Albemarle Corporation (ALB) Given Consensus Rating of “Buy” by Analysts
Shares of Albemarle Corporation (NYSE:ALB) have been assigned an average rating of “Buy” from the nineteen brokerages that are covering the stock, MarketBeat reports. Seven investment analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $113.00.
A number of equities research analysts have recently issued reports on ALB shares. BidaskClub lowered Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Robert W. Baird restated an “outperform” rating and set a $135.00 price objective (up previously from $125.00) on shares of Albemarle Corporation in a research note on Tuesday, July 18th. They noted that the move was a valuation call. KeyCorp restated a “buy” rating and set a $125.00 price objective on shares of Albemarle Corporation in a research note on Sunday, September 3rd. SunTrust Banks, Inc. lowered Albemarle Corporation from a “buy” rating to a “hold” rating and set a $121.00 price objective for the company. in a research note on Wednesday, August 9th. Finally, Oppenheimer Holdings, Inc. initiated coverage on Albemarle Corporation in a research note on Wednesday, August 16th. They set an “outperform” rating and a $133.00 price objective for the company.
In other Albemarle Corporation news, EVP Karen G. Narwold sold 11,500 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $115.95, for a total transaction of $1,333,425.00. Following the transaction, the executive vice president now owns 36,620 shares of the company’s stock, valued at approximately $4,246,089. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Matthew Juneau sold 5,397 shares of the stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $115.77, for a total value of $624,810.69. Following the transaction, the executive vice president now directly owns 360 shares in the company, valued at approximately $41,677.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 91,897 shares of company stock worth $10,215,486. 0.74% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Albemarle Corporation by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 12,501,329 shares of the specialty chemicals company’s stock worth $1,319,389,000 after buying an additional 213,530 shares during the last quarter. BlackRock Inc. lifted its holdings in Albemarle Corporation by 2,805.3% during the 1st quarter. BlackRock Inc. now owns 8,310,717 shares of the specialty chemicals company’s stock worth $877,947,000 after buying an additional 8,024,668 shares during the last quarter. Jennison Associates LLC lifted its holdings in Albemarle Corporation by 12.0% during the 2nd quarter. Jennison Associates LLC now owns 6,421,530 shares of the specialty chemicals company’s stock worth $677,728,000 after buying an additional 689,054 shares during the last quarter. State Street Corp lifted its holdings in Albemarle Corporation by 0.5% during the 1st quarter. State Street Corp now owns 6,356,839 shares of the specialty chemicals company’s stock worth $671,675,000 after buying an additional 30,662 shares during the last quarter. Finally, FMR LLC lifted its holdings in Albemarle Corporation by 3.9% during the 1st quarter. FMR LLC now owns 2,269,067 shares of the specialty chemicals company’s stock worth $239,703,000 after buying an additional 84,189 shares during the last quarter. 83.73% of the stock is currently owned by institutional investors.
Shares of Albemarle Corporation (NYSE ALB) traded down 0.44% during trading on Friday, hitting $134.29. The stock had a trading volume of 1,324,237 shares. Albemarle Corporation has a one year low of $76.32 and a one year high of $135.26. The stock’s 50-day moving average price is $117.92 and its 200-day moving average price is $111.37. The company has a market cap of $14.84 billion, a P/E ratio of 17.17 and a beta of 1.61.
Albemarle Corporation (NYSE:ALB) last posted its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.02. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The business had revenue of $737.25 million during the quarter, compared to analyst estimates of $735.50 million. During the same quarter last year, the firm earned $0.93 earnings per share. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. On average, equities research analysts forecast that Albemarle Corporation will post $4.37 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Thursday, September 14th. Albemarle Corporation’s dividend payout ratio is presently 16.41%.
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About Albemarle Corporation
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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