Albemarle (NYSE:ALB) Given New $245.00 Price Target at Truist Financial

Key Points

• Truist Financial raised its price target on Albemarle to $245 (from $210) and kept a "buy" rating, implying about a 23.4% upside from the prior close.
• MarketBeat's consensus remains an average "Hold" with an average target of $176.32, based on 1 Strong Buy, 12 Buy, 13 Hold and 2 Sell ratings, signaling mixed analyst sentiment.
• In the most recent quarter Albemarle reported EPS of ($0.53) vs. ($0.40) expected while revenue beat at $1.43 billion (up 15.9% YoY), and analysts project roughly 8.04 EPS for the current fiscal year.

Albemarle (NYSE:ALB - Get Free Report) had its price target lifted by Truist Financial from $210.00 to $245.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the specialty chemicals company's stock. Truist Financial's target price indicates a potential upside of 23.39% from the stock's previous close.

Several other analysts have also commented on ALB. Scotiabank upgraded shares of Albemarle from a "sector perform" rating to a "sector outperform" rating and raised their price objective for the stock from $85.00 to $200.00 in a report on Monday, January 12th. Argus raised their price objective on shares of Albemarle from $140.00 to $185.00 in a report on Monday, February 23rd. BMO Capital Markets raised their price objective on shares of Albemarle from $145.00 to $210.00 and gave the stock an "outperform" rating in a report on Tuesday, January 20th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Albemarle from $185.00 to $195.00 and gave the stock a "buy" rating in a report on Tuesday, February 17th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Albemarle in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Albemarle presently has an average rating of "Hold" and an average target price of $176.32.

Albemarle Stock Performance

Shares of ALB opened at $198.56 on Wednesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.23 and a quick ratio of 1.57. Albemarle has a one year low of $53.33 and a one year high of $215.71. The company has a 50-day simple moving average of $174.98 and a two-hundred day simple moving average of $147.38. The firm has a market capitalization of $23.41 billion, a PE ratio of -34.53, a price-to-earnings-growth ratio of 1.51 and a beta of 1.43.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings data on Wednesday, February 11th. The specialty chemicals company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.13). Albemarle had a positive return on equity of 0.41% and a negative net margin of 10.74%.The company had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.34 billion. During the same quarter last year, the business earned ($1.09) earnings per share. The business's quarterly revenue was up 15.9% on a year-over-year basis. On average, analysts anticipate that Albemarle will post 8.04 EPS for the current fiscal year.

Insider Buying and Selling at Albemarle

In related news, CEO J Kent Masters sold 11,783 shares of the firm's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the completion of the sale, the chief executive officer owned 134,628 shares of the company's stock, valued at $22,995,808.68. This trade represents a 8.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.42% of the stock is owned by company insiders.

Institutional Investors Weigh In On Albemarle

Several institutional investors and hedge funds have recently made changes to their positions in ALB. AQR Capital Management LLC increased its position in shares of Albemarle by 25.5% during the first quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company's stock valued at $229,000 after acquiring an additional 654 shares in the last quarter. Integrated Wealth Concepts LLC increased its position in shares of Albemarle by 26.2% during the first quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company's stock valued at $346,000 after acquiring an additional 996 shares in the last quarter. United Services Automobile Association bought a new stake in shares of Albemarle during the first quarter valued at approximately $208,000. Empowered Funds LLC bought a new stake in shares of Albemarle during the first quarter valued at approximately $411,000. Finally, EverSource Wealth Advisors LLC grew its position in Albemarle by 536.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company's stock worth $36,000 after purchasing an additional 483 shares during the period. Institutional investors 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.

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