Truist Financial Begins Coverage on Albemarle (NYSE:ALB)

Investment analysts at Truist Financial assumed coverage on shares of Albemarle (NYSE:ALB) in a research report issued on Tuesday, Marketbeat reports. The brokerage set a “hold” rating and a $96.00 price target on the specialty chemicals company’s stock. Truist Financial’s target price would indicate a potential upside of 11.17% from the company’s current price.

Several other brokerages have also commented on ALB. Royal Bank of Canada raised their price objective on Albemarle from $108.00 to $133.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. Clarkson Capital assumed coverage on shares of Albemarle in a report on Tuesday, January 14th. They issued a “buy” rating and a $112.00 price target for the company. Robert W. Baird increased their price objective on shares of Albemarle from $79.00 to $103.00 and gave the company a “neutral” rating in a report on Wednesday, December 18th. Mizuho cut their target price on shares of Albemarle from $110.00 to $105.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company raised their price target on shares of Albemarle from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. One equities research analyst has 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $113.95.

Albemarle Trading Up 0.5 %

Shares of Albemarle stock opened at $86.35 on Tuesday. Albemarle has a fifty-two week low of $71.97 and a fifty-two week high of $143.19. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.58 and a current ratio of 2.44. The company has a market cap of $10.15 billion, a P/E ratio of -5.16, a price-to-earnings-growth ratio of 3.19 and a beta of 1.58. The firm has a 50-day simple moving average of $95.69 and a two-hundred day simple moving average of $93.44.

Insider Transactions at Albemarle

In other Albemarle news, CEO J Kent Masters sold 2,525 shares of the company’s stock in a transaction 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 in the company, valued at $7,457,296.64. This represents a 3.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On Albemarle

Institutional investors and hedge funds have recently modified their holdings of the company. Primecap Management Co. CA increased its stake in Albemarle by 0.5% during the third quarter. Primecap Management Co. CA now owns 3,833,984 shares of the specialty chemicals company’s stock worth $363,117,000 after purchasing an additional 20,930 shares during the period. Geode Capital Management LLC grew its holdings in shares of Albemarle by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,741,906 shares of the specialty chemicals company’s stock valued at $258,797,000 after purchasing an additional 14,874 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Albemarle by 38.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,020,590 shares of the specialty chemicals company’s stock worth $96,660,000 after buying an additional 282,194 shares during the period. Manning & Napier Advisors LLC acquired a new stake in Albemarle during the 4th quarter worth approximately $85,570,000. Finally, Empower Advisory Group LLC boosted its position in Albemarle by 28.7% in the 3rd quarter. Empower Advisory Group LLC now owns 705,719 shares of the specialty chemicals company’s stock valued at $66,839,000 after buying an additional 157,319 shares during the period. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.