Albemarle (NYSE:ALB) Price Target Cut to $225.00 by Analysts at Truist Financial

Albemarle (NYSE:ALB) had its price target decreased by Truist Financial from $245.00 to $225.00 in a research report sent to investors on Friday, MarketBeat.com reports. Truist Financial currently has a buy rating on the specialty chemicals company’s stock.

Several other equities research analysts also recently weighed in on ALB. Zacks Research downgraded Albemarle from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. Oppenheimer upped their price objective on shares of Albemarle from $216.00 to $222.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Robert W. Baird lowered their target price on shares of Albemarle from $236.00 to $224.00 and set a “neutral” rating for the company in a research note on Thursday, June 18th. Argus lifted their target price on shares of Albemarle from $185.00 to $230.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Finally, Citigroup dropped their target price on shares of Albemarle from $225.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday. Fifteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $192.30.

Albemarle Stock Performance

Shares of ALB opened at $131.52 on Friday. Albemarle has a 12 month low of $71.25 and a 12 month high of $221.00. The stock has a fifty day moving average price of $137.62 and a 200-day moving average price of $164.07. The company has a current ratio of 2.09, a quick ratio of 1.21 and a debt-to-equity ratio of 0.22. The firm has a market cap of $15.52 billion, a PE ratio of 487.13 and a beta of 1.33.

Albemarle (NYSE:ALB) last posted its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share for the quarter, topping analysts’ consensus estimates of $3.20 by $0.55. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The firm had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter last year, the firm earned $0.11 EPS. The business’s quarterly revenue was up 31.1% on a year-over-year basis. Equities research analysts predict that Albemarle will post 12.79 earnings per share for the current fiscal year.

Albemarle Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a dividend of $0.41 per share. This is a boost from Albemarle’s previous quarterly dividend of $0.41. This represents a $1.64 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, September 11th. Albemarle’s payout ratio is presently -47.51%.

Insider Buying and Selling

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the stock in a transaction dated 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 sale, the chief executive officer directly owned 87,519 shares of the company’s stock, valued at approximately $16,078,990.68. This trade represents a 15.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.42% of the company’s stock.

Hedge Funds Weigh In On Albemarle

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Albemarle during the 4th quarter worth approximately $165,271,000. Deutsche Bank AG acquired a new position in shares of Albemarle in the 2nd quarter valued at $131,049,000. Phoenix Financial Ltd. acquired a new position in shares of Albemarle in the 4th quarter valued at $130,415,000. Bank of New York Mellon Corp purchased a new stake in Albemarle during the second quarter worth $103,268,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in Albemarle by 4,338.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 738,430 shares of the specialty chemicals company’s stock valued at $104,444,000 after buying an additional 721,793 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

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.