Royal Bank Of Canada Issues Positive Forecast for Albemarle (NYSE:ALB) Stock Price

Key Points

• Royal Bank of Canada has increased its price target for Albemarle (NYSE:ALB) from $80.00 to $117.00, indicating a potential upside of 23.65%.
• Albemarle's consensus rating is currently "Hold" with a target price of $90.45, amidst various analyst ratings ranging from Strong Buy to Sell.
• For its most recent quarter, Albemarle reported earnings of $0.11 per share, significantly exceeding analysts' estimates of ($0.83), despite a 7.0% year-over-year decline in revenue.

Albemarle (NYSE:ALB - Get Free Report) had its price target increased by analysts at Royal Bank Of Canada from $80.00 to $117.00 in a research note issued to investors on Friday,MarketScreener reports. The brokerage presently has an "outperform" rating on the specialty chemicals company's stock. Royal Bank Of Canada's price objective would indicate a potential upside of 23.65% from the stock's previous close.

Several other analysts also recently issued reports on the company. Scotiabank raised their price target on Albemarle from $65.00 to $70.00 and gave the stock a "sector perform" rating in a report on Friday, August 1st. Robert W. Baird upped their price target on shares of Albemarle from $58.00 to $68.00 and gave the stock an "underperform" rating in a research report on Friday, August 29th. UBS Group reduced their target price on shares of Albemarle from $89.00 to $85.00 and set a "neutral" rating for the company in a research note on Monday, October 6th. TD Cowen raised their price target on shares of Albemarle from $70.00 to $85.00 and gave the company a "hold" rating in a research note on Thursday, October 9th. Finally, JPMorgan Chase & Co. raised their target price on Albemarle from $60.00 to $80.00 and gave the company a "neutral" rating in a research report on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fourteen have given a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, Albemarle presently has a consensus rating of "Hold" and a consensus target price of $90.45.

Albemarle Stock Down 0.7%

Shares of Albemarle stock opened at $94.62 on Friday. The business has a 50-day moving average price of $83.62 and a 200 day moving average price of $69.96. Albemarle has a fifty-two week low of $49.43 and a fifty-two week high of $113.91. The firm has a market cap of $11.14 billion, a P/E ratio of -10.04 and a beta of 1.65. 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 issued its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of ($0.83) by $0.94. Albemarle had a negative return on equity of 1.87% and a negative net margin of 18.61%.The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the previous year, the business earned $0.04 EPS. The business's quarterly revenue was down 7.0% on a year-over-year basis. Albemarle has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that Albemarle will post -0.04 earnings per share for the current fiscal year.

Institutional Trading of Albemarle

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Albemarle by 0.5% during the first quarter. Vanguard Group Inc. now owns 14,672,272 shares of the specialty chemicals company's stock valued at $1,056,697,000 after buying an additional 77,773 shares during the period. Geode Capital Management LLC boosted its position in Albemarle by 2.0% during the 2nd quarter. Geode Capital Management LLC now owns 2,954,331 shares of the specialty chemicals company's stock worth $184,782,000 after acquiring an additional 59,104 shares during the period. ProShare Advisors LLC grew its stake in Albemarle by 48.5% during the 2nd quarter. ProShare Advisors LLC now owns 2,870,110 shares of the specialty chemicals company's stock valued at $179,870,000 after acquiring an additional 937,538 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Albemarle by 28.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,538,706 shares of the specialty chemicals company's stock worth $110,814,000 after purchasing an additional 343,210 shares during the period. Finally, Manning & Napier Advisors LLC lifted its position in Albemarle by 17.4% in the 1st quarter. Manning & Napier Advisors LLC now owns 1,167,520 shares of the specialty chemicals company's stock worth $84,085,000 after buying an additional 173,441 shares in the last quarter. Institutional investors and hedge funds 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.

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.