Albemarle Corporation (NYSE:ALB) Receives Average Recommendation of “Moderate Buy” from Brokerages

Albemarle Corporation (NYSE:ALB) has earned a consensus rating of “Moderate Buy” from the twenty-six ratings firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, ten have given a hold recommendation and fifteen have given a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $190.2609.

Several brokerages recently weighed in on ALB. Mizuho cut their target price on shares of Albemarle from $205.00 to $185.00 and set a “neutral” rating for the company in a research note on Wednesday, July 1st. Robert W. Baird cut their target price on shares of Albemarle from $236.00 to $224.00 and set a “neutral” rating on the stock in a research note on Thursday, June 18th. Truist Financial lowered their price objective on Albemarle from $245.00 to $225.00 and set a “buy” rating for the company in a report on Friday, August 7th. HSBC lifted their target price on Albemarle from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Albemarle from $210.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th.

Albemarle Stock Performance

NYSE:ALB opened at $142.99 on Monday. The company’s 50-day moving average price is $132.04 and its 200-day moving average price is $160.73. The company has a current ratio of 2.09, a quick ratio of 1.35 and a debt-to-equity ratio of 0.22. The company has a market cap of $16.87 billion, a P/E ratio of 529.61 and a beta of 1.33. Albemarle has a twelve month low of $71.25 and a twelve month high of $221.00.

Albemarle (NYSE:ALB) last issued its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.55. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the business earned $0.11 EPS. Albemarle’s revenue was up 31.1% on a year-over-year basis. On average, sell-side analysts forecast that Albemarle will post 11.63 earnings per share for the current fiscal year.

Albemarle Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a $0.41 dividend. This is an increase from Albemarle’s previous quarterly dividend of $0.41. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 11th. Albemarle’s payout ratio is presently 600.00%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Evexia Wealth LLC raised its holdings in Albemarle by 2.3% during the 1st quarter. Evexia Wealth LLC now owns 2,088 shares of the specialty chemicals company’s stock worth $387,000 after purchasing an additional 47 shares during the last quarter. Parallel Advisors LLC raised its stake in Albemarle by 2.5% in the fourth quarter. Parallel Advisors LLC now owns 2,468 shares of the specialty chemicals company’s stock valued at $349,000 after buying an additional 60 shares during the period. Eaton Financial Holdings Company LLC grew its position in shares of Albemarle by 1.2% in the fourth quarter. Eaton Financial Holdings Company LLC now owns 5,769 shares of the specialty chemicals company’s stock valued at $816,000 after purchasing an additional 66 shares during the last quarter. Sigma Planning Corp grew its position in shares of Albemarle by 2.3% during the 1st quarter. Sigma Planning Corp now owns 2,952 shares of the specialty chemicals company’s stock worth $530,000 after purchasing an additional 66 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC grew its stake in Albemarle by 1.9% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 3,592 shares of the specialty chemicals company’s stock worth $508,000 after buying an additional 67 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Company Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.