Albemarle Corporation (NYSE:ALB - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $75.48, but opened at $84.77. Albemarle shares last traded at $81.10, with a volume of 3,526,853 shares.
Analyst Upgrades and Downgrades
Several research firms have commented on ALB. Morgan Stanley dropped their price target on shares of Albemarle from $68.00 to $58.00 and set an "underweight" rating for the company in a research note on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft set a $74.00 price target on Albemarle and gave the company a "hold" rating in a research report on Monday, August 4th. Baird R W cut shares of Albemarle from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 29th. TD Securities dropped their price objective 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. Finally, Piper Sandler set a $68.00 price objective on shares of Albemarle and gave the stock an "underweight" rating in a research report on Wednesday, May 14th. Six investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $88.06.
Check Out Our Latest Stock Report on ALB
Albemarle Stock Up 7.6%
The firm has a market cap of $9.56 billion, a PE ratio of -8.72 and a beta of 1.63. The firm's 50 day moving average is $67.25 and its 200-day moving average is $68.05. The company has a quick ratio of 1.47, a current ratio of 2.31 and a debt-to-equity ratio of 0.38.
Albemarle (NYSE:ALB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.11 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the firm posted $0.04 EPS. The company's revenue was down 7.0% on a year-over-year basis. As a group, equities research analysts expect that Albemarle Corporation will post -0.04 earnings per share for the current fiscal year.
Albemarle Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be given a $0.405 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.62 annualized dividend and a dividend yield of 2.0%. Albemarle's dividend payout ratio is presently -17.38%.
Institutional Investors Weigh In On Albemarle
A number of large investors have recently modified their holdings of ALB. Moran Wealth Management LLC raised its holdings in shares of Albemarle by 1.6% during the 2nd quarter. Moran Wealth Management LLC now owns 9,482 shares of the specialty chemicals company's stock valued at $594,000 after purchasing an additional 148 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in Albemarle by 0.7% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 22,798 shares of the specialty chemicals company's stock valued at $1,496,000 after purchasing an additional 148 shares during the last quarter. Toronto Dominion Bank lifted its stake in shares of Albemarle by 0.4% in the fourth quarter. Toronto Dominion Bank now owns 39,657 shares of the specialty chemicals company's stock valued at $3,414,000 after buying an additional 158 shares during the period. Amalgamated Bank grew its holdings in shares of Albemarle by 0.8% during the 2nd quarter. Amalgamated Bank now owns 22,740 shares of the specialty chemicals company's stock worth $1,425,000 after purchasing an additional 184 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Albemarle by 1.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 11,355 shares of the specialty chemicals company's stock valued at $977,000 after buying an additional 188 shares during the period. Institutional investors and hedge funds own 92.87% of the company's stock.
About Albemarle
(
Get Free Report)
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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