Albemarle (NYSE:ALB) Price Target Lowered to $95.00 at Piper Sandler

Albemarle (NYSE:ALB) had its price objective decreased by Piper Sandler from $122.00 to $95.00 in a research report released on Tuesday morning, Benzinga reports. Piper Sandler currently has an underweight rating on the specialty chemicals company’s stock.

Other analysts have also issued reports about the stock. Bank of America upgraded shares of Albemarle from a neutral rating to a buy rating and upped their target price for the stock from $137.00 to $156.00 in a research note on Wednesday, April 10th. Loop Capital decreased their price objective on shares of Albemarle from $168.00 to $162.00 and set a buy rating for the company in a research report on Friday, March 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Albemarle from $125.00 to $140.00 and gave the stock a hold rating in a research note on Tuesday, May 7th. Citigroup raised their price target on Albemarle from $125.00 to $135.00 and gave the company a neutral rating in a research note on Wednesday, April 10th. Finally, Wolfe Research began coverage on Albemarle in a research report on Friday, March 1st. They set a peer perform rating for the company. Three analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $155.78.

Albemarle Price Performance

Albemarle stock opened at $95.57 on Tuesday. The company has a quick ratio of 1.91, a current ratio of 2.84 and a debt-to-equity ratio of 0.37. Albemarle has a 52-week low of $92.29 and a 52-week high of $247.44. The firm has a market cap of $11.23 billion, a PE ratio of 34.75, a price-to-earnings-growth ratio of 3.03 and a beta of 1.61. The company’s 50 day moving average is $117.50 and its two-hundred day moving average is $123.57.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.09). Albemarle had a net margin of 4.02% and a return on equity of 14.53%. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the previous year, the business posted $10.32 earnings per share. The firm’s revenue was down 47.3% on a year-over-year basis. On average, research analysts expect that Albemarle will post 2.07 EPS for the current fiscal year.

Albemarle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.67%. The ex-dividend date is Friday, June 14th. Albemarle’s payout ratio is currently 58.18%.

Insider Buying and Selling at Albemarle

In related news, SVP Mark Richard Mummert sold 843 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $135.53, for a total transaction of $114,251.79. Following the transaction, the senior vice president now owns 6,802 shares of the company’s stock, valued at $921,875.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Albemarle news, CAO John Clarence Barichivich III sold 1,475 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $132.17, for a total value of $194,950.75. Following the transaction, the chief accounting officer now directly owns 4,743 shares of the company’s stock, valued at approximately $626,882.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Mark Richard Mummert sold 843 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $135.53, for a total transaction of $114,251.79. Following the transaction, the senior vice president now owns 6,802 shares of the company’s stock, valued at approximately $921,875.06. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Bright Futures Wealth Management LLC. purchased a new stake in Albemarle in the 1st quarter valued at approximately $977,000. SRN Advisors LLC lifted its holdings in shares of Albemarle by 5.0% in the 1st quarter. SRN Advisors LLC now owns 6,768 shares of the specialty chemicals company’s stock valued at $892,000 after buying an additional 324 shares during the period. Keynote Financial Services LLC purchased a new stake in shares of Albemarle in the first quarter valued at approximately $226,000. EverSource Wealth Advisors LLC grew its holdings in Albemarle by 75.0% during the first quarter. EverSource Wealth Advisors LLC now owns 901 shares of the specialty chemicals company’s stock worth $108,000 after acquiring an additional 386 shares during the period. Finally, Pathway Financial Advisers LLC purchased a new position in Albemarle in the first quarter worth $783,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Company Profile

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.