Scotiabank Cuts Albemarle (NYSE:ALB) Price Target to $200.00

Albemarle (NYSE:ALB) had its price target decreased by Scotiabank from $215.00 to $200.00 in a research report report published on Tuesday,Benzinga reports. Scotiabank currently has a sector outperform rating on the specialty chemicals company’s stock.

ALB has been the topic of a number of other reports. Wall Street Zen raised shares of Albemarle from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 13th. Argus raised their target price on shares of Albemarle from $185.00 to $230.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Robert W. Baird cut their target price on shares of Albemarle from $236.00 to $224.00 and set a “neutral” rating on the stock in a research note on Thursday, June 18th. Mizuho reduced their price target on shares of Albemarle from $205.00 to $185.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 1st. Finally, Jefferies Financial Group decreased their price target on shares of Albemarle from $244.00 to $211.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Fifteen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $199.22.

Albemarle Trading Up 3.5%

ALB opened at $117.87 on Tuesday. The business has a 50 day simple moving average of $143.95 and a two-hundred day simple moving average of $166.13. The firm has a market capitalization of $13.90 billion, a price-to-earnings ratio of -34.57 and a beta of 1.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21. Albemarle has a one year low of $64.95 and a one year high of $221.00.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share 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 analysts’ expectations of $1.34 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The business’s revenue was up 32.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.18) EPS. Analysts predict that Albemarle will post 12.86 EPS for the current year.

Albemarle Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, September 11th. This is a positive change from Albemarle’s previous quarterly dividend of $0.41. Albemarle’s dividend payout ratio (DPR) is -47.51%.

Insider Transactions at Albemarle

In related news, CEO J Kent Masters sold 16,393 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $183.72, for a total transaction of $3,011,721.96. Following the sale, the chief executive officer owned 87,519 shares of the company’s stock, valued at $16,078,990.68. The trade was a 15.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.42% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Albemarle

A number of institutional investors and hedge funds have recently made changes to their positions in ALB. MH & Associates Securities Management Corp ADV bought a new stake in shares of Albemarle in the 4th quarter worth approximately $26,000. BOKF NA increased its position in 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. Elyxium Wealth LLC bought a new position in Albemarle during the 4th quarter valued at approximately $34,000. EverSource Wealth Advisors LLC raised its stake in Albemarle by 536.7% during the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock valued at $36,000 after buying an additional 483 shares during the last quarter. Finally, Torren Management LLC bought a new stake in Albemarle in the fourth quarter worth $38,000. Institutional investors 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.