Albemarle Co. (NYSE:ALB) insider Eric Norris purchased 3,090 shares of the stock in a transaction on Tuesday, August 20th. The stock was acquired at an average cost of $64.66 per share, with a total value of $199,799.40. Following the acquisition, the insider now owns 164 shares of the company’s stock, valued at approximately $10,604.24. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Albemarle stock opened at $63.22 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.45 and a debt-to-equity ratio of 0.35. Albemarle Co. has a 52 week low of $61.24 and a 52 week high of $108.74. The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of 11.54, a price-to-earnings-growth ratio of 0.69 and a beta of 1.59. The stock has a 50-day moving average price of $70.12 and a 200 day moving average price of $75.81.
Albemarle (NYSE:ALB) last released its earnings results on Wednesday, August 7th. The specialty chemicals company reported $1.55 EPS for the quarter, topping the Zacks’ consensus estimate of $1.41 by $0.14. Albemarle had a return on equity of 15.71% and a net margin of 16.01%. The firm had revenue of $885.05 million during the quarter, compared to the consensus estimate of $893.50 million. During the same quarter in the previous year, the company posted $1.36 earnings per share. The company’s revenue was up 3.7% compared to the same quarter last year. Research analysts anticipate that Albemarle Co. will post 6.38 EPS for the current fiscal year.
A number of large investors have recently made changes to their positions in ALB. Primecap Management Co. CA lifted its holdings in Albemarle by 30.8% in the second quarter. Primecap Management Co. CA now owns 5,777,880 shares of the specialty chemicals company’s stock valued at $406,821,000 after acquiring an additional 1,362,000 shares during the period. Sterling Capital Management LLC acquired a new position in Albemarle in the second quarter valued at approximately $51,037,000. BlackRock Inc. lifted its holdings in Albemarle by 9.0% in the second quarter. BlackRock Inc. now owns 8,304,153 shares of the specialty chemicals company’s stock valued at $584,695,000 after acquiring an additional 682,231 shares during the period. Invesco Ltd. lifted its holdings in Albemarle by 51.8% in the second quarter. Invesco Ltd. now owns 1,231,777 shares of the specialty chemicals company’s stock valued at $86,729,000 after acquiring an additional 420,273 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Albemarle by 27.9% in the first quarter. Principal Financial Group Inc. now owns 1,720,253 shares of the specialty chemicals company’s stock valued at $141,028,000 after acquiring an additional 375,253 shares during the period. 89.74% of the stock is owned by institutional investors.
Several equities research analysts have weighed in on the company. Morgan Stanley lowered their price target on Albemarle from $65.00 to $60.00 and set an “underweight” rating for the company in a report on Thursday, August 15th. ValuEngine raised Albemarle from a “strong sell” rating to a “sell” rating in a report on Thursday, August 8th. Nomura raised their price target on Albemarle from $70.00 to $71.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Credit Suisse Group set a $106.00 price target on Albemarle and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, Jefferies Financial Group lowered their price target on Albemarle from $114.00 to $90.00 and set a “buy” rating for the company in a report on Monday, May 20th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $91.84.
Albemarle Company Profile
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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