Albemarle Corp. (ALB) Rating Lowered to Hold at Zacks Investment Research
Albemarle Corp. (NYSE:ALB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Albemarle Corporation is a major producer of fine and performance chemicals including polymer intermediates, cleaning product intermediates and additives, agricultural chemical intermediates, pharmaceutical intermediates, catalysts, brominated flame retardants, bromine chemicals and potassium and chlorine chemicals. “
Several other equities analysts also recently weighed in on ALB. Deutsche Bank AG raised their target price on shares of Albemarle Corp. from $94.00 to $95.00 and gave the company a “buy” rating in a report on Friday, August 5th. Citigroup Inc. raised their target price on shares of Albemarle Corp. from $95.00 to $101.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Finally, Nomura set a $92.00 target price on shares of Albemarle Corp. and gave the company a “buy” rating in a report on Tuesday, August 23rd. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $80.60.
Shares of Albemarle Corp. (NYSE:ALB) opened at 87.78 on Tuesday. The stock has a 50 day moving average of $82.57 and a 200-day moving average of $81.74. The stock has a market capitalization of $9.87 billion, a P/E ratio of 45.96 and a beta of 1.52. Albemarle Corp. has a 1-year low of $45.78 and a 1-year high of $88.73.
Albemarle Corp. (NYSE:ALB) last announced its quarterly earnings results on Monday, November 7th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.10. The business earned $654 million during the quarter, compared to the consensus estimate of $645.81 million. Albemarle Corp. had a net margin of 6.92% and a return on equity of 14.38%. The business’s revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 EPS. Equities research analysts predict that Albemarle Corp. will post $3.52 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, January 2nd. Investors of record on Thursday, December 15th will be given a $0.305 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $1.22 annualized dividend and a dividend yield of 1.39%. Albemarle Corp.’s dividend payout ratio is presently 63.54%.
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Several large investors have recently added to or reduced their stakes in the company. Jennison Associates LLC boosted its stake in Albemarle Corp. by 218.8% in the third quarter. Jennison Associates LLC now owns 4,147,707 shares of the company’s stock valued at $354,587,000 after buying an additional 2,846,734 shares in the last quarter. Vanguard Group Inc. boosted its stake in Albemarle Corp. by 20.0% in the second quarter. Vanguard Group Inc. now owns 10,771,871 shares of the company’s stock valued at $854,316,000 after buying an additional 1,795,733 shares in the last quarter. Egerton Capital UK LLP bought a new stake in Albemarle Corp. during the second quarter valued at about $118,587,000. Columbus Circle Investors boosted its stake in Albemarle Corp. by 14,545.6% in the third quarter. Columbus Circle Investors now owns 839,484 shares of the company’s stock valued at $71,767,000 after buying an additional 833,752 shares in the last quarter. Finally, First Eagle Investment Management LLC bought a new stake in Albemarle Corp. during the second quarter valued at about $55,772,000. 84.20% of the stock is currently owned by institutional investors and hedge funds.
About Albemarle Corp.
Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, heating, ventilation, and aluminum finishing.
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