Albemarle (NYSE:ALB) Given New $100.00 Price Target at Citigroup

Albemarle (NYSE:ALB) had its target price cut by analysts at Citigroup from $137.00 to $100.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the specialty chemicals company’s stock. Citigroup’s price target would suggest a potential upside of 2.22% from the company’s current price.

ALB has been the subject of several other research reports. Piper Sandler dropped their price objective on Albemarle from $122.00 to $95.00 and set an “underweight” rating for the company in a report on Tuesday, June 25th. KeyCorp dropped their price target on Albemarle from $159.00 to $151.00 and set an “overweight” rating for the company in a research note on Wednesday. Oppenheimer reduced their price objective on shares of Albemarle from $188.00 to $178.00 and set an “outperform” rating on the stock in a research report on Tuesday. Bank of America raised shares of Albemarle from a “neutral” rating to a “buy” rating and raised their target price for the stock from $137.00 to $156.00 in a research report on Wednesday, April 10th. Finally, Scotiabank reiterated a “sector perform” rating and set a $135.00 price target (down previously from $150.00) on shares of Albemarle in a research report on Tuesday, May 21st. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Albemarle has a consensus rating of “Hold” and a consensus price target of $148.32.

Albemarle Trading Down 0.1 %

Shares of NYSE ALB traded down $0.12 during mid-day trading on Friday, hitting $97.83. The stock had a trading volume of 1,960,111 shares, compared to its average volume of 3,087,551. The business has a 50 day moving average price of $113.77 and a two-hundred day moving average price of $120.68. Albemarle has a 1 year low of $90.32 and a 1 year high of $246.00. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.91 and a current ratio of 2.84. The firm has a market cap of $11.50 billion, a P/E ratio of 35.57, a price-to-earnings-growth ratio of 3.06 and a beta of 1.57.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Albemarle had a net margin of 4.02% and a return on equity of 14.53%. Albemarle’s revenue was down 47.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $10.32 EPS. On average, equities analysts anticipate that Albemarle will post 1.98 EPS for the current fiscal year.

Insider Activity at Albemarle

In related news, CAO John Clarence Barichivich III sold 1,475 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO John Clarence Barichivich III sold 1,475 shares of the firm’s stock in a transaction dated 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 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 accessible through this hyperlink. Also, SVP Mark Richard Mummert sold 843 shares of the business’s stock in a transaction that occurred 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 $921,875.06. The disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.

Hedge Funds Weigh In On Albemarle

Institutional investors and hedge funds have recently modified their holdings of the company. WFA Asset Management Corp bought a new position in Albemarle in the first quarter valued at about $25,000. CVA Family Office LLC increased its position in shares of Albemarle by 610.0% during the 2nd quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after purchasing an additional 244 shares during the last quarter. USCF Advisers LLC lifted its stake in shares of Albemarle by 100.0% in the 4th quarter. USCF Advisers LLC now owns 200 shares of the specialty chemicals company’s stock worth $29,000 after purchasing an additional 100 shares during the period. Arlington Trust Co LLC purchased a new position in shares of Albemarle in the fourth quarter worth approximately $30,000. Finally, Jones Financial Companies Lllp grew its position in Albemarle by 2,942.9% during the fourth quarter. Jones Financial Companies Lllp now owns 213 shares of the specialty chemicals company’s stock valued at $31,000 after buying an additional 206 shares during the period. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

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.