Albemarle Co. (NYSE:ALB – Get Free Report) shares were down 4.1% during trading on Monday after KeyCorp lowered their price target on the stock from $151.00 to $132.00. KeyCorp currently has an overweight rating on the stock. Albemarle traded as low as $79.90 and last traded at $83.41. Approximately 1,573,864 shares changed hands during trading, a decline of 49% from the average daily volume of 3,062,130 shares. The stock had previously closed at $86.99.
A number of other analysts have also recently commented on the company. Wells Fargo & Company cut Albemarle from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $145.00 to $100.00 in a research report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft raised their price target on Albemarle from $125.00 to $140.00 and gave the company a “hold” rating in a report on Tuesday, May 7th. Scotiabank reaffirmed a “sector perform” rating and issued a $135.00 target price (down from $150.00) on shares of Albemarle in a report on Tuesday, May 21st. Royal Bank of Canada dropped their price target on Albemarle from $157.00 to $128.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Finally, Berenberg Bank lowered Albemarle from a “buy” rating to a “hold” rating and dropped their target price for the company from $160.00 to $83.00 in a research report on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $131.89.
Insider Buying and Selling at Albemarle
In other news, SVP Mark Richard Mummert sold 843 shares of the firm’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 completion of the transaction, the senior vice president now directly owns 6,802 shares of the company’s stock, valued at approximately $921,875.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Albemarle news, SVP Mark Richard Mummert sold 843 shares of Albemarle stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $135.53, for a total value of $114,251.79. Following the transaction, the senior vice president now owns 6,802 shares in the company, valued at $921,875.06. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO John Clarence Barichivich III sold 1,475 shares of Albemarle 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 completion of the transaction, the chief accounting officer now directly owns 4,743 shares in the company, valued at $626,882.31. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.
Institutional Investors Weigh In On Albemarle
Hedge funds have recently made changes to their positions in the business. WFA Asset Management Corp bought a new stake in Albemarle during the 1st quarter valued at about $25,000. First Community Trust NA purchased a new stake in shares of Albemarle during the second quarter valued at $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 period. USCF Advisers LLC lifted its position in shares of Albemarle by 100.0% during 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 last quarter. Finally, Arlington Trust Co LLC acquired a new position in shares of Albemarle during the fourth quarter valued at about $30,000. 92.87% of the stock is currently owned by institutional investors.
Albemarle Trading Down 4.0 %
The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.91 and a current ratio of 2.67. The company’s fifty day moving average is $101.23 and its two-hundred day moving average is $115.16. The company has a market cap of $9.82 billion, a price-to-earnings ratio of 30.37, a P/E/G ratio of 3.48 and a beta of 1.57.
Albemarle (NYSE:ALB – Get Free Report) last issued its 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). The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. Albemarle had a positive return on equity of 6.38% and a negative net margin of 6.72%. The firm’s revenue was down 39.7% compared to the same quarter last year. During the same period last year, the business earned $7.33 earnings per share. On average, research analysts anticipate that Albemarle Co. will post 1.67 EPS for the current year.
Albemarle Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date is Friday, September 13th. This is a positive change from Albemarle’s previous quarterly dividend of $0.40. Albemarle’s dividend payout ratio is currently 58.91%.
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.