Albemarle (NYSE:ALB) Shares Gap Up After Analyst Upgrade

Shares of Albemarle Co. (NYSE:ALB) gapped up before the market opened on Wednesday after Royal Bank of Canada raised their price target on the stock from $108.00 to $133.00. The stock had previously closed at $102.80, but opened at $108.26. Royal Bank of Canada currently has an outperform rating on the stock. Albemarle shares last traded at $108.75, with a volume of 497,877 shares trading hands.

A number of other equities research analysts have also recently commented on ALB. Oppenheimer lowered their price target on shares of Albemarle from $171.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Hsbc Global Res upgraded shares of Albemarle to a “hold” rating in a research report on Wednesday, July 17th. Robert W. Baird cut their target price on shares of Albemarle from $85.00 to $79.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Albemarle from $105.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 16th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Albemarle from $115.00 to $78.00 and set a “neutral” rating for the company in a research note on Monday, August 19th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Albemarle has an average rating of “Hold” and an average price target of $114.47.

Institutional Investors Weigh In On Albemarle

A number of large investors have recently added to or reduced their stakes in the stock. First Community Trust NA bought a new stake in shares of Albemarle during the 2nd quarter valued at $25,000. CVA Family Office LLC lifted its stake in Albemarle by 610.0% in the 2nd quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock worth $27,000 after purchasing an additional 244 shares in the last quarter. Eastern Bank purchased a new stake in Albemarle in the 3rd quarter worth $31,000. Cromwell Holdings LLC increased its holdings in shares of Albemarle by 61.9% in the 3rd quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock worth $37,000 after buying an additional 148 shares during the last quarter. Finally, Cornerstone Advisors LLC increased its holdings in shares of Albemarle by 100.0% in the 3rd quarter. Cornerstone Advisors LLC now owns 400 shares of the specialty chemicals company’s stock worth $38,000 after buying an additional 200 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

Albemarle Price Performance

The company has a market capitalization of $12.72 billion, a P/E ratio of -6.46 and a beta of 1.55. The firm’s fifty day moving average is $94.60 and its 200 day moving average is $100.20. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.58 and a current ratio of 2.44.

Albemarle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.405 per share. The ex-dividend date is Friday, December 13th. This represents a $1.62 annualized dividend and a yield of 1.50%. Albemarle’s payout ratio is -9.67%.

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.