Albemarle (NYSE:ALB – Get Rating) had its target price increased by equities research analysts at Royal Bank of Canada from $340.00 to $362.00 in a report issued on Wednesday, The Fly reports. Royal Bank of Canada’s price target points to a potential upside of 38.27% from the company’s current price.
Other analysts have also recently issued reports about the company. Bank of America boosted their price target on Albemarle from $262.00 to $332.00 and gave the stock a “neutral” rating in a report on Monday, October 3rd. Vertical Research upgraded Albemarle from a “hold” rating to a “buy” rating and set a $275.00 target price on the stock in a report on Wednesday, January 4th. UBS Group reduced their target price on Albemarle from $297.00 to $250.00 and set a “neutral” rating on the stock in a report on Wednesday, January 11th. Berenberg Bank cut Albemarle from a “buy” rating to a “hold” rating and upped their target price for the company from $260.00 to $270.00 in a report on Thursday, October 13th. Finally, StockNews.com initiated coverage on Albemarle in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $293.58.
Albemarle Stock Down 1.1 %
ALB stock opened at $261.80 on Wednesday. The company has a market cap of $30.67 billion, a PE ratio of 19.85, a price-to-earnings-growth ratio of 0.60 and a beta of 1.45. The business has a 50-day simple moving average of $248.26 and a 200 day simple moving average of $259.38. Albemarle has a 52 week low of $169.93 and a 52 week high of $334.55. The company has a quick ratio of 1.08, a current ratio of 1.73 and a debt-to-equity ratio of 0.45.
Insiders Place Their Bets
In other Albemarle news, CFO Scott Tozier sold 1,719 shares of the firm’s stock in a transaction dated Friday, January 6th. The stock was sold at an average price of $220.00, for a total value of $378,180.00. Following the completion of the transaction, the chief financial officer now owns 63,384 shares in the company, valued at approximately $13,944,480. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Albemarle news, CFO Scott Tozier sold 1,719 shares of the firm’s stock in a transaction dated Friday, January 6th. The stock was sold at an average price of $220.00, for a total value of $378,180.00. Following the sale, the chief financial officer now owns 63,384 shares of the company’s stock, valued at approximately $13,944,480. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Karen G. Narwold sold 2,250 shares of the firm’s stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $280.25, for a total value of $630,562.50. Following the completion of the sale, the executive vice president now directly owns 6,257 shares in the company, valued at approximately $1,753,524.25. The disclosure for this sale can be found here. Insiders sold a total of 17,681 shares of company stock worth $5,310,662 in the last quarter. 0.25% of the stock is owned by company insiders.
Hedge Funds Weigh In On Albemarle
A number of large investors have recently modified their holdings of ALB. SJS Investment Consulting Inc. bought a new position in shares of Albemarle in the third quarter worth approximately $28,000. Covestor Ltd boosted its position in Albemarle by 51.2% during the 1st quarter. Covestor Ltd now owns 130 shares of the specialty chemicals company’s stock valued at $29,000 after acquiring an additional 44 shares in the last quarter. Tompkins Financial Corp grew its stake in Albemarle by 50.0% in the fourth quarter. Tompkins Financial Corp now owns 150 shares of the specialty chemicals company’s stock worth $33,000 after purchasing an additional 50 shares during the period. Riverview Trust Co increased its stake in shares of Albemarle by 92.3% during the second quarter. Riverview Trust Co now owns 175 shares of the specialty chemicals company’s stock valued at $37,000 after purchasing an additional 84 shares in the last quarter. Finally, Itau Unibanco Holding S.A. purchased a new position in Albemarle during the third quarter valued at $37,000. 82.24% of the stock is owned by hedge funds and other institutional investors.
Albemarle Corp. engages in the development, manufacture, 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, Catalysts, and All Other.
- Get a free copy of the StockNews.com research report on Albemarle (ALB)
- Pliant Therapeutics Gaps 34% Higher: More Upside To Come?
- How Will Early 2023 Layoffs Affect These 5 Biotech Stocks?
- Is the Pain Over for Baudax Bio Investors after a 70% Spike?
- Will Rocket Lab’s First U.S. Launch Send Stock Into Stratosphere?
- Is It Time To Get Aggressive With Defense Stocks?
Receive News & Ratings for Albemarle Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Albemarle and related companies with MarketBeat.com's FREE daily email newsletter.