CICC Research Issues Positive Forecast for Albemarle (NYSE:ALB) Stock Price

Key Points

• CICC Research raised its Albemarle price target from $83.28 to $108.58, implying 15.98% upside from the prior close.
• Analyst views are mixed, though MarketBeat’s consensus rating is Moderate Buy, with an average target of $154.16. Fifteen analysts rate the stock Buy and nine Hold.
• Albemarle reported quarterly EPS of $2.58, beating estimates of $2.53, while revenue rose 18.8% year over year to $1.55 billion; shares fell 1.3% on Wednesday to $93.62.

Albemarle (NYSE:ALB - Get Free Report) had its price target boosted by investment analysts at CICC Research from $83.28 to $108.58 in a research note issued to investors on Wednesday. CICC Research's price objective suggests a potential upside of 15.98% from the company's previous close.

A number of other analysts have also recently commented on the stock. Robert W. Baird reduced their target price on shares of Albemarle from $178.00 to $157.00 in a report on Friday, August 7th. Bank of America cut their price objective on shares of Albemarle from $155.00 to $131.00 and set a "buy" rating for the company in a report on Monday, October 19th. JPMorgan Chase & Co. lowered their target price on shares of Albemarle from $160.00 to $140.00 and set a "neutral" rating on the stock in a report on Tuesday, August 25th. Deutsche Bank dropped their target price on shares of Albemarle from $155.00 to $125.00 and set a "buy" rating for the company in a research report on Monday. Finally, Scotiabank cut their target price on shares of Albemarle from $190.00 to $165.00 and set a "sector outperform" rating for the company in a research note on Monday. Fifteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $154.16.

Albemarle Trading Down 1.3%

NYSE ALB traded down $1.23 on Wednesday, hitting $93.62. The company's stock had a trading volume of 684,465 shares, compared to its average volume of 2,457,325. Albemarle has a 52-week low of $89.77 and a 52-week high of $221.00. The company's 50-day simple moving average is $104.38 and its 200 day simple moving average is $146.06. The company has a current ratio of 2.34, a quick ratio of 1.57 and a debt-to-equity ratio of 0.21. The firm has a market cap of $11.05 billion, a P/E ratio of 22.68, a PEG ratio of 0.60 and a beta of 1.34.

Albemarle (NYSE:ALB - Get Free Report) last released its earnings results on Wednesday, November 4th. The specialty chemicals company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.05. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. Albemarle had a net margin of 10.40% and a return on equity of 14.91%. The business's revenue was up 18.8% on a year-over-year basis. During the same period last year, the business earned ($0.19) earnings per share. Research analysts predict that Albemarle will post 10.70 EPS for the current fiscal year.

Institutional Trading of Albemarle

Several institutional investors and hedge funds have recently made changes to their positions in ALB. Sigma Planning Corp boosted its holdings in Albemarle by 2.3% during the first quarter. Sigma Planning Corp now owns 2,952 shares of the specialty chemicals company's stock worth $530,000 after buying an additional 66 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Albemarle by 0.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 11,664 shares of the specialty chemicals company's stock valued at $2,082,000 after buying an additional 75 shares during the period. Cadence Wealth Management LLC raised its holdings in shares of Albemarle by 1.8% in the 1st quarter. Cadence Wealth Management LLC now owns 4,982 shares of the specialty chemicals company's stock valued at $894,000 after buying an additional 87 shares during the period. Parkside Financial Bank & Trust grew its stake in shares of Albemarle by 7.0% in the second quarter. Parkside Financial Bank & Trust now owns 1,584 shares of the specialty chemicals company's stock worth $214,000 after acquiring an additional 103 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Albemarle by 4.9% in the 1st quarter. Parallel Advisors LLC now owns 2,588 shares of the specialty chemicals company's stock valued at $465,000 after purchasing an additional 120 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors.

Albemarle Company Profile

Albemarle Corporation is a specialty chemicals company that produces lithium, bromine and refining catalysts. Its products serve industries including energy storage, transportation, electronics, petroleum refining and pharmaceuticals. The company supplies lithium compounds used in rechargeable batteries and other applications. It also makes bromine-based products for uses such as flame retardants and water treatment, along with catalysts used in refining petroleum. Albemarle traces its history to 1887 and is headquartered in Charlotte, North Carolina.

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