Albemarle (NYSE:ALB) Given New $114.00 Price Target at Royal Bank of Canada

Albemarle (NYSE:ALB) had its price objective dropped by Royal Bank of Canada from $133.00 to $114.00 in a research note issued to investors on Wednesday. The firm presently has an “overweight” rating on the specialty chemicals company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 48.88% from the company’s current price.

A number of other analysts have also recently weighed in on ALB. Truist Financial began coverage on shares of Albemarle in a research note on Tuesday, January 28th. They issued a “hold” rating and a $96.00 price objective for the company. Mizuho decreased their price target on shares of Albemarle from $110.00 to $105.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Robert W. Baird raised their price target on Albemarle from $79.00 to $103.00 and gave the company a “neutral” rating in a research report on Wednesday, December 18th. Citigroup cut their price objective on Albemarle from $115.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Oppenheimer lowered their target price on Albemarle from $171.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $113.50.

Albemarle Stock Up 1.1 %

Albemarle stock traded up $0.87 during mid-day trading on Wednesday, hitting $76.57. 3,392,958 shares of the company’s stock were exchanged, compared to its average volume of 2,373,626. Albemarle has a 1-year low of $71.97 and a 1-year high of $143.19. The stock has a 50 day moving average of $90.52 and a two-hundred day moving average of $92.59. The stock has a market cap of $9.00 billion, a P/E ratio of -4.57, a P/E/G ratio of 3.43 and a beta of 1.59. The company has a current ratio of 2.44, a quick ratio of 1.58 and a debt-to-equity ratio of 0.43.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, February 12th. The specialty chemicals company reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.49). Albemarle had a negative net margin of 28.80% and a positive return on equity of 1.67%. As a group, analysts anticipate that Albemarle will post -1.55 EPS for the current fiscal year.

Insider Buying and Selling at Albemarle

In related news, CEO J Kent Masters sold 2,525 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $101.12, for a total transaction of $255,328.00. Following the transaction, the chief executive officer now directly owns 73,747 shares of the company’s stock, valued at approximately $7,457,296.64. This represents a 3.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AMF Tjanstepension AB purchased a new position in shares of Albemarle in the 3rd quarter worth about $692,000. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in Albemarle in the third quarter worth about $76,000. Exchange Traded Concepts LLC boosted its stake in Albemarle by 32.3% in the third quarter. Exchange Traded Concepts LLC now owns 1,817 shares of the specialty chemicals company’s stock valued at $172,000 after acquiring an additional 444 shares during the last quarter. Regatta Capital Group LLC grew its position in shares of Albemarle by 156.7% during the 3rd quarter. Regatta Capital Group LLC now owns 7,347 shares of the specialty chemicals company’s stock valued at $696,000 after acquiring an additional 4,485 shares during the period. Finally, Touchstone Capital Inc. raised its holdings in shares of Albemarle by 6.1% in the 3rd quarter. Touchstone Capital Inc. now owns 55,111 shares of the specialty chemicals company’s stock worth $5,220,000 after purchasing an additional 3,162 shares during the period. 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.