Albemarle (NYSE:ALB) Lowered to Underweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Albemarle (NYSE:ALB) from a neutral rating to an underweight rating in a research note published on Friday morning, Benzinga’s Daily Ratings Newsletter reports. They currently have $60.00 price objective on the specialty chemicals company’s stock, down from their previous price objective of $68.00.

A number of other equities analysts have also weighed in on the stock. Loop Capital cut their price objective on shares of Albemarle to $98.00 and set a buy rating for the company in a research report on Friday, September 13th. Buckingham Research cut their price objective on shares of Albemarle from $80.00 to $75.00 and set a neutral rating for the company in a research report on Thursday, October 3rd. Wells Fargo & Co cut their price objective on shares of Albemarle from $75.00 to $65.00 and set a market perform rating for the company in a research report on Friday, October 25th. Vertical Group cut their price objective on shares of Albemarle from $58.50 to $39.50 in a research report on Wednesday, August 14th. Finally, Morgan Stanley cut their price objective on shares of Albemarle from $65.00 to $60.00 and set an underweight rating for the company in a research report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $85.13.

Shares of NYSE:ALB traded down $2.42 during trading on Friday, reaching $65.31. The stock had a trading volume of 1,746,203 shares, compared to its average volume of 1,512,950. The business has a fifty day moving average price of $66.76 and a 200-day moving average price of $68.51. The company has a quick ratio of 0.82, a current ratio of 1.39 and a debt-to-equity ratio of 0.34. The stock has a market cap of $7.18 billion, a P/E ratio of 11.92, a PEG ratio of 1.10 and a beta of 1.63. Albemarle has a fifty-two week low of $58.63 and a fifty-two week high of $103.37.

Albemarle (NYSE:ALB) last posted its quarterly earnings data on Wednesday, November 6th. The specialty chemicals company reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.04. The business had revenue of $879.70 million during the quarter, compared to analyst estimates of $883.67 million. Albemarle had a net margin of 16.27% and a return on equity of 15.94%. The company’s revenue was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.31 earnings per share. As a group, equities analysts forecast that Albemarle will post 6.06 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.368 dividend. This represents a $1.47 dividend on an annualized basis and a yield of 2.25%. This is an increase from Albemarle’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Thursday, December 12th. Albemarle’s payout ratio is presently 26.82%.

In other Albemarle news, insider Eric Norris acquired 3,090 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was bought at an average cost of $64.66 per share, for a total transaction of $199,799.40. Following the completion of the purchase, the insider now directly owns 164 shares in the company, valued at $10,604.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Luther C. Iv Kissam sold 36,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 334,046 shares of the company’s stock, valued at $23,383,220. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cornerstone Advisors Inc. grew its stake in Albemarle by 19.4% during the second quarter. Cornerstone Advisors Inc. now owns 3,490 shares of the specialty chemicals company’s stock worth $246,000 after buying an additional 567 shares during the period. Kistler Tiffany Companies LLC grew its stake in Albemarle by 29.7% during the second quarter. Kistler Tiffany Companies LLC now owns 1,885 shares of the specialty chemicals company’s stock worth $133,000 after buying an additional 432 shares during the period. Evolution Wealth Advisors LLC purchased a new stake in Albemarle during the second quarter worth approximately $1,878,000. 10 15 Associates Inc. boosted its stake in shares of Albemarle by 5.6% in the second quarter. 10 15 Associates Inc. now owns 24,116 shares of the specialty chemicals company’s stock valued at $1,698,000 after purchasing an additional 1,280 shares during the period. Finally, Arizona State Retirement System boosted its stake in shares of Albemarle by 14.1% in the second quarter. Arizona State Retirement System now owns 52,073 shares of the specialty chemicals company’s stock valued at $3,666,000 after purchasing an additional 6,441 shares during the period. Institutional investors own 90.46% 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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