Albemarle (NYSE:ALB) Price Target Raised to $230.00 at Argus

Key Points

• Argus raised Albemarle’s price target from $185 to $230, implying about 12.9% upside from the current share price.
• Other analysts have also turned more constructive on the stock, including Bank of America, UBS, Scotiabank, and Jefferies raising their targets or ratings. Still, the overall consensus remains Hold with an average price target of $191.83.
• Albemarle reported strong quarterly results, with EPS of $2.95 versus $1.24 expected and revenue of $1.43 billion, up 32.7% year over year. The stock opened at $203.72, near its 52-week high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) had its price objective upped by equities research analysts at Argus from $185.00 to $230.00 in a research report issued on Monday,MarketScreener reports. Argus' price objective points to a potential upside of 12.90% from the stock's current price.

ALB has been the topic of several other reports. Bank of America boosted their target price on Albemarle from $190.00 to $225.00 and gave the stock a "buy" rating in a report on Tuesday, April 21st. UBS Group boosted their price objective on Albemarle from $230.00 to $264.00 and gave the stock a "buy" rating in a research note on Friday. Scotiabank upgraded Albemarle from a "sector perform" rating to a "sector outperform" rating and increased their target price for the stock from $85.00 to $200.00 in a report on Monday, January 12th. Weiss Ratings raised Albemarle from a "sell (d-)" rating to a "sell (d+)" rating in a report on Thursday. Finally, Jefferies Financial Group upped their price target on shares of Albemarle from $230.00 to $244.00 in a research report on Monday. Thirteen research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $191.83.

Albemarle Stock Up 0.1%

Shares of NYSE:ALB opened at $203.72 on Monday. The company's fifty day moving average is $179.56 and its 200-day moving average is $154.41. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 2.07. Albemarle has a 52 week low of $53.70 and a 52 week high of $221.00. The company has a market capitalization of $24.02 billion, a PE ratio of -59.74, a P/E/G ratio of 1.46 and a beta of 1.36.

Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $1.71. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The firm's quarterly revenue was up 32.7% on a year-over-year basis. During the same period last year, the firm posted ($0.18) EPS. Equities research analysts predict that Albemarle will post 8.72 earnings per share for the current fiscal year.

Insider Activity at Albemarle

In other news, CEO J Kent Masters sold 11,783 shares of the business's stock in a transaction on Tuesday, March 10th. The stock was 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 in the company, valued at $22,995,808.68. The trade was a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.42% of the company's stock.

Hedge Funds Weigh In On Albemarle

Several hedge funds have recently added to or reduced their stakes in ALB. Evexia Wealth LLC raised its holdings in Albemarle by 2.3% during the 1st quarter. Evexia Wealth LLC now owns 2,088 shares of the specialty chemicals company's stock worth $387,000 after purchasing an additional 47 shares during the last quarter. Parallel Advisors LLC grew its position in shares of Albemarle by 2.5% during the 4th quarter. Parallel Advisors LLC now owns 2,468 shares of the specialty chemicals company's stock worth $349,000 after buying an additional 60 shares during the period. Eaton Financial Holdings Company LLC grew its position in shares of Albemarle by 1.2% during the 4th quarter. Eaton Financial Holdings Company LLC now owns 5,769 shares of the specialty chemicals company's stock worth $816,000 after buying an additional 66 shares during the period. Sigma Planning Corp raised its stake in shares of Albemarle by 2.3% during the first quarter. Sigma Planning Corp now owns 2,952 shares of the specialty chemicals company's stock worth $530,000 after buying an additional 66 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC raised its stake in shares of Albemarle by 1.9% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 3,592 shares of the specialty chemicals company's stock worth $508,000 after buying an additional 67 shares during the last quarter. Institutional investors own 92.87% of the company's stock.

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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