Albemarle (NYSE:ALB) Hits New 1-Year High – Here’s Why

Albemarle Corporation (NYSE:ALB)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $206.00 and last traded at $198.5290, with a volume of 1455992 shares changing hands. The stock had previously closed at $186.83.

Analyst Ratings Changes

ALB has been the topic of several research reports. Bank of America upgraded shares of Albemarle from a “neutral” rating to a “buy” rating and upped their price objective for the company from $167.00 to $190.00 in a report on Tuesday, February 17th. BMO Capital Markets upped their price target on shares of Albemarle from $145.00 to $210.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Robert W. Baird set a $210.00 price target on shares of Albemarle and gave the company an “outperform” rating in a report on Wednesday, January 7th. Royal Bank Of Canada boosted their price objective on Albemarle from $200.00 to $216.00 and gave the stock an “outperform” rating in a report on Tuesday, February 17th. Finally, Zacks Research raised Albemarle from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $170.04.

Albemarle Trading Down 5.6%

The firm has a market capitalization of $21.79 billion, a P/E ratio of -32.15, a PEG ratio of 1.75 and a beta of 1.44. The company has a quick ratio of 1.57, a current ratio of 2.23 and a debt-to-equity ratio of 0.41. The firm has a 50 day moving average of $166.00 and a 200-day moving average of $121.71.

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

Albemarle Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be given a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.62 annualized dividend and a yield of 0.9%. Albemarle’s dividend payout ratio is currently -28.17%.

Hedge Funds Weigh In On Albemarle

Several hedge funds and other institutional investors have recently made changes to their positions in ALB. PGGM Investments lifted its stake in Albemarle by 10.8% in the third quarter. PGGM Investments now owns 1,185,005 shares of the specialty chemicals company’s stock valued at $96,080,000 after buying an additional 115,081 shares during the period. Occidental Asset Management LLC acquired a new position in shares of Albemarle during the 3rd quarter valued at $3,313,000. CWM LLC boosted its stake in Albemarle by 14.8% during the third quarter. CWM LLC now owns 165,074 shares of the specialty chemicals company’s stock worth $13,384,000 after acquiring an additional 21,257 shares in the last quarter. AXQ Capital LP bought a new position in Albemarle during the second quarter worth $267,000. Finally, Empower Advisory Group LLC increased its stake in Albemarle by 11.4% in the second quarter. Empower Advisory Group LLC now owns 866,575 shares of the specialty chemicals company’s stock valued at $54,308,000 after purchasing an additional 88,457 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.