BidaskClub downgraded shares of Albemarle Corporation (NYSE:ALB) from a buy rating to a hold rating in a report published on Saturday.
Several other equities research analysts also recently issued reports on ALB. SunTrust Banks, Inc. downgraded shares of Albemarle Corporation from a buy rating to a hold rating and set a $121.00 price target on the stock. in a research note on Wednesday, August 9th. Vertical Research reaffirmed a hold rating and set a $109.00 price target (up previously from $108.00) on shares of Albemarle Corporation in a research note on Thursday, August 10th. Zacks Investment Research downgraded shares of Albemarle Corporation from a buy rating to a hold rating in a research note on Monday, April 24th. Aegis reaffirmed a buy rating on shares of Albemarle Corporation in a research note on Friday, July 7th. Finally, Royal Bank Of Canada lifted their price target on shares of Albemarle Corporation from $132.00 to $136.00 and gave the stock an outperform rating in a research note on Monday, May 8th. Seven 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’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $106.69.
Albemarle Corporation (ALB) opened at 111.88 on Friday. Albemarle Corporation has a 1-year low of $75.11 and a 1-year high of $123.48. The firm has a market capitalization of $12.36 billion, a PE ratio of 14.31 and a beta of 1.59. The firm’s 50-day moving average price is $114.08 and its 200-day moving average price is $107.15.
Albemarle Corporation (NYSE:ALB) last posted 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. The business had revenue of $737.25 million for the quarter, compared to analyst estimates of $735.50 million. Albemarle Corporation had a net margin of 31.49% and a return on equity of 11.59%. The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.93 EPS. On average, equities research analysts predict that Albemarle Corporation will post $4.36 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend is Thursday, September 14th. Albemarle Corporation’s payout ratio is currently 16.41%.
In related news, Director Douglas L. Maine sold 10,000 shares of the business’s stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $107.94, for a total transaction of $1,079,400.00. Following the completion of the sale, the director now owns 24,150 shares of the company’s stock, valued at approximately $2,606,751. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Luther C. Iv Kissam sold 50,000 shares of the business’s stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $110.08, for a total transaction of $5,504,000.00. Following the sale, the chairman now directly owns 252,917 shares of the company’s stock, valued at approximately $27,841,103.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,000 shares of company stock valued at $11,499,850. Insiders own 0.74% of the company’s stock.
Several large investors have recently made changes to their positions in ALB. Cornerstone Advisors Inc. increased its stake in shares of Albemarle Corporation by 26.8% in the second quarter. Cornerstone Advisors Inc. now owns 1,751 shares of the specialty chemicals company’s stock worth $185,000 after buying an additional 370 shares in the last quarter. State Street Corp increased its stake in shares of Albemarle Corporation by 0.5% in the first quarter. State Street Corp now owns 6,356,839 shares of the specialty chemicals company’s stock worth $671,675,000 after buying an additional 30,662 shares in the last quarter. Marietta Investment Partners LLC acquired a new stake in shares of Albemarle Corporation during the first quarter worth $2,574,000. Nationwide Fund Advisors increased its stake in shares of Albemarle Corporation by 7.0% in the first quarter. Nationwide Fund Advisors now owns 68,503 shares of the specialty chemicals company’s stock worth $7,237,000 after buying an additional 4,476 shares in the last quarter. Finally, Tiemann Investment Advisors LLC increased its stake in shares of Albemarle Corporation by 7.2% in the first quarter. Tiemann Investment Advisors LLC now owns 3,745 shares of the specialty chemicals company’s stock worth $396,000 after buying an additional 251 shares in the last quarter. 86.22% of the stock is owned by institutional investors and hedge funds.
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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