Royal Bank of Canada reissued their buy rating on shares of Albemarle Co. (NYSE:ALB) in a research note published on Tuesday. They currently have a $132.00 price target on the specialty chemicals company’s stock.
ALB has been the subject of several other research reports. Jefferies Group LLC reissued a buy rating and issued a $120.00 price objective (up previously from $105.00) on shares of Albemarle in a research note on Wednesday, March 1st. Robert W. Baird raised shares of Albemarle from a neutral rating to an outperform rating and raised their price objective for the company from $81.00 to $118.00 in a research note on Tuesday, January 17th. Instinet raised their price objective on shares of Albemarle from $102.00 to $118.00 and gave the company a buy rating in a research note on Wednesday, March 1st. Aegis assumed coverage on shares of Albemarle in a research note on Friday, February 17th. They issued a buy rating and a $108.00 price objective for the company. Finally, Zacks Investment Research raised shares of Albemarle from a hold rating to a buy rating and set a $117.00 price objective for the company in a research note on Monday, March 27th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Albemarle has an average rating of Buy and an average price target of $111.00.
Shares of Albemarle (NYSE:ALB) opened at 105.52 on Tuesday. Albemarle has a 52-week low of $65.57 and a 52-week high of $107.56. The stock has a market capitalization of $11.88 billion, a PE ratio of 18.56 and a beta of 1.41. The firm has a 50-day moving average of $104.69 and a 200 day moving average of $92.26.
Albemarle (NYSE:ALB) last posted its quarterly earnings data on Monday, February 27th. The specialty chemicals company reported $0.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.05. Albemarle had a net margin of 6.92% and a return on equity of 14.38%. The business earned $696.70 million during the quarter, compared to analyst estimates of $642.68 million. During the same quarter last year, the firm posted $1.03 earnings per share. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. Equities research analysts forecast that Albemarle will post $4.18 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which was paid on Monday, April 3rd. Shareholders of record on Wednesday, March 15th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, March 13th. This represents a $1.28 dividend on an annualized basis and a yield of 1.21%. This is a boost from Albemarle’s previous quarterly dividend of $0.31. Albemarle’s dividend payout ratio (DPR) is presently 63.54%.
Hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Securities Holdings Co. Ltd. bought a new stake in Albemarle during the third quarter worth $104,000. Creative Planning boosted its stake in Albemarle by 16.8% in the third quarter. Creative Planning now owns 1,228 shares of the specialty chemicals company’s stock worth $105,000 after buying an additional 177 shares during the last quarter. Van ECK Associates Corp boosted its stake in Albemarle by 97.7% in the fourth quarter. Van ECK Associates Corp now owns 1,360 shares of the specialty chemicals company’s stock worth $117,000 after buying an additional 672 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Albemarle by 0.3% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 1,443 shares of the specialty chemicals company’s stock worth $123,000 after buying an additional 5 shares during the last quarter. Finally, Cullinan Associates Inc. bought a new stake in Albemarle during the first quarter worth $201,000. 86.50% of the stock is currently owned by institutional investors.
Albemarle 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.
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