Albemarle (NYSE:ALB) Hits New 52-Week Low - Here's Why

Albemarle Co. (NYSE:ALB - Get Free Report) shares hit a new 52-week low during trading on Wednesday . The stock traded as low as $56.21 and last traded at $58.52, with a volume of 5998395 shares trading hands. The stock had previously closed at $59.46.

Analysts Set New Price Targets

ALB has been the subject of several recent analyst reports. Scotiabank decreased their price target on Albemarle from $85.00 to $75.00 and set a "sector perform" rating for the company in a research note on Tuesday, February 18th. Wells Fargo & Company lowered their target price on shares of Albemarle from $80.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Royal Bank of Canada reduced their price target on shares of Albemarle from $133.00 to $114.00 and set an "overweight" rating for the company in a research note on Wednesday, February 12th. Piper Sandler lowered their price objective on shares of Albemarle from $90.00 to $85.00 and set an "underweight" rating on the stock in a research report on Thursday, February 20th. Finally, TD Securities cut their target price on shares of Albemarle from $115.00 to $65.00 and set a "hold" rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $94.24.

Albemarle Stock Up 1.5 %

The firm has a market capitalization of $7.09 billion, a P/E ratio of -5.38 and a beta of 1.71. The company has a current ratio of 1.95, a quick ratio of 1.19 and a debt-to-equity ratio of 0.39. The company has a 50 day simple moving average of $66.40 and a two-hundred day simple moving average of $84.19.

Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The specialty chemicals company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.62) by $0.44. The business had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $1.18 billion. Albemarle had a negative net margin of 21.93% and a negative return on equity of 1.72%. The business's quarterly revenue was down 20.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.26 EPS. On average, equities analysts predict that Albemarle Co. will post -0.04 EPS for the current fiscal year.

Albemarle Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a dividend of $0.405 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.62 annualized dividend and a dividend yield of 2.69%. Albemarle's dividend payout ratio (DPR) is -14.57%.

Institutional Investors Weigh In On Albemarle

Several large investors have recently bought and sold shares of ALB. Assetmark Inc. increased its holdings in shares of Albemarle by 340.6% in the 4th quarter. Assetmark Inc. now owns 304 shares of the specialty chemicals company's stock worth $26,000 after buying an additional 235 shares during the last quarter. Trust Co. of Vermont increased its stake in Albemarle by 606.5% during the fourth quarter. Trust Co. of Vermont now owns 325 shares of the specialty chemicals company's stock worth $28,000 after acquiring an additional 279 shares during the last quarter. SJS Investment Consulting Inc. bought a new stake in shares of Albemarle in the 1st quarter valued at approximately $32,000. First Community Trust NA raised its holdings in Albemarle by 55.0% during the 4th quarter. First Community Trust NA now owns 400 shares of the specialty chemicals company's stock valued at $34,000 after buying an additional 142 shares during the period. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Albemarle in the 4th quarter worth about $34,000. Institutional investors own 92.87% of the company's stock.

Albemarle Company Profile

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.