Albemarle (NYSE:ALB) Price Target Raised to $216.00

Albemarle (NYSE:ALB) had its price objective hoisted by Royal Bank Of Canada from $200.00 to $216.00 in a report released on Tuesday morning, Marketbeat reports. The brokerage currently has an outperform rating on the specialty chemicals company’s stock.

Other analysts also recently issued research reports about the company. Stephens reissued an “outperform” rating on shares of Albemarle in a research note on Friday, December 19th. Berenberg Bank lifted their target price on Albemarle from $75.00 to $135.00 and gave the stock a “hold” rating in a report on Tuesday, January 6th. Citigroup boosted their price target on shares of Albemarle from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Friday, February 13th. Bank of America upgraded shares of Albemarle from a “neutral” rating to a “buy” rating and raised their price objective for the company from $167.00 to $190.00 in a research report on Tuesday. Finally, Evercore boosted their target price on shares of Albemarle from $88.00 to $100.00 and gave the stock an “in-line” rating in a report on Tuesday, November 11th. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $167.52.

Albemarle Stock Down 1.7%

ALB stock opened at $168.32 on Tuesday. The firm’s 50-day moving average is $161.16 and its two-hundred day moving average is $117.79. The company has a market capitalization of $19.84 billion, a price-to-earnings ratio of -29.27, a price-to-earnings-growth ratio of 1.79 and a beta of 1.44. Albemarle has a 52 week low of $49.43 and a 52 week high of $195.68. 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 (NYSE:ALB) last posted its quarterly earnings data on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.13). Albemarle had a negative net margin of 10.74% and a positive return on equity of 0.41%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the business earned ($1.09) earnings per share. The company’s revenue was up 15.9% on a year-over-year basis. On average, analysts forecast that Albemarle will post -0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Albemarle

A number of large investors have recently made changes to their positions in ALB. Rare Wolf Capital LLC purchased a new stake in shares of Albemarle in the 4th quarter valued at approximately $343,000. Axxcess Wealth Management LLC acquired a new stake in Albemarle during the 4th quarter valued at $202,000. Corient Private Wealth LLC raised its stake in Albemarle by 96.6% during the 4th quarter. Corient Private Wealth LLC now owns 33,471 shares of the specialty chemicals company’s stock valued at $4,734,000 after purchasing an additional 16,442 shares during the period. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Albemarle by 15.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 18,204 shares of the specialty chemicals company’s stock valued at $2,505,000 after purchasing an additional 2,487 shares in the last quarter. Finally, State of Tennessee Department of Treasury boosted its position in shares of Albemarle by 16.9% in the fourth quarter. State of Tennessee Department of Treasury now owns 41,825 shares of the specialty chemicals company’s stock worth $5,916,000 after buying an additional 6,042 shares during the period. Institutional investors and hedge funds 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.