Albemarle (NYSE:ALB) Shares Gap Down - Here's What Happened

Albemarle Corporation (NYSE:ALB - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $74.27, but opened at $70.30. Albemarle shares last traded at $70.66, with a volume of 708,698 shares.

Analysts Set New Price Targets

A number of research firms have weighed in on ALB. Citigroup cut their price objective on shares of Albemarle from $85.00 to $64.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Robert W. Baird cut their price objective on shares of Albemarle from $77.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Scotiabank cut their price objective on shares of Albemarle from $75.00 to $65.00 and set a "sector perform" rating for the company in a report on Tuesday, May 6th. Truist Financial dropped their target price on shares of Albemarle from $85.00 to $65.00 and set a "hold" rating on the stock in a research report on Monday, April 14th. Finally, TD Securities dropped their target price on shares of Albemarle from $115.00 to $65.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $91.29.

Albemarle Stock Down 4.1%

The firm's fifty day simple moving average is $60.96 and its two-hundred day simple moving average is $70.75. The company has a market capitalization of $8.38 billion, a price-to-earnings ratio of -6.40 and a beta of 1.63. The company has a current ratio of 2.11, a quick ratio of 1.26 and a debt-to-equity ratio of 0.39.

Albemarle (NYSE:ALB - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The specialty chemicals company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.62) by $0.44. Albemarle had a negative net margin of 22.39% and a negative return on equity of 1.92%. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the firm earned $0.26 EPS. The business's revenue was down 20.9% on a year-over-year basis. Sell-side analysts anticipate that Albemarle Corporation will post -0.04 EPS for the current year.

Albemarle Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were paid a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend was Friday, June 13th. Albemarle's payout ratio is currently -14.57%.

Institutional Investors Weigh In On Albemarle

Several large investors have recently added to or reduced their stakes in the business. SlateStone Wealth LLC increased its stake in Albemarle by 3.3% during the 4th quarter. SlateStone Wealth LLC now owns 4,655 shares of the specialty chemicals company's stock worth $401,000 after buying an additional 150 shares during the period. Toronto Dominion Bank grew its holdings in Albemarle by 0.4% during the 4th quarter. Toronto Dominion Bank now owns 39,657 shares of the specialty chemicals company's stock worth $3,414,000 after acquiring an additional 158 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Albemarle by 1.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 11,355 shares of the specialty chemicals company's stock worth $977,000 after acquiring an additional 188 shares in the last quarter. National Pension Service grew its holdings in Albemarle by 74.5% during the 1st quarter. National Pension Service now owns 452 shares of the specialty chemicals company's stock worth $33,000 after acquiring an additional 193 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in Albemarle by 2.6% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 9,028 shares of the specialty chemicals company's stock worth $650,000 after acquiring an additional 228 shares in the last quarter. 92.87% of the stock is 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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