Albemarle (NYSE:ALB) Shares Gap Down After Analyst Downgrade

Albemarle Co. (NYSE:ALB)’s share price gapped down prior to trading on Tuesday after Citigroup lowered their price target on the stock from $85.00 to $64.00. The stock had previously closed at $57.39, but opened at $56.00. Citigroup currently has a neutral rating on the stock. Albemarle shares last traded at $55.95, with a volume of 207,804 shares changing hands.

Other equities research analysts have also recently issued research reports about the stock. UBS Group lowered their target price on shares of Albemarle from $86.00 to $64.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Royal Bank of Canada reduced their target price on Albemarle from $133.00 to $114.00 and set an “overweight” rating for the company in a report on Wednesday, February 12th. BMO Capital Markets lowered their price target on shares of Albemarle from $150.00 to $140.00 in a report on Wednesday, February 12th. Clarkson Capital initiated coverage on shares of Albemarle in a report on Tuesday, January 14th. They issued a “buy” rating and a $112.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Albemarle from $109.00 to $105.00 in a research report on Wednesday, February 12th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $96.05.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ALB. Assetmark Inc. increased its holdings in shares of Albemarle by 340.6% during the fourth quarter. Assetmark Inc. now owns 304 shares of the specialty chemicals company’s stock valued at $26,000 after acquiring an additional 235 shares in the last quarter. Trust Co. of Vermont raised its holdings in Albemarle by 606.5% in the fourth quarter. Trust Co. of Vermont now owns 325 shares of the specialty chemicals company’s stock worth $28,000 after buying an additional 279 shares during the last quarter. SJS Investment Consulting Inc. bought a new position in shares of Albemarle in the first quarter worth approximately $32,000. First Community Trust NA grew its holdings in shares of Albemarle by 55.0% during the fourth quarter. First Community Trust NA now owns 400 shares of the specialty chemicals company’s stock valued at $34,000 after buying an additional 142 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Albemarle during the fourth quarter valued at approximately $34,000. 92.87% of the stock is currently owned by institutional investors.

Albemarle Stock Performance

The business’s fifty day moving average is $72.46 and its two-hundred day moving average is $88.02. The company has a current ratio of 1.95, a quick ratio of 1.19 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $6.35 billion, a PE ratio of -4.82 and a beta of 1.59.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Wednesday, February 12th. The specialty chemicals company reported ($1.09) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.49). Albemarle had a negative return on equity of 1.72% and a negative net margin of 21.93%. Equities research analysts predict that Albemarle Co. will post -0.04 earnings per share for the current year.

Albemarle Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend was Friday, March 14th. Albemarle’s dividend payout ratio is presently -14.46%.

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.