A number of other brokerages also recently commented on ALB. Zacks Investment Research downgraded shares of Albemarle from a buy rating to a hold rating in a research report on Wednesday, March 15th. Citigroup Inc downgraded shares of Albemarle from a buy rating to a neutral rating and upped their price objective for the stock from $104.77 to $112.00 in a research report on Monday, March 6th. They noted that the move was a valuation call. Royal Bank of Canada restated an outperform rating and set a $130.00 price objective (up previously from $114.00) on shares of Albemarle in a research report on Thursday, March 2nd. Jefferies Group LLC restated a buy rating and set a $120.00 price objective (up previously from $105.00) on shares of Albemarle in a research report on Wednesday, March 1st. Finally, Instinet upped their price objective on shares of Albemarle from $102.00 to $118.00 and gave the stock a buy rating in a research report on Wednesday, March 1st. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Albemarle presently has a consensus rating of Buy and an average target price of $109.73.
Albemarle (NYSE:ALB) traded down 0.44% during trading on Friday, reaching $105.74. 404,603 shares of the company were exchanged. Albemarle has a 12 month low of $60.34 and a 12 month high of $106.53. The firm has a market capitalization of $11.90 billion, a PE ratio of 18.60 and a beta of 1.41. The stock has a 50 day moving average price of $97.41 and a 200 day moving average price of $88.12.
Albemarle (NYSE:ALB) last announced its quarterly earnings data on Monday, February 27th. The company reported $0.78 EPS for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.05. The company earned $696.70 million during the quarter, compared to the consensus estimate of $642.68 million. Albemarle had a net margin of 6.92% and a return on equity of 14.38%. Albemarle’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 EPS. On average, analysts expect that Albemarle will post $4.18 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Wednesday, March 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Monday, March 13th. This is an increase from Albemarle’s previous quarterly dividend of $0.31. Albemarle’s dividend payout ratio (DPR) is currently 63.54%.
In other news, CFO Scott Tozier sold 1,057 shares of the stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $90.62, for a total value of $95,785.34. Following the completion of the transaction, the chief financial officer now owns 29,722 shares in the company, valued at approximately $2,693,407.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Karen G. Narwold sold 392 shares of the stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $90.59, for a total transaction of $35,511.28. Following the completion of the transaction, the executive vice president now owns 22,284 shares of the company’s stock, valued at approximately $2,018,707.56. The disclosure for this sale can be found here. Insiders sold a total of 3,991 shares of company stock valued at $361,246 in the last quarter. Insiders own 0.71% of the company’s stock.
Several institutional investors have recently made changes to their positions in ALB. Gulf International Bank UK Ltd increased its position in shares of Albemarle by 3.7% in the third quarter. Gulf International Bank UK Ltd now owns 36,109 shares of the company’s stock worth $3,086,000 after buying an additional 1,300 shares in the last quarter. Genesee Valley Trust Co. increased its position in shares of Albemarle by 0.5% in the third quarter. Genesee Valley Trust Co. now owns 3,340 shares of the company’s stock worth $286,000 after buying an additional 18 shares in the last quarter. Fox Run Management L.L.C. bought a new position in shares of Albemarle during the third quarter worth about $881,000. Eagle Boston Investment Management Inc. increased its position in shares of Albemarle by 1.0% in the third quarter. Eagle Boston Investment Management Inc. now owns 14,683 shares of the company’s stock worth $1,255,000 after buying an additional 152 shares in the last quarter. Finally, Creative Planning increased its position in shares of Albemarle by 16.8% in the third quarter. Creative Planning now owns 1,228 shares of the company’s stock worth $105,000 after buying an additional 177 shares in the last quarter. Institutional investors and hedge funds own 86.50% of the company’s stock.
Albemarle Company Profile
Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, crop protection, household appliances, heating, ventilation, aluminum finishing, food safety and custom chemistry services.
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