Albemarle (NYSE:ALB) Given New $245.00 Price Target at Truist Financial

Albemarle (NYSE:ALB) had its target price hoisted by stock analysts at Truist Financial from $210.00 to $245.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the specialty chemicals company’s stock. Truist Financial’s target price indicates a potential upside of 23.39% from the company’s current price.

ALB has been the subject of a number of other research reports. Oppenheimer lifted their target price on shares of Albemarle from $216.00 to $222.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Rothschild & Co Redburn downgraded shares of Albemarle from a “buy” rating to a “neutral” rating and set a $188.00 price objective for the company. in a research report on Wednesday. Morgan Stanley set a $189.00 price objective on shares of Albemarle in a research report on Tuesday, April 14th. Wells Fargo & Company set a $165.00 price objective on shares of Albemarle in a research report on Monday, February 16th. Finally, BMO Capital Markets boosted their price objective on shares of Albemarle from $145.00 to $210.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Albemarle presently has a consensus rating of “Hold” and a consensus price target of $176.32.

Albemarle Trading Up 1.9%

NYSE:ALB opened at $198.56 on Wednesday. The company has a current ratio of 2.23, a quick ratio of 1.57 and a debt-to-equity ratio of 0.41. Albemarle has a 12 month low of $53.33 and a 12 month high of $215.71. The company has a market cap of $23.41 billion, a PE ratio of -34.53, a price-to-earnings-growth ratio of 1.51 and a beta of 1.43. The company has a 50 day simple moving average of $174.98 and a two-hundred day simple moving average of $147.38.

Albemarle (NYSE:ALB) last posted its earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.13). Albemarle had a positive return on equity of 0.41% and a negative net margin of 10.74%.The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period last year, the firm posted ($1.09) EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. Research analysts forecast that Albemarle will post 8.04 earnings per share for the current year.

Insider Activity

In other news, CEO J Kent Masters sold 11,783 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the completion of the sale, the chief executive officer owned 134,628 shares of the company’s stock, valued at $22,995,808.68. The trade was a 8.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.42% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ALB. Strategic Advocates LLC purchased a new position in shares of Albemarle during the 3rd quarter valued at $25,000. MH & Associates Securities Management Corp ADV purchased a new position in shares of Albemarle during the 4th quarter valued at $26,000. BOKF NA lifted its stake in shares of 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 buying an additional 404 shares in the last quarter. Cromwell Holdings LLC lifted its stake in shares of 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 buying an additional 111 shares in the last quarter. Finally, Elyxium Wealth LLC purchased a new position in shares of Albemarle during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.