Oppenheimer Lowers Albemarle (NYSE:ALB) Price Target to $170.00

Albemarle (NYSE:ALBGet Free Report) had its price objective cut by equities researchers at Oppenheimer from $171.00 to $170.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the specialty chemicals company’s stock. Oppenheimer’s price target points to a potential upside of 72.69% from the stock’s current price.

Several other brokerages have also recently commented on ALB. Piper Sandler dropped their price target on shares of Albemarle from $95.00 to $90.00 and set an “underweight” rating on the stock in a research report on Thursday, August 8th. Wells Fargo & Company upped their price target on Albemarle from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Evercore ISI dropped their price target on shares of Albemarle from $190.00 to $170.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 28th. JPMorgan Chase & Co. reduced their price objective on Albemarle from $115.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, August 19th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Albemarle from $105.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $113.58.

Read Our Latest Analysis on ALB

Albemarle Stock Performance

Albemarle stock traded down $1.49 during mid-day trading on Friday, hitting $98.44. 504,410 shares of the company’s stock traded hands, compared to its average volume of 2,959,546. The company has a quick ratio of 1.75, a current ratio of 2.67 and a debt-to-equity ratio of 0.38. Albemarle has a one year low of $71.97 and a one year high of $153.54. The firm has a 50 day moving average price of $93.14 and a 200 day moving average price of $100.56. The company has a market cap of $11.57 billion, a PE ratio of -20.79 and a beta of 1.55.

Albemarle (NYSE:ALBGet Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The specialty chemicals company reported ($1.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($1.24). The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.39 billion. Albemarle had a negative net margin of 6.72% and a positive return on equity of 6.38%. On average, equities analysts forecast that Albemarle will post -0.04 EPS for the current year.

Hedge Funds Weigh In On Albemarle

Several institutional investors and hedge funds have recently modified their holdings of ALB. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Albemarle in the third quarter valued at approximately $257,000. Banque Cantonale Vaudoise lifted its position in Albemarle by 33.8% in the 3rd quarter. Banque Cantonale Vaudoise now owns 11,706 shares of the specialty chemicals company’s stock valued at $1,109,000 after acquiring an additional 2,958 shares in the last quarter. Prudent Man Advisors LLC boosted its stake in Albemarle by 48.1% in the 3rd quarter. Prudent Man Advisors LLC now owns 4,988 shares of the specialty chemicals company’s stock worth $472,000 after purchasing an additional 1,620 shares during the period. River Street Advisors LLC increased its holdings in Albemarle by 16.1% during the 3rd quarter. River Street Advisors LLC now owns 3,390 shares of the specialty chemicals company’s stock worth $321,000 after purchasing an additional 469 shares in the last quarter. Finally, KPP Advisory Services LLC raised its stake in shares of Albemarle by 1.9% in the 3rd quarter. KPP Advisory Services LLC now owns 12,476 shares of the specialty chemicals company’s stock valued at $1,182,000 after purchasing an additional 228 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Company Profile

(Get Free Report)

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.

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