Albemarle Corporation’s (ALB) Buy Rating Reaffirmed at Royal Bank Of Canada

Albemarle Corporation (NYSE:ALB)‘s stock had its “buy” rating reaffirmed by equities researchers at Royal Bank Of Canada in a note issued to investors on Wednesday. They presently have a $136.00 target price on the specialty chemicals company’s stock. Royal Bank Of Canada’s price target indicates a potential upside of 1.00% from the company’s current price.

A number of other analysts have also recently commented on ALB. Aegis restated a “buy” rating on shares of Albemarle Corporation in a research report on Friday, July 7th. Zacks Investment Research upgraded Albemarle Corporation from a “hold” rating to a “buy” rating and set a $121.00 price objective for the company in a research report on Friday, July 7th. BidaskClub cut Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Jefferies Group LLC restated a “buy” rating and issued a $120.00 price objective on shares of Albemarle Corporation in a research report on Friday, June 16th. Finally, Needham & Company LLC restated a “buy” rating and issued a $36.00 price objective on shares of Albemarle Corporation in a research report on Thursday, June 29th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $112.50.

Shares of Albemarle Corporation (ALB) opened at 134.65 on Wednesday. The firm’s 50-day moving average is $117.92 and its 200-day moving average is $111.37. Albemarle Corporation has a one year low of $76.32 and a one year high of $135.26. The stock has a market capitalization of $14.88 billion, a price-to-earnings ratio of 17.22 and a beta of 1.61.

Albemarle Corporation (NYSE:ALB) last announced its quarterly earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.02. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The company had revenue of $737.25 million during the quarter, compared to the consensus estimate of $735.50 million. During the same period in the previous year, the company posted $0.93 earnings per share. Albemarle Corporation’s revenue for the quarter was up 10.1% on a year-over-year basis. Equities research analysts forecast that Albemarle Corporation will post $4.37 EPS for the current year.

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In related news, EVP Karen G. Narwold sold 11,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $115.95, for a total transaction of $1,333,425.00. Following the completion of the sale, the executive vice president now directly owns 36,620 shares in the company, valued at $4,246,089. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Luther C. Iv Kissam sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $110.08, for a total value of $5,504,000.00. Following the sale, the chairman now owns 252,917 shares of the company’s stock, valued at $27,841,103.36. The disclosure for this sale can be found here. Insiders have sold 91,897 shares of company stock valued at $10,215,486 over the last quarter. 0.74% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of ALB. Advisors Asset Management Inc. increased its position in shares of Albemarle Corporation by 69.9% during the first quarter. Advisors Asset Management Inc. now owns 5,027 shares of the specialty chemicals company’s stock worth $531,000 after purchasing an additional 2,069 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in Albemarle Corporation by 9.5% during the first quarter. UBS Asset Management Americas Inc. now owns 283,138 shares of the specialty chemicals company’s stock worth $29,911,000 after buying an additional 24,621 shares during the last quarter. Karp Capital Management Corp acquired a new position in Albemarle Corporation during the first quarter worth $3,690,000. State of Wisconsin Investment Board boosted its stake in Albemarle Corporation by 5.3% during the first quarter. State of Wisconsin Investment Board now owns 64,429 shares of the specialty chemicals company’s stock worth $6,806,000 after buying an additional 3,269 shares during the last quarter. Finally, Mutual of America Capital Management LLC boosted its stake in Albemarle Corporation by 7.4% during the first quarter. Mutual of America Capital Management LLC now owns 13,942 shares of the specialty chemicals company’s stock worth $1,473,000 after buying an additional 964 shares during the last quarter. Hedge funds and other institutional investors own 83.73% of the company’s stock.

Albemarle Corporation Company Profile

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.

Analyst Recommendations for Albemarle Corporation (NYSE:ALB)

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