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Albemarle Corporation (ALB) Reaches New 52-Week High on Analyst Upgrade

Albemarle Corporation (NYSE:ALB)’s share price hit a new 52-week high on Monday after Instinet raised their price target on the stock from $134.00 to $146.00. Instinet currently has a buy rating on the stock. Albemarle Corporation traded as high as $130.83 and last traded at $130.73, with a volume of 889,304 shares changing hands. The stock had previously closed at $127.29.

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Other equities analysts have also issued research reports about the company. Royal Bank of Canada reiterated a “buy” rating and issued a $136.00 price target on shares of Albemarle Corporation in a research note on Friday, July 14th. Aegis reiterated a “buy” rating on shares of Albemarle Corporation in a research note on Friday, July 7th. Zacks Investment Research upgraded Albemarle Corporation from a “hold” rating to a “buy” rating and set a $121.00 price target on the stock in a research note on Friday, July 7th. Jefferies Group LLC reiterated a “buy” rating and issued a $120.00 price target on shares of Albemarle Corporation in a research note on Friday, June 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $36.00 price target on shares of Albemarle Corporation in a research note on Thursday, June 29th. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $112.50.

In related news, EVP Karen G. Narwold sold 11,500 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $115.95, for a total transaction of $1,333,425.00. Following the sale, the executive vice president now owns 36,620 shares in the company, valued at approximately $4,246,089. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Matthew Juneau sold 5,397 shares of the business’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $115.77, for a total value of $624,810.69. Following the sale, the executive vice president now owns 360 shares in the company, valued at approximately $41,677.20. The disclosure for this sale can be found here. Insiders have sold a total of 91,897 shares of company stock worth $10,215,486 in the last 90 days. 0.74% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of ALB. Advisors Asset Management Inc. grew its position in Albemarle Corporation by 69.9% during the 1st quarter. Advisors Asset Management Inc. now owns 5,027 shares of the specialty chemicals company’s stock worth $531,000 after acquiring an additional 2,069 shares during the last quarter. UBS Asset Management Americas Inc. lifted its holdings in Albemarle Corporation by 9.5% during the 1st quarter. UBS Asset Management Americas Inc. now owns 283,138 shares of the specialty chemicals company’s stock worth $29,911,000 after buying an additional 24,621 shares during the period. Karp Capital Management Corp acquired a new position in Albemarle Corporation during the 1st quarter worth about $3,690,000. Engineers Gate Manager LP acquired a new position in Albemarle Corporation during the 1st quarter worth about $401,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Albemarle Corporation by 29.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,350 shares of the specialty chemicals company’s stock worth $882,000 after buying an additional 1,902 shares during the period. Institutional investors and hedge funds own 83.73% of the company’s stock.

The company has a market cap of $14.88 billion, a PE ratio of 17.22 and a beta of 1.61. The company has a 50-day moving average of $117.92 and a 200 day moving average of $111.37.

Albemarle Corporation (NYSE:ALB) last released its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 EPS for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.02. The business had revenue of $737.25 million for the quarter, compared to analysts’ expectations of $735.50 million. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The firm’s revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.93 earnings per share. On average, analysts anticipate that Albemarle Corporation will post $4.37 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a yield of 0.95%. Albemarle Corporation’s dividend payout ratio is presently 16.41%.

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Albemarle Corporation 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.