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

Key Points

• Albemarle's stock gapped down significantly from $82.00 to $75.22, currently trading at $73.77 with a considerable volume of 4,814,329 shares.
• Multiple analysts have recently adjusted their price targets for Albemarle, with Wells Fargo reducing it from $75.00 to $70.00 and Baird R W downgrading the stock to a "strong sell" rating.
• Albemarle declared a quarterly dividend of $0.405, translating to an annualized amount of $1.62 and a yield of 2.2%, with an ex-dividend date set for September 12th.

Albemarle Corporation (NYSE:ALB - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $82.00, but opened at $75.22. Albemarle shares last traded at $73.77, with a volume of 4,814,329 shares traded.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ALB shares. Wall Street Zen raised shares of Albemarle from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Wells Fargo & Company reduced their target price on shares of Albemarle from $75.00 to $70.00 and set an "equal weight" rating on the stock in a research report on Friday, August 1st. Deutsche Bank Aktiengesellschaft set a $74.00 target price on shares of Albemarle and gave the stock a "hold" rating in a research report on Monday, August 4th. Mizuho set a $76.00 target price on shares of Albemarle in a research report on Tuesday, July 15th. Finally, Baird R W lowered shares of Albemarle from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 29th. Three analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $86.47.

Albemarle Stock Down 10.5%

The company has a market cap of $8.64 billion, a P/E ratio of -7.90 and a beta of 1.64. The company has a quick ratio of 1.47, a current ratio of 2.31 and a debt-to-equity ratio of 0.38. The business's 50 day moving average is $76.10 and its 200 day moving average is $68.01.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of ($0.83) by $0.94. Albemarle had a negative net margin of 18.61% and a negative return on equity of 1.87%. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the previous year, the firm posted $0.04 earnings per share. Albemarle's revenue for the quarter was down 7.0% compared to the same quarter last year. Albemarle has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, September 12th. Albemarle's payout ratio is currently -17.38%.

Hedge Funds Weigh In On Albemarle

Institutional investors and hedge funds have recently bought and sold shares of the company. Hantz Financial Services Inc. grew its holdings in Albemarle by 10,050.0% in the second quarter. Hantz Financial Services Inc. now owns 406 shares of the specialty chemicals company's stock worth $25,000 after purchasing an additional 402 shares during the last quarter. SJS Investment Consulting Inc. purchased a new position in Albemarle in the first quarter worth $32,000. CVA Family Office LLC grew its holdings in Albemarle by 7,257.1% in the second 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 grew its holdings in 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 purchasing an additional 193 shares during the last quarter. Finally, Orion Capital Management LLC purchased a new stake in shares of Albemarle during the fourth quarter valued at $35,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.