Robert W. Baird Reiterates “Hold” Rating for Albemarle Corporation (ALB)

Albemarle Corporation (NYSE:ALB)‘s stock had its “hold” rating reissued by analysts at Robert W. Baird in a research note issued on Wednesday. They presently have a $135.00 price objective on the specialty chemicals company’s stock. Robert W. Baird’s price target would indicate a potential downside of 1.40% from the stock’s current price.

A number of other brokerages also recently weighed in on ALB. BidaskClub downgraded shares of Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Loop Capital initiated coverage on shares of Albemarle Corporation in a report on Thursday, September 28th. They set a “buy” rating and a $150.00 price target on the stock. Royal Bank Of Canada reiterated a “buy” rating and set a $149.00 price target on shares of Albemarle Corporation in a report on Wednesday, October 18th. KeyCorp reiterated a “buy” rating and set a $125.00 price target on shares of Albemarle Corporation in a report on Sunday, September 3rd. Finally, Nomura increased their price target on shares of Albemarle Corporation from $146.00 to $154.00 and gave the company a “buy” rating in a report on Tuesday, October 10th. Eight investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $125.45.

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

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In related news, EVP Karen G. Narwold sold 11,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $115.95, for a total value of $1,333,425.00. Following the sale, the executive vice president now owns 36,620 shares in the company, valued at $4,246,089. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Matthew Juneau sold 5,397 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $115.77, for a total transaction of $624,810.69. Following the completion of 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. Company insiders own 0.74% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Carroll Financial Associates Inc. raised its position in Albemarle Corporation by 0.3% in the second quarter. Carroll Financial Associates Inc. now owns 982 shares of the specialty chemicals company’s stock worth $103,000 after acquiring an additional 3 shares during the period. Benjamin F. Edwards & Company Inc. raised its position in Albemarle Corporation by 0.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,458 shares of the specialty chemicals company’s stock worth $154,000 after acquiring an additional 4 shares during the period. Scotia Capital Inc. raised its position in Albemarle Corporation by 0.5% in the second quarter. Scotia Capital Inc. now owns 2,022 shares of the specialty chemicals company’s stock worth $213,000 after acquiring an additional 10 shares during the period. Alps Advisors Inc. raised its position in Albemarle Corporation by 0.3% in the second quarter. Alps Advisors Inc. now owns 4,606 shares of the specialty chemicals company’s stock worth $486,000 after acquiring an additional 12 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in Albemarle Corporation by 2.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the specialty chemicals company’s stock worth $102,000 after acquiring an additional 20 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

About Albemarle Corporation

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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