Albemarle (NYSE:ALB) Given New $200.00 Price Target at Scotiabank

Key Points

• Scotiabank lowered Albemarle’s price target from $215 to $200 while maintaining a “sector outperform” rating, implying roughly 78% upside from the reported $112.51 share price.
• Analyst sentiment remains broadly positive: Albemarle has a “Moderate Buy” consensus rating and a $199.22 average price target, based on 15 Buy, 11 Hold, and one Sell rating.
• Shares traded well below their moving averages and yearly high, despite the company reporting quarterly revenue growth of 32.7% and adjusted earnings that exceeded analyst expectations.

Albemarle (NYSE:ALB - Get Free Report) had its target price lowered by equities research analysts at Scotiabank from $215.00 to $200.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the specialty chemicals company's stock. Scotiabank's price target would suggest a potential upside of 77.76% from the company's current price.

A number of other research firms have also commented on ALB. Morgan Stanley upped their price objective on shares of Albemarle from $170.00 to $189.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 28th. Truist Financial cut their price target on shares of Albemarle from $260.00 to $245.00 and set a "buy" rating on the stock in a report on Monday, July 20th. Wells Fargo & Company upped their price target on shares of Albemarle from $165.00 to $200.00 and gave the company an "equal weight" rating in a research report on Friday, May 8th. Citigroup raised shares of Albemarle from a "neutral" rating to a "buy" rating and set a $225.00 price objective for the company in a research note on Thursday, June 18th. Finally, Wall Street Zen upgraded shares of Albemarle from a "buy" rating to a "strong-buy" rating in a research report on Monday, July 13th. Fifteen research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $199.22.

Albemarle Price Performance

Shares of ALB traded down $3.67 during trading hours on Tuesday, hitting $112.51. 408,335 shares of the company were exchanged, compared to its average volume of 2,466,249. The company has a market capitalization of $13.27 billion, a PE ratio of -33.05 and a beta of 1.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.21. The firm has a fifty day simple moving average of $147.22 and a 200-day simple moving average of $167.08. Albemarle has a one year low of $64.95 and a one year high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last announced its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.24 by $1.71. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the firm earned ($0.18) earnings per share. Albemarle's revenue for the quarter was up 32.7% compared to the same quarter last year. As a group, sell-side analysts predict that Albemarle will post 12.86 earnings per share for the current year.

Insider Transactions at Albemarle

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the business's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $183.72, for a total value of $3,011,721.96. Following the transaction, the chief executive officer owned 87,519 shares in the company, valued at $16,078,990.68. The trade was a 15.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.42% of the company's stock.

Institutional Investors Weigh In On Albemarle

Institutional investors have recently made changes to their positions in the company. Tema ETFs LLC increased its holdings in Albemarle by 6.9% in the second quarter. Tema ETFs LLC now owns 2,249 shares of the specialty chemicals company's stock worth $304,000 after buying an additional 145 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in Albemarle by 14.0% in the second quarter. Handelsbanken Fonder AB now owns 602,617 shares of the specialty chemicals company's stock valued at $81,371,000 after acquiring an additional 73,815 shares during the last quarter. City Holding Co. grew its position in Albemarle by 11.1% in the second quarter. City Holding Co. now owns 3,763 shares of the specialty chemicals company's stock worth $508,000 after acquiring an additional 375 shares in the last quarter. Norway Savings Bank grew its position in Albemarle by 4.1% in the second quarter. Norway Savings Bank now owns 8,933 shares of the specialty chemicals company's stock worth $1,206,000 after acquiring an additional 353 shares in the last quarter. Finally, Czech National Bank increased its stake in shares of Albemarle by 4.6% during the 2nd quarter. Czech National Bank now owns 33,569 shares of the specialty chemicals company's stock worth $4,533,000 after purchasing an additional 1,474 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

About Albemarle

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.

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