Albemarle (NYSE:ALB) PT Lowered to $170.00

Albemarle (NYSE:ALB) had its price target dropped by stock analysts at Evercore ISI from $190.00 to $170.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the specialty chemicals company’s stock. Evercore ISI’s price target would suggest a potential upside of 85.49% from the stock’s previous close.

ALB has been the topic of several other reports. Bank of America decreased their price target on shares of Albemarle from $135.00 to $126.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Hsbc Global Res upgraded Albemarle to a “hold” rating in a report on Wednesday, July 17th. KeyCorp dropped their price target on Albemarle from $151.00 to $132.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Berenberg Bank downgraded Albemarle from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $160.00 to $83.00 in a research report on Wednesday, July 31st. Finally, Robert W. Baird cut Albemarle from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $102.00 to $85.00 in a report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $117.10.

Albemarle Price Performance

NYSE:ALB opened at $91.65 on Wednesday. The stock has a 50 day moving average of $90.48 and a two-hundred day moving average of $110.94. Albemarle has a 12 month low of $71.97 and a 12 month high of $203.62. The firm has a market cap of $10.77 billion, a P/E ratio of 33.33, a price-to-earnings-growth ratio of 3.48 and a beta of 1.57. The company has a current ratio of 2.67, a quick ratio of 1.91 and a debt-to-equity ratio of 0.38.

Albemarle (NYSE:ALB) last issued its quarterly earnings results on Wednesday, July 31st. The specialty chemicals company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.49). Albemarle had a positive return on equity of 6.38% and a negative net margin of 6.72%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the firm earned $7.33 earnings per share. The business’s revenue was down 39.7% on a year-over-year basis. On average, analysts expect that Albemarle will post 1.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Albemarle

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. WFA Asset Management Corp purchased a new position in Albemarle in the 1st quarter valued at approximately $25,000. First Community Trust NA acquired a new position in shares of Albemarle during the second quarter worth about $25,000. CVA Family Office LLC lifted its stake in Albemarle by 610.0% in the second quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock worth $27,000 after acquiring an additional 244 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Albemarle by 2,942.9% during the 4th quarter. Jones Financial Companies Lllp now owns 213 shares of the specialty chemicals company’s stock worth $31,000 after acquiring an additional 206 shares in the last quarter. Finally, First Financial Corp IN purchased a new stake in shares of Albemarle in the 1st quarter valued at approximately $32,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

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.