Albemarle (NYSE:ALB) Stock Rating Lowered by Zacks Research

Albemarle (NYSE:ALB) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Other research analysts also recently issued reports about the company. Jefferies Financial Group lowered their price target on Albemarle from $244.00 to $211.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Wells Fargo & Company boosted their target price on Albemarle from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Vertical Research raised Albemarle from a “hold” rating to a “buy” rating and set a $224.00 target price for the company in a research report on Tuesday, May 26th. Bank of America upped their target price on shares of Albemarle from $190.00 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Finally, Robert W. Baird dropped their price target on shares of Albemarle from $236.00 to $224.00 and set a “neutral” rating on the stock in a report on Thursday, June 18th. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Albemarle has an average rating of “Moderate Buy” and an average price target of $199.87.

Albemarle Stock Performance

ALB stock opened at $118.56 on Monday. The stock has a market capitalization of $13.98 billion, a PE ratio of -34.77 and a beta of 1.34. Albemarle has a 12-month low of $64.95 and a 12-month high of $221.00. 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’s 50 day simple moving average is $152.87 and its 200 day simple moving average is $167.96.

Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, beating the consensus estimate of $1.24 by $1.71. The business 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 5.22% and a negative net margin of 5.00%.The company’s revenue was up 32.7% compared to the same quarter last year. During the same period last year, the business posted ($0.18) EPS. As a group, research analysts forecast that Albemarle will post 12.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $183.72, for a total value of $3,011,721.96. Following the transaction, the chief executive officer directly owned 87,519 shares of the company’s stock, valued at approximately $16,078,990.68. This trade represents a 15.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.42% of the company’s stock.

Institutional Investors Weigh In On Albemarle

Several hedge funds and other institutional investors have recently made changes to their positions in ALB. MH & Associates Securities Management Corp ADV bought a new position in shares of Albemarle in the 4th quarter worth approximately $26,000. Elyxium Wealth LLC bought a new stake in Albemarle during the fourth quarter valued at approximately $34,000. Torren Management LLC bought a new stake in Albemarle during the fourth quarter valued at approximately $38,000. Sound Income Strategies LLC increased its holdings in Albemarle by 190.1% during the first quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company’s stock valued at $52,000 after buying an additional 192 shares during the last quarter. Finally, Root Financial Partners LLC increased its holdings in Albemarle by 121.5% during the fourth quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company’s stock valued at $42,000 after buying an additional 164 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.