Albemarle (NYSE:ALB) Price Target Raised to $71.00 at Nomura

Albemarle (NYSE:ALB) had its price objective hoisted by Nomura from $70.00 to $71.00 in a research report released on Friday morning, BenzingaRatingsTable reports. The firm currently has a neutral rating on the specialty chemicals company’s stock.

A number of other research analysts also recently issued reports on the company. ValuEngine upgraded Albemarle from a strong sell rating to a sell rating in a research note on Thursday. TheStreet downgraded Albemarle from a b- rating to a c+ rating in a research note on Monday, May 20th. KeyCorp restated an overweight rating and set a $94.00 price target (down previously from $100.00) on shares of Albemarle in a research note on Tuesday, July 9th. Loop Capital dropped their price target on Albemarle to $108.00 and set a buy rating on the stock in a research note on Thursday, May 16th. Finally, Jefferies Financial Group dropped their price target on Albemarle from $114.00 to $90.00 and set a buy rating on the stock in a research note on Monday, May 20th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. Albemarle presently has a consensus rating of Hold and an average price target of $95.98.

Shares of ALB traded down $3.24 during mid-day trading on Friday, reaching $70.25. The company’s stock had a trading volume of 2,093,032 shares, compared to its average volume of 1,289,545. Albemarle has a 12-month low of $63.10 and a 12-month high of $108.74. The firm has a market capitalization of $7.44 billion, a PE ratio of 12.82, a PEG ratio of 0.71 and a beta of 1.59. The company has a current ratio of 1.55, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. The firm’s 50 day moving average price is $71.12.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Wednesday, August 7th. The specialty chemicals company reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.14. The business had revenue of $885.05 million for the quarter, compared to the consensus estimate of $893.50 million. Albemarle had a return on equity of 15.93% and a net margin of 16.01%. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.36 EPS. Sell-side analysts forecast that Albemarle will post 6.35 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.3675 dividend. The ex-dividend date is Thursday, September 12th. This represents a $1.47 annualized dividend and a dividend yield of 2.09%. Albemarle’s dividend payout ratio (DPR) is currently 26.82%.

In related news, SVP Deeanne J. Marlow bought 1,000 shares of the stock in a transaction on Monday, May 13th. The shares were bought at an average cost of $70.85 per share, for a total transaction of $70,850.00. Following the purchase, the senior vice president now owns 1,000 shares of the company’s stock, valued at approximately $70,850. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.02% of the company’s stock.

Several hedge funds have recently made changes to their positions in ALB. Dimensional Fund Advisors LP lifted its stake in Albemarle by 10.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,218,626 shares of the specialty chemicals company’s stock valued at $93,921,000 after acquiring an additional 116,753 shares during the period. Geode Capital Management LLC lifted its stake in Albemarle by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 1,358,277 shares of the specialty chemicals company’s stock valued at $104,495,000 after acquiring an additional 67,439 shares during the period. State of Alaska Department of Revenue lifted its stake in Albemarle by 6.5% during the 1st quarter. State of Alaska Department of Revenue now owns 26,675 shares of the specialty chemicals company’s stock valued at $2,185,000 after acquiring an additional 1,630 shares during the period. Chartwell Investment Partners LLC lifted its stake in Albemarle by 5.6% during the 1st quarter. Chartwell Investment Partners LLC now owns 21,197 shares of the specialty chemicals company’s stock valued at $1,738,000 after acquiring an additional 1,130 shares during the period. Finally, QUANTRES ASSET MANAGEMENT Ltd bought a new position in Albemarle during the 1st quarter valued at about $508,000. Institutional investors own 90.13% of the company’s stock.

Albemarle Company Profile

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, 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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Analyst Recommendations for Albemarle (NYSE:ALB)

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