Albemarle (NYSE:ALB) Stock Price Down 0.9% Following Analyst Downgrade

Albemarle Co. (NYSE:ALBGet Free Report)’s stock price traded down 0.9% during mid-day trading on Tuesday after Piper Sandler lowered their price target on the stock from $122.00 to $95.00. Piper Sandler currently has an underweight rating on the stock. Albemarle traded as low as $93.86 and last traded at $95.55. 597,790 shares traded hands during trading, a decline of 80% from the average session volume of 3,029,896 shares. The stock had previously closed at $96.40.

Other analysts also recently issued research reports about the company. Scotiabank restated a “sector perform” rating and issued a $135.00 target price (down previously from $150.00) on shares of Albemarle in a research note on Tuesday, May 21st. Wells Fargo & Company upped their target price on Albemarle from $135.00 to $145.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Citigroup upped their target price on Albemarle from $125.00 to $135.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Bank of America upgraded Albemarle from a “neutral” rating to a “buy” rating and increased their price target for the stock from $137.00 to $156.00 in a research report on Wednesday, April 10th. Finally, Loop Capital lowered their price target on Albemarle from $168.00 to $162.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Albemarle currently has an average rating of “Hold” and a consensus price target of $155.78.

Read Our Latest Research Report on ALB

Insider Transactions at Albemarle

In related news, SVP Mark Richard Mummert sold 843 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $135.53, for a total value of $114,251.79. Following the transaction, the senior vice president now owns 6,802 shares in the company, valued at approximately $921,875.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Albemarle news, CAO John Clarence Barichivich III sold 1,475 shares of Albemarle stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $132.17, for a total value of $194,950.75. Following the sale, the chief accounting officer now owns 4,743 shares of the company’s stock, valued at approximately $626,882.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Mark Richard Mummert sold 843 shares of Albemarle stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $135.53, for a total value of $114,251.79. Following the completion of the sale, the senior vice president now directly owns 6,802 shares in the company, valued at approximately $921,875.06. The disclosure for this sale can be found here. Insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On Albemarle

Institutional investors have recently modified their holdings of the company. WFA Asset Management Corp acquired a new position in Albemarle in the 1st quarter valued at $25,000. USCF Advisers LLC raised its holdings in Albemarle by 100.0% in the 4th quarter. USCF Advisers LLC now owns 200 shares of the specialty chemicals company’s stock valued at $29,000 after acquiring an additional 100 shares during the last quarter. Arlington Trust Co LLC acquired a new stake in shares of Albemarle during the 4th quarter worth $30,000. Jones Financial Companies Lllp increased its holdings in shares of Albemarle by 2,942.9% during the 4th quarter. Jones Financial Companies Lllp now owns 213 shares of the specialty chemicals company’s stock worth $31,000 after buying an additional 206 shares during the last quarter. Finally, First Financial Corp IN acquired a new stake in shares of Albemarle during the 1st quarter worth $32,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Albemarle Trading Down 0.7 %

The firm has a market capitalization of $11.25 billion, a price-to-earnings ratio of 34.75, a P/E/G ratio of 2.37 and a beta of 1.61. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.91 and a current ratio of 2.84. The business has a fifty day moving average price of $118.85 and a 200 day moving average price of $124.39.

Albemarle (NYSE:ALBGet Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The specialty chemicals company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). Albemarle had a return on equity of 14.53% and a net margin of 4.02%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same period last year, the company posted $10.32 earnings per share. The firm’s revenue for the quarter was down 47.3% on a year-over-year basis. As a group, equities analysts forecast that Albemarle Co. will post 2.49 earnings per share for the current year.

Albemarle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.60 dividend on an annualized basis and a yield of 1.67%. Albemarle’s dividend payout ratio (DPR) is 58.18%.

Albemarle Company Profile

(Get Free Report)

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.

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