Albemarle Corporation’s (ALB) Hold Rating Reaffirmed at Vertical Research

Albemarle Corporation (NYSE:ALB)‘s stock had its “hold” rating reissued by stock analysts at Vertical Research in a report released on Thursday. They presently have a $109.00 price target on the specialty chemicals company’s stock, up from their prior price target of $108.00. Vertical Research’s price objective would suggest a potential downside of 3.68% from the company’s previous close.

ALB has been the subject of several other reports. Morgan Stanley lowered their price objective on shares of Albemarle Corporation from $100.00 to $72.00 and set an “equal weight” rating for the company in a research report on Thursday, May 25th. Royal Bank Of Canada restated a “buy” rating and set a $132.00 price objective on shares of Albemarle Corporation in a research report on Tuesday, April 18th. Needham & Company LLC restated a “buy” rating and set a $36.00 price objective on shares of Albemarle Corporation in a research report on Thursday, June 29th. KeyCorp boosted their price objective on shares of Albemarle Corporation from $120.00 to $125.00 and gave the company an “overweight” rating in a research report on Monday, June 12th. Finally, Aegis reiterated a “buy” rating on shares of Albemarle Corporation in a report on Friday, July 7th. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $106.69.

Albemarle Corporation (NYSE:ALB) traded down 1.85% during midday trading on Thursday, reaching $111.07. The company had a trading volume of 1,556,506 shares. The stock has a market cap of $12.29 billion, a P/E ratio of 14.21 and a beta of 1.59. The firm has a 50-day moving average of $113.46 and a 200-day moving average of $106.61. Albemarle Corporation has a 12 month low of $75.11 and a 12 month high of $123.48.

Albemarle Corporation (NYSE:ALB) last announced its quarterly earnings data on Monday, August 7th. The specialty chemicals company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.11 by $0.02. Albemarle Corporation had a net margin of 31.49% and a return on equity of 11.59%. The business had revenue of $737.25 million during the quarter, compared to the consensus estimate of $735.50 million. During the same period in the previous year, the business earned $0.93 earnings per share. The company’s revenue was up 10.1% on a year-over-year basis. On average, equities analysts expect that Albemarle Corporation will post $4.37 EPS for the current fiscal year.

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In related news, EVP Karen G. Narwold sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $108.16, for a total value of $2,163,200.00. Following the completion of the transaction, the executive vice president now directly owns 45,120 shares of the company’s stock, valued at approximately $4,880,179.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Douglas L. Maine sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $107.94, for a total transaction of $1,079,400.00. Following the completion of the transaction, the director now directly owns 24,150 shares of the company’s stock, valued at $2,606,751. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,000 shares of company stock valued at $11,499,850. 0.74% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALB. Carroll Financial Associates Inc. increased its position in Albemarle Corporation by 0.3% in the second quarter. Carroll Financial Associates Inc. now owns 982 shares of the specialty chemicals company’s stock valued at $103,000 after buying an additional 3 shares during the period. Smithfield Trust Co. increased its position in Albemarle Corporation by 16.1% in the second quarter. Smithfield Trust Co. now owns 1,008 shares of the specialty chemicals company’s stock valued at $106,000 after buying an additional 140 shares during the period. Benjamin F. Edwards & Company Inc. increased its position in Albemarle Corporation by 0.3% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,454 shares of the specialty chemicals company’s stock valued at $154,000 after buying an additional 5 shares during the period. Van ECK Associates Corp increased its position in Albemarle Corporation by 18.7% in the first quarter. Van ECK Associates Corp now owns 1,614 shares of the specialty chemicals company’s stock valued at $171,000 after buying an additional 254 shares during the period. Finally, Cornerstone Advisors Inc. increased its position in Albemarle Corporation by 26.8% in the second quarter. Cornerstone Advisors Inc. now owns 1,751 shares of the specialty chemicals company’s stock valued at $185,000 after buying an additional 370 shares during the period. 85.39% of the stock is owned by institutional investors.

Albemarle Corporation Company Profile

Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.

Analyst Recommendations for Albemarle Corporation (NYSE:ALB)

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