Albemarle (NYSE:ALB) Stock Price Down 5.2% - Here's What Happened

Key Points

• Albemarle Corporation's stock price dropped by 5.2% to $82.39, with trading volume declining by 75% from its average session volume.
• UBS Group upgraded Albemarle's rating from "sell" to "neutral" and increased the price target from $62 to $89, although the stock still has a consensus rating of "Reduce" with an average price target of $85.83.
• The company reported $1.33 billion in revenue for its last quarter, exceeding estimates and also disclosed a quarterly dividend of $0.405 per share, reflecting a 2.0% yield.

Shares of Albemarle Corporation (NYSE:ALB - Get Free Report) traded down 5.2% during mid-day trading on Tuesday . The company traded as low as $81.76 and last traded at $82.39. 899,557 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 3,570,939 shares. The stock had previously closed at $86.88.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. UBS Group upgraded Albemarle from a "sell" rating to a "neutral" rating and increased their price objective for the stock from $62.00 to $89.00 in a research report on Tuesday, August 26th. Baird R W lowered Albemarle from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 29th. HSBC increased their price objective on Albemarle from $60.00 to $75.00 and gave the stock a "hold" rating in a research report on Monday, September 22nd. Wells Fargo & Company lowered their price objective on Albemarle from $75.00 to $70.00 and set an "equal weight" rating for the company in a research report on Friday, August 1st. Finally, KeyCorp reiterated a "sector weight" rating on shares of Albemarle in a research report on Wednesday, July 30th. Three analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $85.83.

Albemarle Stock Performance

The firm has a 50-day moving average price of $78.98 and a 200 day moving average price of $68.52. The firm has a market capitalization of $9.51 billion, a PE ratio of -8.67 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.

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

Albemarle Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, September 12th. Albemarle's dividend payout ratio (DPR) is presently -17.38%.

Hedge Funds Weigh In On Albemarle

Large investors have recently bought and sold shares of the business. WealthPlan Investment Management LLC increased its holdings in Albemarle by 10.7% in the first quarter. WealthPlan Investment Management LLC now owns 50,326 shares of the specialty chemicals company's stock valued at $3,624,000 after buying an additional 4,872 shares during the last quarter. Grandfield & Dodd LLC grew its holdings in shares of Albemarle by 5.2% during the first quarter. Grandfield & Dodd LLC now owns 243,036 shares of the specialty chemicals company's stock worth $17,503,000 after purchasing an additional 12,014 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new position in shares of Albemarle during the first quarter worth about $271,000. Envestnet Asset Management Inc. grew its holdings in shares of Albemarle by 3.6% during the first quarter. Envestnet Asset Management Inc. now owns 184,426 shares of the specialty chemicals company's stock worth $13,282,000 after purchasing an additional 6,487 shares during the last quarter. Finally, Sowell Financial Services LLC purchased a new position in shares of Albemarle during the first quarter worth about $303,000. Hedge funds and other institutional investors own 92.87% of the company's stock.

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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