Albemarle Corp. (ALB) Shares Gap Up to $83.85
Albemarle Corp. (NYSE:ALB) shares gapped up before the market opened on Tuesday . The stock had previously closed at $83.37, but opened at $83.85. Albemarle Corp. shares last traded at $84.33, with a volume of 876,375 shares traded.
Several analysts have issued reports on ALB shares. Deutsche Bank AG reaffirmed a “buy” rating on shares of Albemarle Corp. in a research note on Wednesday. Nomura set a $92.00 target price on Albemarle Corp. and gave the stock a “buy” rating in a research note on Tuesday. Citigroup Inc. upped their target price on Albemarle Corp. from $95.00 to $101.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Zacks Investment Research lowered Albemarle Corp. from a “hold” rating to a “strong sell” rating in a research note on Monday, August 8th. Finally, Morgan Stanley reaffirmed a “hold” rating on shares of Albemarle Corp. in a research note on Thursday, June 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. Albemarle Corp. presently has an average rating of “Buy” and a consensus price target of $80.00.
The stock has a market capitalization of $9.36 billion and a price-to-earnings ratio of 61.29. The stock has a 50-day moving average price of $83.77 and a 200-day moving average price of $71.97.
Albemarle Corp. (NYSE:ALB) last announced its earnings results on Wednesday, August 3rd. The company reported $1.09 EPS for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.08. The company earned $669.30 million during the quarter, compared to analysts’ expectations of $860.40 million. During the same quarter last year, the firm posted $0.73 EPS. Albemarle Corp.’s revenue for the quarter was down 6.8% compared to the same quarter last year. Analysts forecast that Albemarle Corp. will post $3.47 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be issued a $0.305 dividend. This represents a $1.22 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date is Tuesday, September 13th.
In other news, Director John Sherman, Jr. sold 4,300 shares of Albemarle Corp. stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $82.09, for a total value of $352,987.00. Following the completion of the transaction, the director now owns 1,500 shares in the company, valued at approximately $123,135. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.
Other institutional investors recently made changes to their positions in the company. Schroder Investment Management Group bought a new position in shares of Albemarle Corp. during the fourth quarter worth approximately $30,479,000. I.G. Investment Management LTD. boosted its position in shares of Albemarle Corp. by 92.4% in the fourth quarter. I.G. Investment Management LTD. now owns 96,529 shares of the company’s stock worth $5,407,000 after buying an additional 46,351 shares during the period. Finally, BlackRock Advisors LLC boosted its position in shares of Albemarle Corp. by 72.0% in the fourth quarter. BlackRock Advisors LLC now owns 630,823 shares of the company’s stock worth $35,332,000 after buying an additional 264,028 shares during the period.
Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, heating, ventilation, and aluminum finishing.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.