Truist Financial Issues Pessimistic Forecast for Albemarle (NYSE:ALB) Stock Price

Key Points

• Truist Financial cut its price target on Albemarle from $260 to $245, while keeping a buy rating on the stock. The new target still implies significant upside from the current share price.
• Other analysts have also been adjusting their views, with several lowering targets and a few raising them; overall, Wall Street still rates Albemarle as Moderate Buy with an average price target of $199.87.
• Albemarle shares were down 2.1% to $118.23 in Monday trading. The company also recently reported stronger-than-expected quarterly results, including EPS of $2.95 versus estimates of $1.24 and revenue of $1.43 billion.

Albemarle (NYSE:ALB - Get Free Report) had its price target cut by analysts at Truist Financial from $260.00 to $245.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the specialty chemicals company's stock. Truist Financial's target price would suggest a potential upside of 107.22% from the stock's current price.

ALB has been the subject of several other reports. Robert W. Baird dropped their target price on Albemarle from $236.00 to $224.00 and set a "neutral" rating for the company in a report on Thursday, June 18th. Jefferies Financial Group lowered their price objective on Albemarle from $244.00 to $211.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. HSBC increased their price objective on Albemarle from $200.00 to $220.00 and gave the company a "buy" rating in a research note on Monday, April 27th. UBS Group upped their price target on shares of Albemarle from $230.00 to $264.00 and gave the company a "buy" rating in a report on Friday, May 8th. Finally, Rothschild & Co Redburn dropped their price target on shares of Albemarle from $188.00 to $170.00 and set a "neutral" rating for the company in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $199.87.

Albemarle Trading Down 2.1%

NYSE ALB traded down $2.55 during trading hours on Monday, hitting $118.23. The company's stock had a trading volume of 178,675 shares, compared to its average volume of 2,475,390. The stock has a fifty day moving average of $156.46 and a 200 day moving average of $168.29. Albemarle has a twelve month low of $64.95 and a twelve month high of $221.00. The firm has a market capitalization of $13.94 billion, a P/E ratio of -34.75 and a beta of 1.34. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23.

Albemarle (NYSE:ALB - Get Free Report) last released its earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, topping analysts' consensus estimates of $1.24 by $1.71. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the business earned ($0.18) EPS. The business's quarterly revenue was up 32.7% compared to the same quarter last year. Equities research analysts forecast that Albemarle will post 13.07 earnings per share for the current fiscal year.

Insider Transactions at Albemarle

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the business's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the transaction, the chief executive officer owned 87,519 shares in the company, valued at $16,078,990.68. The trade was a 15.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.42% of the stock is owned by company insiders.

Institutional Investors Weigh In On Albemarle

A number of hedge funds have recently bought and sold shares of ALB. Earnest Partners LLC lifted its holdings in shares of Albemarle by 14.6% in the 4th quarter. Earnest Partners LLC now owns 1,630,394 shares of the specialty chemicals company's stock worth $230,603,000 after acquiring an additional 207,770 shares during the last quarter. Northern Trust Corp increased its position in shares of Albemarle by 1.8% in the 3rd quarter. Northern Trust Corp now owns 1,263,734 shares of the specialty chemicals company's stock worth $102,464,000 after purchasing an additional 22,856 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Albemarle by 57.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,241,106 shares of the specialty chemicals company's stock worth $175,542,000 after purchasing an additional 453,881 shares during the last quarter. Norges Bank acquired a new stake in shares of Albemarle in the 4th quarter valued at about $165,271,000. Finally, Phoenix Financial Ltd. acquired a new stake in shares of Albemarle in the 4th quarter valued at about $130,415,000. Institutional investors and hedge funds own 92.87% of the company's stock.

Albemarle Company Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company's bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world's foremost chemical producers.

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