Other research analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Albemarle from a buy rating to a hold rating in a report on Wednesday, March 15th. Citigroup Inc cut shares of Albemarle from a buy rating to a neutral rating and lifted their price objective for the company from $104.77 to $112.00 in a report on Monday, March 6th. They noted that the move was a valuation call. Jefferies Group LLC reaffirmed a buy rating and issued a $120.00 price objective (up previously from $105.00) on shares of Albemarle in a report on Wednesday, March 1st. Aegis began coverage on shares of Albemarle in a report on Friday, February 17th. They issued a buy rating and a $108.00 price objective for the company. Finally, Instinet lifted their price objective on shares of Albemarle from $102.00 to $118.00 and gave the company a buy rating in a report on Wednesday, March 1st. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Albemarle has a consensus rating of Buy and a consensus price target of $109.73.
Albemarle (NYSE:ALB) traded down 0.44% during mid-day trading on Friday, reaching $105.74. 404,603 shares of the company were exchanged. Albemarle has a 1-year low of $60.34 and a 1-year high of $106.53. The company has a market capitalization of $11.90 billion, a price-to-earnings ratio of 18.60 and a beta of 1.41. The company has a 50 day moving average of $97.41 and a 200-day moving average of $88.12.
Albemarle (NYSE:ALB) last released its quarterly earnings data on Monday, February 27th. The company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.05. Albemarle had a net margin of 6.92% and a return on equity of 14.38%. The company earned $696.70 million during the quarter, compared to analysts’ expectations of $642.68 million. During the same quarter in the previous year, the company earned $1.03 earnings per share. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, equities research analysts forecast that Albemarle will post $4.18 EPS for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Wednesday, March 15th will be given a $0.32 dividend. This is a positive change from Albemarle’s previous quarterly dividend of $0.31. The ex-dividend date is Monday, March 13th. This represents a $1.28 annualized dividend and a dividend yield of 1.21%. Albemarle’s dividend payout ratio (DPR) is 63.54%.
In other news, CFO Scott Tozier sold 1,057 shares of Albemarle stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $90.62, for a total value of $95,785.34. Following the sale, the chief financial officer now owns 29,722 shares in the company, valued at $2,693,407.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Karen G. Narwold sold 392 shares of Albemarle stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $90.59, for a total transaction of $35,511.28. Following the completion of the sale, the executive vice president now owns 22,284 shares in the company, valued at approximately $2,018,707.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,991 shares of company stock worth $361,246. Company insiders own 0.71% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Mitsubishi UFJ Trust & Banking Corp raised its position in Albemarle by 0.9% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 225,149 shares of the company’s stock worth $19,248,000 after buying an additional 2,097 shares during the last quarter. Tyers Asset Management LLC acquired a new position in Albemarle during the fourth quarter worth $2,034,000. Advisory Research Inc. acquired a new position in Albemarle during the fourth quarter worth $2,421,000. BP PLC acquired a new position in Albemarle during the fourth quarter worth $1,206,000. Finally, GLG Partners LP raised its position in Albemarle by 6.8% in the fourth quarter. GLG Partners LP now owns 47,545 shares of the company’s stock worth $4,093,000 after buying an additional 3,010 shares during the last quarter. Hedge funds and other institutional investors own 86.50% of the company’s stock.
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, crop protection, household appliances, heating, ventilation, aluminum finishing, food safety and custom chemistry services.
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