Albemarle (NYSE:ALB) Price Target Raised to $245.00

Key Points

• Royal Bank of Canada raised its price target on Albemarle to $245 (from $216), keeping an "outperform" rating and implying about a 28.9% upside from the current price.
• Several brokers have likewise lifted targets (e.g., Jefferies to $230, Truist to $245, Oppenheimer to $222), yet MarketBeat's consensus remains a "Hold" with an average price target of $177.48 (1 Strong Buy, 12 Buy, 13 Hold, 2 Sell).
• In the latest quarter Albemarle missed EPS at ($0.53) vs. ($0.40) expected but beat revenue at $1.43B (up 15.9% YoY); shares opened around $190 and the company has a market cap near $22.4B.

Albemarle (NYSE:ALB - Get Free Report) had its target price lifted by research analysts at Royal Bank Of Canada from $216.00 to $245.00 in a report issued on Friday,MarketScreener reports. The brokerage presently has an "outperform" rating on the specialty chemicals company's stock. Royal Bank Of Canada's target price points to a potential upside of 28.91% from the company's current price.

ALB has been the topic of several other research reports. Jefferies Financial Group increased their target price on Albemarle from $210.00 to $230.00 and gave the stock a "buy" rating in a report on Wednesday, January 28th. Argus upped their price target on shares of Albemarle from $140.00 to $185.00 in a research report on Monday, February 23rd. Truist Financial increased their price objective on shares of Albemarle from $210.00 to $245.00 and gave the stock a "buy" rating in a report on Wednesday. Oppenheimer raised their price objective on shares of Albemarle from $216.00 to $222.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. Finally, BMO Capital Markets boosted their target price on shares of Albemarle from $145.00 to $210.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Albemarle has an average rating of "Hold" and an average price target of $177.48.

Albemarle Price Performance

NYSE ALB opened at $190.05 on Friday. The company has a market cap of $22.40 billion, a P/E ratio of -33.57, a P/E/G ratio of 1.47 and a beta of 1.43. The company has a current ratio of 2.23, a quick ratio of 1.57 and a debt-to-equity ratio of 0.41. Albemarle has a 1 year low of $53.70 and a 1 year high of $215.71. The company has a fifty day simple moving average of $176.04 and a 200 day simple moving average of $148.02.

Albemarle (NYSE:ALB - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the company earned ($1.09) earnings per share. The firm's revenue was up 15.9% on a year-over-year basis. On average, sell-side analysts predict that Albemarle will post 8.28 EPS for the current year.

Insiders Place Their Bets

In other news, CEO J Kent Masters sold 11,783 shares of the firm's stock in a transaction dated 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 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.42% of the company's stock.

Institutional Investors Weigh In On Albemarle

Several large investors have recently made changes to their positions in ALB. Evexia Wealth LLC lifted its position in Albemarle by 2.3% in the 1st quarter. Evexia Wealth LLC now owns 2,088 shares of the specialty chemicals company's stock valued at $387,000 after acquiring an additional 47 shares in the last quarter. Parallel Advisors LLC increased its holdings in 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 purchasing an additional 60 shares in the last quarter. Eaton Financial Holdings Company LLC raised its stake in shares of Albemarle by 1.2% in the 4th quarter. Eaton Financial Holdings Company LLC now owns 5,769 shares of the specialty chemicals company's stock valued at $816,000 after purchasing an additional 66 shares during the period. Signature Estate & Investment Advisors LLC lifted its holdings in shares of Albemarle by 1.9% in the fourth quarter. Signature Estate & Investment Advisors LLC now owns 3,592 shares of the specialty chemicals company's stock valued at $508,000 after purchasing an additional 67 shares in the last quarter. Finally, Assetmark Inc. lifted its holdings in shares of Albemarle by 10.9% in the fourth quarter. Assetmark Inc. now owns 782 shares of the specialty chemicals company's stock valued at $111,000 after purchasing an additional 77 shares in 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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