Albemarle (NYSE:ALB) Price Target Cut to $135.00 by Analysts at Argus

Key Points

• Argus cut Albemarle’s price target from $230 to $135 while maintaining a “buy” rating, implying approximately 27% upside from the previous close.
• Analyst sentiment remains mixed but generally positive: 15 analysts rate the stock a Buy, nine a Hold, and two a Sell, producing a consensus “Moderate Buy” rating and $180.91 price target.
• Albemarle recently exceeded quarterly expectations, reporting $3.75 in earnings per share versus the $3.20 consensus estimate and $1.74 billion in revenue, up 31.1% year over year.

Albemarle (NYSE:ALB - Get Free Report) had its price objective decreased by stock analysts at Argus from $230.00 to $135.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the specialty chemicals company's stock. Argus' price target would indicate a potential upside of 26.97% from the company's previous close.

Several other research firms have also weighed in on ALB. Wall Street Zen lowered shares of Albemarle from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Truist Financial lowered their price target on Albemarle from $245.00 to $225.00 and set a "buy" rating for the company in a report on Friday, August 7th. BMO Capital Markets reissued an "outperform" rating and issued a $175.00 price objective on shares of Albemarle in a research report on Tuesday. Robert W. Baird reduced their price objective on Albemarle from $236.00 to $224.00 and set a "neutral" rating on the stock in a research note on Thursday, June 18th. Finally, Weiss Ratings downgraded Albemarle from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, September 1st. Fifteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $180.91.

Albemarle Stock Up 1.9%

Shares of NYSE:ALB opened at $106.32 on Wednesday. The stock has a 50-day simple moving average of $122.75 and a 200-day simple moving average of $149.59. The stock has a market capitalization of $12.55 billion, a P/E ratio of 393.81, a PEG ratio of 0.61 and a beta of 1.36. Albemarle has a 1 year low of $88.01 and a 1 year high of $221.00. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.35 and a current ratio of 2.09.

Albemarle (NYSE:ALB - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, beating the consensus estimate of $3.20 by $0.55. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.61 billion. Albemarle had a net margin of 3.09% and a return on equity of 10.96%. Albemarle's revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.11 earnings per share. Equities analysts forecast that Albemarle will post 11.37 earnings per share for the current year.

Institutional Trading of Albemarle

Several large investors have recently modified their holdings of ALB. Addison Advisors LLC acquired a new position in shares of Albemarle in the second quarter worth about $28,000. Fiduciary Financial Advisors acquired a new stake in Albemarle during the 2nd quarter valued at approximately $41,000. Jones Financial Companies Lllp purchased a new stake in Albemarle during the 2nd quarter worth approximately $42,000. Caitong International Asset Management Co. Ltd purchased a new stake in Albemarle during the 4th quarter worth approximately $49,000. Finally, Trust Co. of Vermont acquired a new position in shares of Albemarle in the 2nd quarter valued at approximately $49,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Company Profile

Albemarle Corporation NYSE: ALB is a global specialty chemicals company that develops, manufactures and markets materials used in energy storage, transportation, consumer products and industrial applications. The company is best known for its lithium business, which supplies lithium compounds used in rechargeable batteries for electric vehicles, portable electronics and energy-storage systems.

Albemarle also produces bromine-based specialty chemicals used in areas such as fire safety, water treatment, pharmaceutical manufacturing and other industrial processes.

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