Albemarle (NYSE:ALB – Free Report) had its target price increased by Wells Fargo & Company from $100.00 to $110.00 in a report published on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the specialty chemicals company’s stock.
Several other brokerages have also commented on ALB. Piper Sandler cut their target price on Albemarle from $95.00 to $90.00 and set an underweight rating on the stock in a research report on Thursday, August 8th. Baird R W downgraded shares of Albemarle from a strong-buy rating to a hold rating in a research report on Monday, August 5th. KeyCorp dropped their target price on shares of Albemarle from $151.00 to $132.00 and set an overweight rating on the stock in a research report on Monday, August 5th. JPMorgan Chase & Co. cut their target price on shares of Albemarle from $115.00 to $78.00 and set a neutral rating on the stock in a research note on Monday, August 19th. Finally, Berenberg Bank downgraded shares of Albemarle from a buy rating to a hold rating and decreased their price target for the company from $160.00 to $83.00 in a research note on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $117.60.
Albemarle Trading Down 0.9 %
Albemarle (NYSE:ALB – Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The specialty chemicals company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.49). Albemarle had a negative net margin of 6.72% and a positive return on equity of 6.38%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the firm posted $7.33 EPS. The company’s quarterly revenue was down 39.7% on a year-over-year basis. As a group, equities analysts forecast that Albemarle will post 0.46 EPS for the current year.
Albemarle Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $0.405 per share. The ex-dividend date was Friday, September 13th. This is a positive change from Albemarle’s previous quarterly dividend of $0.40. This represents a $1.62 annualized dividend and a dividend yield of 1.59%. Albemarle’s dividend payout ratio (DPR) is currently -34.25%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. WFA Asset Management Corp purchased a new stake in Albemarle in the 1st quarter worth about $25,000. Quarry LP purchased a new position in shares of Albemarle in the fourth quarter valued at $33,000. First Financial Corp IN bought a new stake in shares of Albemarle during the 1st quarter valued at $32,000. First Community Trust NA bought a new position in Albemarle in the 2nd quarter worth about $25,000. Finally, CVA Family Office LLC grew its holdings in Albemarle by 610.0% during the 2nd quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after buying an additional 244 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.
About Albemarle
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.
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