Albemarle’s (ALB) Sector Perform Rating Reiterated at Scotiabank

Scotiabank reissued their sector perform rating on shares of Albemarle (NYSE:ALBFree Report) in a research report released on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has a $135.00 price target on the specialty chemicals company’s stock, down from their prior price target of $150.00. Scotiabank also issued estimates for Albemarle’s FY2024 earnings at $1.87 EPS and FY2025 earnings at $7.14 EPS.

ALB has been the topic of several other research reports. Oppenheimer dropped their price objective on Albemarle from $191.00 to $188.00 and set an outperform rating on the stock in a report on Friday, February 16th. Citigroup raised their target price on shares of Albemarle from $125.00 to $135.00 and gave the stock a neutral rating in a research report on Wednesday, April 10th. Wolfe Research started coverage on shares of Albemarle in a research report on Friday, March 1st. They issued a peer perform rating for the company. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Albemarle from $125.00 to $140.00 and gave the stock a hold rating in a research report on Tuesday, May 7th. Finally, Mizuho upped their target price on shares of Albemarle from $112.00 to $128.00 and gave the company a neutral rating in a report on Thursday, May 2nd. Three analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $165.16.

Get Our Latest Stock Analysis on ALB

Albemarle Stock Performance

NYSE:ALB opened at $122.97 on Tuesday. The firm has a market capitalization of $14.45 billion, a PE ratio of 44.72, a price-to-earnings-growth ratio of 2.53 and a beta of 1.65. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.84 and a quick ratio of 1.91. The business’s fifty day moving average price is $124.39 and its 200 day moving average price is $125.85. Albemarle has a 12 month low of $106.69 and a 12 month high of $247.44.

Albemarle (NYSE:ALBGet Free Report) last posted its earnings results on Thursday, May 2nd. The specialty chemicals company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.09). Albemarle had a return on equity of 14.53% and a net margin of 4.02%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the previous year, the firm earned $10.32 EPS. Albemarle’s revenue for the quarter was down 47.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Albemarle will post 3.13 earnings per share for the current fiscal year.

Albemarle Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.40 dividend. The ex-dividend date is Friday, June 14th. This represents a $1.60 dividend on an annualized basis and a yield of 1.30%. Albemarle’s payout ratio is 58.18%.

Insiders Place Their Bets

In related news, CAO John Clarence Barichivich III sold 1,475 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $132.17, for a total value of $194,950.75. Following the sale, the chief accounting officer now owns 4,743 shares of the company’s stock, valued at approximately $626,882.31. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, SVP Mark Richard Mummert sold 843 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $135.53, for a total value of $114,251.79. Following the completion of the transaction, the senior vice president now owns 6,802 shares of the company’s stock, valued at $921,875.06. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO John Clarence Barichivich III sold 1,475 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $132.17, for a total value of $194,950.75. Following the completion of the transaction, the chief accounting officer now owns 4,743 shares of the company’s stock, valued at $626,882.31. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Albemarle

Institutional investors have recently bought and sold shares of the stock. Eagle Strategies LLC increased its position in Albemarle by 149.3% during the 3rd quarter. Eagle Strategies LLC now owns 14,058 shares of the specialty chemicals company’s stock worth $2,391,000 after purchasing an additional 8,420 shares in the last quarter. Deutsche Bank AG increased its holdings in Albemarle by 5.4% in the 3rd quarter. Deutsche Bank AG now owns 283,876 shares of the specialty chemicals company’s stock valued at $48,270,000 after purchasing an additional 14,593 shares in the last quarter. Roffman Miller Associates Inc. PA raised its position in Albemarle by 430.7% in the fourth quarter. Roffman Miller Associates Inc. PA now owns 43,119 shares of the specialty chemicals company’s stock valued at $6,230,000 after purchasing an additional 34,994 shares during the period. Kestra Advisory Services LLC boosted its position in shares of Albemarle by 80.3% in the third quarter. Kestra Advisory Services LLC now owns 19,757 shares of the specialty chemicals company’s stock worth $3,359,000 after buying an additional 8,799 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in shares of Albemarle by 8.9% in the third quarter. Ameriprise Financial Inc. now owns 412,821 shares of the specialty chemicals company’s stock valued at $70,179,000 after buying an additional 33,662 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

About Albemarle

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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.

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Analyst Recommendations for Albemarle (NYSE:ALB)

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