Albemarle (NYSE:ALB) Stock Price Down 3.6%

Shares of Albemarle Co. (NYSE:ALB) traded down 3.6% on Thursday . The company traded as low as $94.88 and last traded at $96.66. 1,209,884 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 3,051,202 shares. The stock had previously closed at $100.28.

Wall Street Analyst Weigh In

ALB has been the subject of several recent analyst reports. Scotiabank reissued a “sector perform” rating and issued a $135.00 price objective (down previously from $150.00) on shares of Albemarle in a report on Tuesday, May 21st. Vertical Research lowered shares of Albemarle from a “buy” rating to a “hold” rating and set a $145.00 price objective on the stock. in a research note on Friday, March 8th. Wolfe Research began coverage on shares of Albemarle in a research note on Friday, March 1st. They issued a “peer perform” rating for the company. UBS Group lowered their price target on Albemarle from $132.00 to $124.00 and set a “neutral” rating on the stock in a research report on Thursday, June 13th. Finally, Bank of America raised Albemarle from a “neutral” rating to a “buy” rating and raised their price objective for the company from $137.00 to $156.00 in a research report on Wednesday, April 10th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Albemarle presently has a consensus rating of “Hold” and an average price target of $155.78.

Albemarle Stock Performance

The stock has a 50 day moving average of $117.50 and a 200 day moving average of $123.57. The company has a quick ratio of 1.91, a current ratio of 2.84 and a debt-to-equity ratio of 0.37. The firm has a market cap of $11.23 billion, a price-to-earnings ratio of 34.75, a P/E/G ratio of 2.90 and a beta of 1.61.

Albemarle (NYSE:ALB) last issued its quarterly earnings results 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 business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the business posted $10.32 EPS. The company’s revenue for the quarter was down 47.3% on a year-over-year basis. As a group, analysts anticipate that Albemarle Co. will post 2.07 EPS for the current fiscal year.

Albemarle Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.40 dividend. 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 58.18%.

Insider Transactions at Albemarle

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

Hedge Funds Weigh In On Albemarle

Hedge funds and other institutional investors have recently bought and sold shares of the company. WFA Asset Management Corp bought a new position in shares of Albemarle in the 1st quarter worth about $25,000. USCF Advisers LLC lifted its stake in Albemarle by 100.0% in the fourth quarter. USCF Advisers LLC now owns 200 shares of the specialty chemicals company’s stock valued at $29,000 after buying an additional 100 shares during the period. Arlington Trust Co LLC acquired a new stake in shares of Albemarle during the 4th quarter worth approximately $30,000. Jones Financial Companies Lllp increased its stake in shares of Albemarle by 2,942.9% in the 4th quarter. Jones Financial Companies Lllp now owns 213 shares of the specialty chemicals company’s stock valued at $31,000 after acquiring an additional 206 shares in the last quarter. Finally, First Financial Corp IN bought a new position in Albemarle during the first quarter worth $32,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

About Albemarle

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.