Berenberg Bank set a $130.00 target price on Albemarle (NYSE:ALB) in a research note issued to investors on Friday. The brokerage currently has a buy rating on the specialty chemicals company’s stock.
Several other research firms have also issued reports on ALB. ValuEngine upgraded shares of Albemarle from a sell rating to a hold rating in a research report on Friday, September 21st. Vertical Research began coverage on shares of Albemarle in a research report on Tuesday, September 25th. They issued a sell rating and a $85.00 price target on the stock. Vertical Group began coverage on shares of Albemarle in a research report on Tuesday, September 25th. They issued a sell rating and a $85.00 price target on the stock. Loop Capital set a $130.00 price target on shares of Albemarle and gave the stock a buy rating in a research report on Monday, October 8th. Finally, SunTrust Banks upgraded shares of Albemarle from a hold rating to a buy rating and lifted their price target for the stock from $110.00 to $115.00 in a research report on Tuesday, September 4th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and eighteen have issued a buy rating to the stock. The company has an average rating of Buy and an average price target of $123.50.
NYSE:ALB traded down $3.49 during midday trading on Friday, hitting $102.38. 1,455,019 shares of the stock were exchanged, compared to its average volume of 1,410,478. Albemarle has a one year low of $86.75 and a one year high of $143.66. The stock has a market cap of $11.71 billion, a price-to-earnings ratio of 22.31, a PEG ratio of 1.41 and a beta of 1.53. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.19 and a quick ratio of 1.55.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th will be given a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Thursday, December 13th. Albemarle’s payout ratio is 29.19%.
In other Albemarle news, EVP Karen G. Narwold sold 3,100 shares of Albemarle stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $97.11, for a total transaction of $301,041.00. Following the transaction, the executive vice president now directly owns 30,242 shares in the company, valued at approximately $2,936,800.62. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.80% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Neuburgh Advisers LLC grew its position in Albemarle by 24.7% during the 2nd quarter. Neuburgh Advisers LLC now owns 13,736 shares of the specialty chemicals company’s stock worth $1,296,000 after purchasing an additional 2,720 shares in the last quarter. Stoneridge Investment Partners LLC grew its position in Albemarle by 29.2% during the 2nd quarter. Stoneridge Investment Partners LLC now owns 51,930 shares of the specialty chemicals company’s stock worth $4,899,000 after purchasing an additional 11,728 shares in the last quarter. Grandfield & Dodd LLC grew its position in Albemarle by 7.0% during the 2nd quarter. Grandfield & Dodd LLC now owns 92,785 shares of the specialty chemicals company’s stock worth $8,752,000 after purchasing an additional 6,030 shares in the last quarter. Wolverine Asset Management LLC purchased a new position in Albemarle during the 2nd quarter worth approximately $943,000. Finally, California Public Employees Retirement System grew its holdings in shares of Albemarle by 0.8% during the 2nd quarter. California Public Employees Retirement System now owns 232,684 shares of the specialty chemicals company’s stock valued at $21,949,000 after acquiring an additional 1,828 shares in the last quarter. Hedge funds and other institutional investors own 90.99% of the company’s stock.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium and Advanced Materials segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and automobiles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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