Albemarle (NYSE:ALB) Price Target Raised to $132.00

Albemarle (NYSE:ALB) had its target price upped by Mizuho from $110.00 to $132.00 in a report released on Thursday morning, Marketbeat reports. The brokerage currently has a neutral rating on the specialty chemicals company’s stock.

ALB has been the subject of a number of other research reports. Rothschild Redb raised Albemarle to a “strong-buy” rating in a research note on Friday, October 24th. Bank of America restated a “neutral” rating and issued a $100.00 price objective (up from $95.00) on shares of Albemarle in a report on Tuesday, October 14th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Albemarle in a research note on Monday, December 15th. Robert W. Baird set a $113.00 price target on shares of Albemarle and gave the stock a “neutral” rating in a research note on Tuesday, December 2nd. Finally, Baird R W upgraded shares of Albemarle from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eighteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $120.21.

Albemarle Trading Up 3.8%

Shares of ALB opened at $145.85 on Thursday. The stock has a market capitalization of $17.17 billion, a P/E ratio of -91.73 and a beta of 1.43. Albemarle has a twelve month low of $49.43 and a twelve month high of $149.82. The company has a quick ratio of 1.51, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. The firm has a fifty day simple moving average of $113.05 and a two-hundred day simple moving average of $88.27.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, November 5th. The specialty chemicals company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.92) by $0.73. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.27 billion. Albemarle had a negative net margin of 0.43% and a positive return on equity of 0.10%. The company’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.55) earnings per share. On average, research analysts anticipate that Albemarle will post -0.04 EPS for the current year.

Albemarle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be paid a $0.405 dividend. The ex-dividend date is Friday, December 12th. This represents a $1.62 annualized dividend and a dividend yield of 1.1%. Albemarle’s dividend payout ratio is presently -101.89%.

Institutional Investors Weigh In On Albemarle

Hedge funds have recently added to or reduced their stakes in the stock. Strategic Advocates LLC bought a new position in shares of Albemarle during the third quarter valued at $25,000. Hantz Financial Services Inc. grew its position in Albemarle by 10,050.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 406 shares of the specialty chemicals company’s stock valued at $25,000 after purchasing an additional 402 shares during the last quarter. BOKF NA increased its stake in Albemarle by 5,771.4% during the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 404 shares in the last quarter. Cromwell Holdings LLC increased its stake in Albemarle by 36.8% during the 3rd quarter. Cromwell Holdings LLC now owns 413 shares of the specialty chemicals company’s stock valued at $34,000 after purchasing an additional 111 shares in the last quarter. Finally, Physician Wealth Advisors Inc. purchased a new position in Albemarle in the third quarter worth about $40,000. 92.87% of the stock is owned by institutional investors.

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.