Citigroup Cuts Albemarle (NYSE:ALB) Price Target to $73.00

Albemarle (NYSE:ALB) had its price target decreased by Citigroup from $80.00 to $73.00 in a research report report published on Wednesday, BenzingaRatingsTable reports. Citigroup currently has a neutral rating on the specialty chemicals company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley reduced their price objective on shares of Albemarle from $65.00 to $60.00 and set an underweight rating on the stock in a research report on Thursday, August 15th. Oppenheimer reduced their price objective on shares of Albemarle from $157.00 to $128.00 and set an outperform rating on the stock in a research report on Friday, August 9th. Berenberg Bank set a $75.00 price objective on shares of Albemarle and gave the company a hold rating in a research report on Monday, August 12th. UBS Group reduced their price objective on shares of Albemarle from $110.00 to $105.00 and set a buy rating on the stock in a research report on Wednesday, October 2nd. Finally, KeyCorp reiterated an overweight rating and set a $94.00 price objective (down previously from $100.00) on shares of Albemarle in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $92.15.

Albemarle stock opened at $68.91 on Wednesday. The stock has a market cap of $7.30 billion, a P/E ratio of 12.57, a PEG ratio of 0.81 and a beta of 1.64. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.45 and a quick ratio of 0.87. Albemarle has a 1 year low of $58.63 and a 1 year high of $108.74. The firm’s 50 day moving average price is $65.33 and its 200-day moving average price is $71.02.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Wednesday, August 7th. The specialty chemicals company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.14. The firm had revenue of $885.05 million for the quarter, compared to analysts’ expectations of $893.50 million. Albemarle had a net margin of 16.01% and a return on equity of 15.71%. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.36 earnings per share. As a group, equities analysts expect that Albemarle will post 6.37 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a $0.3675 dividend. This represents a $1.47 annualized dividend and a yield of 2.13%. The ex-dividend date was Thursday, September 12th. Albemarle’s dividend payout ratio is presently 26.82%.

In other Albemarle news, insider Eric Norris purchased 3,090 shares of Albemarle stock in a transaction that occurred on Tuesday, August 20th. The shares were bought at an average price of $64.66 per share, for a total transaction of $199,799.40. Following the completion of the transaction, the insider now owns 164 shares of the company’s stock, valued at approximately $10,604.24. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Luther C. Iv Kissam sold 36,000 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.00, for a total transaction of $2,520,000.00. Following the completion of the sale, the chief executive officer now owns 334,046 shares in the company, valued at approximately $23,383,220. The disclosure for this sale can be found here. Insiders own 1.02% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Gemmer Asset Management LLC boosted its stake in Albemarle by 71.1% during the second quarter. Gemmer Asset Management LLC now owns 361 shares of the specialty chemicals company’s stock worth $25,000 after buying an additional 150 shares during the period. NEXT Financial Group Inc boosted its stake in Albemarle by 71.1% during the second quarter. NEXT Financial Group Inc now owns 433 shares of the specialty chemicals company’s stock worth $31,000 after buying an additional 180 shares during the period. Exane Derivatives purchased a new position in Albemarle during the second quarter worth $32,000. Oakworth Capital Inc. purchased a new position in Albemarle during the second quarter worth $32,000. Finally, Thor Advisors LLC purchased a new position in Albemarle during the first quarter worth $37,000. Institutional investors own 90.63% of the company’s stock.

About Albemarle

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.

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Analyst Recommendations for Albemarle (NYSE:ALB)

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