Albemarle Corporation (ALB) Rating Reiterated by Instinet
Albemarle Corporation (NYSE:ALB)‘s stock had its “buy” rating reiterated by investment analysts at Instinet in a research note issued to investors on Friday. They presently have a $154.00 price target on the specialty chemicals company’s stock, up from their previous price target of $146.00. Instinet’s target price suggests a potential upside of 10.84% from the stock’s current price.
ALB has been the subject of a number of other reports. Jefferies Group LLC restated a “buy” rating and set a $120.00 price objective on shares of Albemarle Corporation in a research report on Friday, June 16th. Robert W. Baird restated an “outperform” rating and set a $125.00 price objective on shares of Albemarle Corporation in a research report on Wednesday, June 28th. 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. Piper Jaffray Companies restated an “overweight” rating and set a $47.00 price objective 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 objective for the company in a research report on Friday, July 7th. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $118.47.
Albemarle Corporation (ALB) opened at 138.94 on Friday. The firm has a market cap of $15.35 billion, a P/E ratio of 17.77 and a beta of 1.67. Albemarle Corporation has a 1-year low of $76.32 and a 1-year high of $140.10. The stock’s 50 day moving average is $128.91 and its 200-day moving average is $115.35.
Albemarle Corporation (NYSE:ALB) last released its quarterly earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share for the quarter, beating the Zacks’ 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 analyst estimates of $735.50 million. During the same quarter last year, the company posted $0.93 EPS. Albemarle Corporation’s revenue for the quarter was up 10.1% on a year-over-year basis. Analysts forecast that Albemarle Corporation will post $4.38 EPS for the current year.
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In other news, EVP Karen G. Narwold sold 11,500 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $115.95, for a total transaction of $1,333,425.00. Following the completion of the sale, the executive vice president now directly owns 36,620 shares of the company’s stock, valued at approximately $4,246,089. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Matthew Juneau sold 5,397 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $115.77, for a total value of $624,810.69. Following the sale, the executive vice president now directly owns 360 shares of the company’s stock, valued at $41,677.20. The disclosure for this sale can be found here. 0.74% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Cornerstone Advisors Inc. raised its stake in shares of Albemarle Corporation by 26.8% during the 2nd quarter. Cornerstone Advisors Inc. now owns 1,751 shares of the specialty chemicals company’s stock worth $185,000 after purchasing an additional 370 shares in the last quarter. Baillie Gifford & Co. raised its stake in shares of Albemarle Corporation by 100.8% in the 2nd quarter. Baillie Gifford & Co. now owns 184,555 shares of the specialty chemicals company’s stock valued at $19,478,000 after acquiring an additional 92,650 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of Albemarle Corporation in the 2nd quarter valued at approximately $439,000. State Street Corp raised its stake in shares of Albemarle Corporation by 0.5% in the 1st quarter. State Street Corp now owns 6,356,839 shares of the specialty chemicals company’s stock valued at $671,675,000 after acquiring an additional 30,662 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Albemarle Corporation by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 12,501,329 shares of the specialty chemicals company’s stock valued at $1,319,389,000 after acquiring an additional 213,530 shares in the last quarter. 83.77% 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.
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