Albemarle (NYSE:ALB) Stock Price Up 7.7% – Should You Buy?

Albemarle Corporation (NYSE:ALB)’s stock price rose 7.7% during trading on Friday . The company traded as high as $171.94 and last traded at $171.3410. Approximately 990,833 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 2,489,095 shares. The stock had previously closed at $159.06.

Analysts Set New Price Targets

Several research firms recently commented on ALB. JPMorgan Chase & Co. reduced their target price on shares of Albemarle from $195.00 to $145.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. Scotiabank increased their target price on shares of Albemarle from $200.00 to $215.00 and gave the company an “outperform” rating in a report on Thursday, May 14th. Royal Bank Of Canada increased their target price on shares of Albemarle from $253.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Jefferies Financial Group increased their target price on shares of Albemarle from $230.00 to $244.00 in a report on Monday, May 11th. Finally, Zacks Research raised shares of Albemarle from a “hold” rating to a “strong-buy” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $203.04.

Albemarle Stock Up 8.8%

The firm has a market cap of $20.40 billion, a PE ratio of -50.50, a PEG ratio of 0.74 and a beta of 1.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 2.07. The company’s 50-day simple moving average is $181.51 and its two-hundred day simple moving average is $167.00.

Albemarle (NYSE:ALB) last announced its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, beating the consensus estimate of $1.24 by $1.71. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The firm’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.18) EPS. On average, analysts predict that Albemarle Corporation will post 12.39 earnings per share for the current fiscal year.

Albemarle Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, June 12th. Albemarle’s dividend payout ratio (DPR) is currently -47.51%.

Insider Activity at Albemarle

In other news, CEO J Kent Masters sold 16,393 shares of the firm’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.42% of the company’s stock.

Institutional Investors Weigh In On Albemarle

Several institutional investors and hedge funds have recently modified their holdings of ALB. AQR Capital Management LLC lifted its position in shares of Albemarle by 25.5% in the 1st quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company’s stock worth $229,000 after purchasing an additional 654 shares during the period. Integrated Wealth Concepts LLC lifted its position in shares of Albemarle by 26.2% in the 1st quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company’s stock worth $346,000 after purchasing an additional 996 shares during the period. United Services Automobile Association purchased a new position in Albemarle during the 1st quarter valued at about $208,000. Empowered Funds LLC purchased a new position in Albemarle during the 1st quarter valued at about $411,000. Finally, EverSource Wealth Advisors LLC lifted its position in Albemarle by 536.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after acquiring an additional 483 shares during the period. 92.87% of the stock is owned by hedge funds and other 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.