Royal Bank of Canada Lowers Albemarle (NYSE:ALB) Price Target to $100.00

Albemarle (NYSE:ALB) had its target price decreased by equities researchers at Royal Bank of Canada to $100.00 in a research report issued to clients and investors on Friday, March 29th, The Fly reports. The brokerage currently has an “outperform” rating on the specialty chemicals company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 21.11% from the stock’s previous close.

ALB has been the subject of a number of other research reports. Buckingham Research dropped their price target on Albemarle from $100.00 to $88.00 and set a “neutral” rating for the company in a research report on Friday, March 29th. Deutsche Bank raised their price target on Albemarle from $84.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, February 25th. ValuEngine upgraded Albemarle from a “strong sell” rating to a “sell” rating in a research report on Friday, February 22nd. Loop Capital raised their price target on Albemarle from $112.00 to $119.00 and gave the company a “buy” rating in a research report on Thursday, February 21st. Finally, restated a “buy” rating and issued a $157.00 price target on shares of Albemarle in a research report on Thursday, February 14th. Three analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. Albemarle currently has a consensus rating of “Hold” and a consensus target price of $100.85.

Shares of NYSE ALB traded up $0.47 during mid-day trading on Friday, hitting $82.57. 790,789 shares of the company were exchanged, compared to its average volume of 1,308,317. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.69 and a quick ratio of 1.10. Albemarle has a 1-year low of $71.89 and a 1-year high of $108.74. The company has a market cap of $8.74 billion, a PE ratio of 15.07, a P/E/G ratio of 0.89 and a beta of 1.64.

Albemarle (NYSE:ALB) last issued its quarterly earnings results on Wednesday, February 20th. The specialty chemicals company reported $1.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.07. Albemarle had a return on equity of 15.82% and a net margin of 20.55%. The firm had revenue of $921.70 million during the quarter, compared to the consensus estimate of $894.45 million. During the same period last year, the company earned $1.34 earnings per share. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. Analysts anticipate that Albemarle will post 6.17 earnings per share for the current fiscal year.

In other news, CFO Scott Tozier sold 2,961 shares of Albemarle stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $91.00, for a total value of $269,451.00. Following the transaction, the chief financial officer now directly owns 49,672 shares of the company’s stock, valued at approximately $4,520,152. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Karen G. Narwold sold 1,243 shares of Albemarle stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $91.00, for a total value of $113,113.00. Following the completion of the transaction, the executive vice president now directly owns 34,757 shares in the company, valued at $3,162,887. The disclosure for this sale can be found here. 1.02% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALB. MML Investors Services LLC lifted its stake in shares of Albemarle by 79.8% in the 3rd quarter. MML Investors Services LLC now owns 6,012 shares of the specialty chemicals company’s stock valued at $600,000 after purchasing an additional 2,668 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Albemarle by 55,259.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,285,376 shares of the specialty chemicals company’s stock worth $427,596,000 after acquiring an additional 4,277,635 shares in the last quarter. CI Investments Inc. lifted its position in Albemarle by 122.0% during the 3rd quarter. CI Investments Inc. now owns 66,600 shares of the specialty chemicals company’s stock worth $6,645,000 after acquiring an additional 36,600 shares in the last quarter. American International Group Inc. lifted its position in Albemarle by 3.9% during the 3rd quarter. American International Group Inc. now owns 41,712 shares of the specialty chemicals company’s stock worth $4,162,000 after acquiring an additional 1,580 shares in the last quarter. Finally, FMR LLC lifted its position in Albemarle by 402.6% during the 3rd quarter. FMR LLC now owns 65,760 shares of the specialty chemicals company’s stock worth $6,561,000 after acquiring an additional 52,677 shares in the last quarter. 94.08% of the stock is currently owned by institutional investors and hedge funds.

About Albemarle

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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The Fly

Analyst Recommendations for Albemarle (NYSE:ALB)

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