSE:ALB) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

Several other research firms have also recently commented on ALB. JPMorgan Chase & Co. decreased their price target on shares of Albemarle from $160.00 to $140.00 and set a “neutral” rating for the company in a report on Tuesday, August 25th. Citigroup upped their price objective on shares of Albemarle from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Monday. Royal Bank Of Canada cut their target price on shares of Albemarle from $129.00 to $119.00 and set an “outperform” rating for the company in a research report on Friday, November 6th. Argus cut their target price on shares of Albemarle from $230.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, October 7th. Finally, Weiss Ratings raised shares of Albemarle from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, November 4th. Fifteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $174.05.

Albemarle Stock Down 4.2%

NYSE:ALB opened at $94.98 on Monday. The firm has a market capitalization of $11.21 billion, a price-to-earnings ratio of 22.94, a PEG ratio of 0.61 and a beta of 1.34. Albemarle has a 1-year low of $89.77 and a 1-year high of $221.00. The company has a current ratio of 2.34, a quick ratio of 1.57 and a debt-to-equity ratio of 0.21. The business’s fifty day moving average price is $106.02 and its 200 day moving average price is $147.00.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Wednesday, November 4th. The specialty chemicals company reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.05. Albemarle had a return on equity of 14.91% and a net margin of 10.40%. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the company posted ($0.19) EPS. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, sell-side analysts forecast that Albemarle will post 10.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Albemarle

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Primecap Management Co. CA acquired a new position in Albemarle during the second quarter valued at approximately $358,101,000. ProShare Advisors LLC lifted its stake in shares of Albemarle by 69.7% in the third quarter. ProShare Advisors LLC now owns 1,436,117 shares of the specialty chemicals company’s stock worth $151,912,000 after buying an additional 589,787 shares during the last quarter. Deutsche Bank AG bought a new stake in shares of Albemarle during the 2nd quarter worth $131,049,000. Amundi boosted its holdings in shares of Albemarle by 40.5% during the 2nd quarter. Amundi now owns 827,874 shares of the specialty chemicals company’s stock worth $111,784,000 after buying an additional 238,774 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in Albemarle during the 2nd quarter worth $103,268,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

About Albemarle

Albemarle Corporation is a specialty chemicals company that produces lithium, bromine and refining catalysts. Its products serve industries including energy storage, transportation, electronics, petroleum refining and pharmaceuticals. The company supplies lithium compounds used in rechargeable batteries and other applications. It also makes bromine-based products for uses such as flame retardants and water treatment, along with catalysts used in refining petroleum. Albemarle traces its history to 1887 and is headquartered in Charlotte, North Carolina.