Albemarle (NYSE:ALB) Downgraded by Zacks Research to “Hold”

Albemarle (NYSE:ALB) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other brokerages have also issued reports on ALB. Argus increased their target price on Albemarle from $185.00 to $230.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Scotiabank lifted their price target on Albemarle from $200.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, May 14th. Truist Financial reduced their price target on Albemarle from $260.00 to $245.00 and set a “buy” rating on the stock in a research note on Monday. HSBC increased their price objective on Albemarle from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Finally, Jefferies Financial Group lowered their price objective on Albemarle from $244.00 to $211.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $199.87.

Albemarle Price Performance

Shares of NYSE ALB opened at $118.56 on Monday. Albemarle has a 1 year low of $64.95 and a 1 year high of $221.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21. The company’s 50-day moving average is $152.87 and its 200 day moving average is $167.96. The stock has a market capitalization of $13.98 billion, a P/E ratio of -34.77 and a beta of 1.34.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, topping the consensus estimate of $1.24 by $1.71. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. Albemarle’s quarterly revenue was up 32.7% compared to the same quarter last year. During the same period last year, the business posted ($0.18) earnings per share. On average, sell-side analysts expect that Albemarle will post 12.95 earnings per share for the current year.

Insider Buying and Selling at Albemarle

In related news, CEO J Kent Masters sold 16,393 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $183.72, for a total transaction of $3,011,721.96. Following the completion of the transaction, the chief executive officer owned 87,519 shares of the company’s stock, valued at $16,078,990.68. This trade represents a 15.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.42% of the stock is owned by insiders.

Institutional Investors Weigh In On Albemarle

Hedge funds have recently added to or reduced their stakes in the stock. Earnest Partners LLC increased its holdings in shares of Albemarle by 14.6% during the fourth quarter. Earnest Partners LLC now owns 1,630,394 shares of the specialty chemicals company’s stock valued at $230,603,000 after acquiring an additional 207,770 shares in the last quarter. Northern Trust Corp boosted its stake in Albemarle by 1.8% in the 3rd quarter. Northern Trust Corp now owns 1,263,734 shares of the specialty chemicals company’s stock worth $102,464,000 after purchasing an additional 22,856 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Albemarle by 57.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,241,106 shares of the specialty chemicals company’s stock worth $175,542,000 after purchasing an additional 453,881 shares in the last quarter. Norges Bank purchased a new stake in Albemarle during the 4th quarter valued at about $165,271,000. Finally, Phoenix Financial Ltd. purchased a new stake in Albemarle during the 4th quarter valued at about $130,415,000. 92.87% of the stock is owned by institutional investors.

Albemarle Company Profile

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.