Robert W. Baird Downgrades Albemarle Corporation (ALB) to Neutral
Albemarle Corporation (NYSE:ALB) was downgraded by research analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research note issued to investors on Monday, Marketbeat reports. They currently have a $135.00 price objective on the specialty chemicals company’s stock, up from their previous price objective of $134.29. Robert W. Baird’s price objective would suggest a potential upside of 0.53% from the stock’s previous close. The analysts noted that the move was a valuation call.
Several other research analysts have also recently weighed in on ALB. KeyCorp raised their target price on Albemarle Corporation from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, June 12th. Jefferies Group LLC reiterated a “buy” rating and issued a $120.00 price target on shares of Albemarle Corporation in a research report on Friday, June 16th. Needham & Company LLC reiterated a “buy” rating and issued a $36.00 price target on shares of Albemarle Corporation in a research report on Thursday, June 29th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $47.00 price target on shares of Albemarle Corporation in a research report on Thursday, June 29th. Finally, Zacks Investment Research upgraded Albemarle Corporation from a “hold” rating to a “buy” rating and set a $121.00 price target for the company in a research report on Friday, July 7th. Eight research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $113.17.
Albemarle Corporation (ALB) traded down 3.407% on Monday, hitting $129.715. The stock had a trading volume of 627,735 shares. The company has a market cap of $14.33 billion, a PE ratio of 16.590 and a beta of 1.61. Albemarle Corporation has a one year low of $76.32 and a one year high of $136.95. The stock has a 50-day moving average of $117.92 and a 200-day moving average of $111.37.
Albemarle Corporation (NYSE:ALB) last announced its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.02. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The business had revenue of $737.25 million during the quarter, compared to analysts’ expectations of $735.50 million. During the same quarter last year, the business posted $0.93 earnings per share. The company’s quarterly revenue was up 10.1% on a year-over-year basis. Equities analysts expect that Albemarle Corporation will post $4.37 earnings per share for the current fiscal year.
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In other news, CFO Scott Tozier sold 25,000 shares of the stock in a transaction dated Friday, July 7th. The stock was sold at an average price of $110.13, for a total transaction of $2,753,250.00. Following the transaction, the chief financial officer now owns 57,506 shares of the company’s stock, valued at approximately $6,333,135.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Matthew Juneau sold 5,397 shares of the stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $115.77, for a total value of $624,810.69. Following the transaction, the executive vice president now directly owns 360 shares in the company, valued at approximately $41,677.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,897 shares of company stock worth $10,215,486. 0.74% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Perigon Wealth Management LLC grew its holdings in Albemarle Corporation by 6.4% in the 2nd quarter. Perigon Wealth Management LLC now owns 7,046 shares of the specialty chemicals company’s stock valued at $746,000 after buying an additional 426 shares during the last quarter. W. E. Donoghue & Co. LLC acquired a new stake in Albemarle Corporation in the 2nd quarter valued at approximately $2,173,000. Lord Abbett & CO. LLC acquired a new stake in Albemarle Corporation in the 2nd quarter valued at approximately $11,681,000. USA Financial Portformulas Corp grew its holdings in Albemarle Corporation by 9.6% in the 2nd quarter. USA Financial Portformulas Corp now owns 30,985 shares of the specialty chemicals company’s stock valued at $3,270,000 after buying an additional 2,725 shares during the last quarter. Finally, Toronto Dominion Bank grew its holdings in Albemarle Corporation by 23.6% in the 2nd quarter. Toronto Dominion Bank now owns 37,565 shares of the specialty chemicals company’s stock valued at $3,964,000 after buying an additional 7,165 shares during the last quarter. 83.73% of the stock is currently owned by hedge funds and other institutional investors.
About Albemarle Corporation
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.
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