Albemarle (NYSE:ALB) Price Target Raised to $131.00 at KeyCorp

Albemarle (NYSE:ALB) had its price objective hoisted by KeyCorp from $127.00 to $131.00 in a research report released on Monday, Price Targets.com reports. KeyCorp currently has an underweight rating on the specialty chemicals company’s stock. KeyCorp also issued estimates for Albemarle’s Q3 2021 earnings at $0.81 EPS, Q4 2021 earnings at $0.71 EPS, FY2021 earnings at $3.50 EPS and FY2022 earnings at $5.68 EPS.

Other equities analysts also recently issued research reports about the stock. Cowen lifted their target price on shares of Albemarle from $180.00 to $260.00 and gave the stock an outperform rating in a research note on Monday, August 30th. UBS Group boosted their price objective on shares of Albemarle from $240.00 to $290.00 and gave the company a buy rating in a research note on Monday, September 13th. BMO Capital Markets boosted their price objective on shares of Albemarle from $265.00 to $290.00 and gave the company an outperform rating in a research note on Monday, September 13th. Loop Capital boosted their price objective on shares of Albemarle from $253.00 to $280.00 and gave the company a buy rating in a research note on Monday, October 4th. Finally, Berenberg Bank raised shares of Albemarle from a sell rating to a buy rating and boosted their price objective for the company from $115.00 to $280.00 in a research note on Wednesday, September 8th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Albemarle has an average rating of Hold and an average target price of $211.55.

NYSE ALB opened at $223.66 on Monday. Albemarle has a 52-week low of $90.07 and a 52-week high of $253.10. The company has a 50-day simple moving average of $227.77 and a 200 day simple moving average of $188.82. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.44 and a current ratio of 2.18. The company has a market capitalization of $26.16 billion, a PE ratio of 36.25, a price-to-earnings-growth ratio of 4.50 and a beta of 1.57.

Albemarle (NYSE:ALB) last posted its earnings results on Tuesday, August 3rd. The specialty chemicals company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.06. The firm had revenue of $773.90 million during the quarter, compared to the consensus estimate of $787.72 million. Albemarle had a net margin of 21.78% and a return on equity of 8.92%. The company’s revenue was up 1.3% on a year-over-year basis. During the same quarter last year, the company earned $0.86 earnings per share. As a group, analysts forecast that Albemarle will post 3.57 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 1st. Shareholders of record on Friday, September 17th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date of this dividend was Thursday, September 16th. Albemarle’s payout ratio is currently 37.86%.

In other Albemarle news, EVP Karen G. Narwold sold 1,338 shares of the business’s stock in a transaction on Monday, August 9th. The shares were sold at an average price of $224.71, for a total transaction of $300,661.98. Following the transaction, the executive vice president now directly owns 36,189 shares of the company’s stock, valued at approximately $8,132,030.19. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Karen G. Narwold sold 1,337 shares of the business’s stock in a transaction on Friday, October 8th. The shares were sold at an average price of $221.98, for a total transaction of $296,787.26. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,533 shares of company stock worth $5,373,487. Insiders own 0.63% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Legal & General Group Plc grew its position in shares of Albemarle by 4.5% in the 2nd quarter. Legal & General Group Plc now owns 737,565 shares of the specialty chemicals company’s stock worth $124,251,000 after buying an additional 31,940 shares during the period. Franklin Resources Inc. boosted its stake in Albemarle by 26.5% in the 1st quarter. Franklin Resources Inc. now owns 7,258,584 shares of the specialty chemicals company’s stock worth $1,060,553,000 after purchasing an additional 1,518,429 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its stake in Albemarle by 185.4% in the 1st quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 128,195 shares of the specialty chemicals company’s stock worth $18,731,000 after purchasing an additional 83,273 shares in the last quarter. Ibex Investors LLC bought a new position in Albemarle in the 1st quarter worth about $1,269,000. Finally, Man Group plc boosted its stake in Albemarle by 20.3% in the 1st quarter. Man Group plc now owns 35,383 shares of the specialty chemicals company’s stock worth $5,170,000 after purchasing an additional 5,975 shares in the last quarter. 81.13% of the stock is currently owned by hedge funds and other institutional investors.

About Albemarle

Albemarle Corp. engages in developing, manufacturing, and marketing of chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food-safety, and custom chemistry services. It operates through the following segments: Lithium, Bromine Specialties, and Catalysts.

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Analyst Recommendations for Albemarle (NYSE:ALB)

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