Royal Bank Of Canada reiterated their buy rating on shares of Albemarle Corporation (NYSE:ALB) in a report published on Friday. They currently have a $136.00 price target on the specialty chemicals company’s stock.
Other research analysts have also issued research reports about the stock. Robert W. Baird reaffirmed an outperform rating and set a $125.00 target price on shares of Albemarle Corporation in a research note on Friday, March 17th. Aegis reaffirmed a buy rating on shares of Albemarle Corporation in a research note on Friday, July 7th. Zacks Investment Research raised shares of Albemarle Corporation from a hold rating to a buy rating and set a $117.00 target price for the company in a research note on Monday, March 27th. Needham & Company LLC reaffirmed a buy rating and set a $36.00 target price on shares of Albemarle Corporation in a research note on Thursday, June 29th. Finally, Nomura reaffirmed a buy rating and set a $124.00 target price on shares of Albemarle Corporation in a research note on Monday, May 15th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Albemarle Corporation currently has an average rating of Buy and a consensus price target of $104.80.
Shares of Albemarle Corporation (NYSE ALB) traded up 0.48% during mid-day trading on Friday, reaching $117.42. 458,541 shares of the company’s stock were exchanged. The stock has a market capitalization of $13.00 billion, a PE ratio of 28.53 and a beta of 1.58. The company’s 50 day moving average is $110.26 and its 200 day moving average is $101.62. Albemarle Corporation has a 1-year low of $75.11 and a 1-year high of $119.00.
Albemarle Corporation (NYSE:ALB) last announced its quarterly earnings data on Wednesday, May 3rd. The specialty chemicals company reported $1.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.10. Albemarle Corporation had a net margin of 17.02% and a return on equity of 11.97%. The firm had revenue of $722.06 million during the quarter, compared to analyst estimates of $678.74 million. Equities research analysts anticipate that Albemarle Corporation will post $4.37 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.10%. The ex-dividend date is Thursday, September 14th. Albemarle Corporation’s payout ratio is 31.22%.
In related news, EVP Karen G. Narwold sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $108.16, for a total value of $2,163,200.00. Following the sale, the executive vice president now owns 45,120 shares of the company’s stock, valued at $4,880,179.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Douglas L. Maine sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $107.94, for a total transaction of $1,079,400.00. Following the completion of the sale, the director now directly owns 24,150 shares in the company, valued at approximately $2,606,751. The disclosure for this sale can be found here. In the last three months, insiders sold 105,000 shares of company stock valued at $11,499,850. Insiders own 0.74% of the company’s stock.
A number of hedge funds have recently modified their holdings of ALB. Marietta Investment Partners LLC purchased a new stake in shares of Albemarle Corporation during the first quarter valued at $2,574,000. Nationwide Fund Advisors boosted its stake in shares of Albemarle Corporation by 7.0% in the first quarter. Nationwide Fund Advisors now owns 68,503 shares of the specialty chemicals company’s stock valued at $7,237,000 after buying an additional 4,476 shares during the period. Tiemann Investment Advisors LLC boosted its stake in shares of Albemarle Corporation by 7.2% in the first quarter. Tiemann Investment Advisors LLC now owns 3,745 shares of the specialty chemicals company’s stock valued at $396,000 after buying an additional 251 shares during the period. Dynamic Capital Management Ltd boosted its stake in shares of Albemarle Corporation by 1,207.7% in the first quarter. Dynamic Capital Management Ltd now owns 70,916 shares of the specialty chemicals company’s stock valued at $7,492,000 after buying an additional 65,493 shares during the period. Finally, Toronto Dominion Bank boosted its stake in shares of Albemarle Corporation by 56.5% in the first quarter. Toronto Dominion Bank now owns 30,400 shares of the specialty chemicals company’s stock valued at $3,211,000 after buying an additional 10,980 shares during the period. 86.16% of the stock is currently owned by hedge funds and other institutional investors.
About Albemarle Corporation
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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