Albemarle (NYSE:ALB) Given New $70.00 Price Target at Scotiabank

Key Points

• Scotiabank has raised its price target for Albemarle (NYSE:ALB) from $65.00 to $70.00, indicating a potential upside of 3.03% from the current stock price.
• The company recently announced better-than-expected quarterly earnings, reporting $0.11 earnings per share, surpassing analysts' consensus estimates by $0.94.
• Analyst ratings for Albemarle show a mix with six sell ratings, nine hold ratings, and four buy ratings, contributing to an average target price of $91.68.

Albemarle (NYSE:ALB - Get Free Report) had its price objective raised by analysts at Scotiabank from $65.00 to $70.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "sector perform" rating on the specialty chemicals company's stock. Scotiabank's price target would indicate a potential upside of 3.03% from the company's current price.

ALB has been the subject of a number of other research reports. Piper Sandler set a $68.00 price objective on shares of Albemarle and gave the company an "underweight" rating in a report on Wednesday, May 14th. TD Securities lowered their price target on shares of Albemarle from $115.00 to $65.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Baird R W cut shares of Albemarle from a "hold" rating to a "strong sell" rating in a report on Tuesday. Truist Financial lowered their price target on shares of Albemarle from $85.00 to $65.00 and set a "hold" rating for the company in a report on Monday, April 14th. Finally, Robert W. Baird restated an "underperform" rating and issued a $60.00 target price on shares of Albemarle in a report on Tuesday. Six research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $91.68.

Albemarle Trading Up 0.1%

Shares of Albemarle stock traded up $0.09 on Friday, reaching $67.94. The company had a trading volume of 4,276,263 shares, compared to its average volume of 3,470,562. The firm's 50 day moving average price is $65.81 and its two-hundred day moving average price is $69.41. The firm has a market cap of $7.99 billion, a PE ratio of -7.29 and a beta of 1.63. Albemarle has a 52-week low of $49.43 and a 52-week high of $113.91. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.26 and a current ratio of 2.11.

Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of ($0.83) by $0.94. The firm had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.23 billion. Albemarle had a negative net margin of 18.61% and a negative return on equity of 1.88%. The business's quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.04 earnings per share. Sell-side analysts predict that Albemarle will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Albemarle

Several hedge funds have recently added to or reduced their stakes in ALB. SJS Investment Consulting Inc. purchased a new position in Albemarle during the 1st quarter valued at about $32,000. CVA Family Office LLC boosted its stake in shares of Albemarle by 7,257.1% during the 2nd quarter. CVA Family Office LLC now owns 515 shares of the specialty chemicals company's stock worth $32,000 after purchasing an additional 508 shares during the last quarter. National Pension Service boosted its position in shares of Albemarle by 74.5% in the first quarter. National Pension Service now owns 452 shares of the specialty chemicals company's stock worth $33,000 after acquiring an additional 193 shares during the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Albemarle in the fourth quarter worth approximately $34,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Albemarle in the fourth quarter worth approximately $35,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

About Albemarle

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.

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