Albemarle (NYSE:ALB) had its price objective cut by analysts at Loop Capital to $98.00 in a report issued on Friday, The Fly reports. The firm currently has a “buy” rating on the specialty chemicals company’s stock. Loop Capital’s price objective indicates a potential upside of 41.45% from the stock’s current price.
A number of other research firms also recently commented on ALB. Vertical Group dropped their target price on shares of Albemarle from $58.50 to $39.50 in a report on Wednesday, August 14th. Royal Bank of Canada dropped their target price on shares of Albemarle to $83.00 and set an “outperform” rating on the stock in a report on Wednesday, August 14th. TheStreet downgraded shares of Albemarle from a “b-” rating to a “c+” rating in a report on Monday, May 20th. G.Research reiterated a “buy” rating on shares of Albemarle in a report on Thursday. Finally, Nomura boosted their target price on shares of Albemarle from $70.00 to $71.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $92.20.
Shares of NYSE:ALB remained flat at $$69.28 during trading on Friday. 1,169,882 shares of the stock were exchanged, compared to its average volume of 1,478,821. The business’s fifty day moving average is $66.12 and its two-hundred day moving average is $73.81. The firm has a market cap of $7.24 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 0.82 and a beta of 1.64. Albemarle has a 12 month low of $58.63 and a 12 month high of $108.74. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.45 and a quick ratio of 0.87.
In other news, insider Eric Norris purchased 3,090 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were acquired at an average price of $64.66 per share, for a total transaction of $199,799.40. Following the completion of the acquisition, the insider now directly owns 164 shares of the company’s stock, valued at $10,604.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.02% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Cornerstone Advisors Inc. increased its stake in Albemarle by 19.4% in the 2nd quarter. Cornerstone Advisors Inc. now owns 3,490 shares of the specialty chemicals company’s stock valued at $246,000 after buying an additional 567 shares during the period. Kistler Tiffany Companies LLC increased its stake in Albemarle by 29.7% in the 2nd quarter. Kistler Tiffany Companies LLC now owns 1,885 shares of the specialty chemicals company’s stock valued at $133,000 after buying an additional 432 shares during the period. Evolution Wealth Advisors LLC acquired a new position in Albemarle in the 2nd quarter valued at approximately $1,878,000. Arizona State Retirement System increased its stake in Albemarle by 14.1% in the 2nd quarter. Arizona State Retirement System now owns 52,073 shares of the specialty chemicals company’s stock valued at $3,666,000 after buying an additional 6,441 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Albemarle by 18.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 56,910 shares of the specialty chemicals company’s stock valued at $4,665,000 after buying an additional 8,665 shares during the period. Institutional investors and hedge funds own 90.97% of the company’s stock.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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