Albemarle (NYSE:ALB) PT Raised to $227.00 at Mizuho

Posted by on Aug 6th, 2023

Albemarle (NYSE:ALB – Get Free Report) had its target price raised by equities researchers at Mizuho from $225.00 to $227.00 in a research report issued to clients and investors on Friday, MarketBeat reports. The brokerage presently has a “neutral” rating on the specialty chemicals company’s stock. Mizuho’s price target would indicate a potential upside of 13.45% from the company’s previous close.

ALB has been the subject of a number of other research reports. KeyCorp boosted their price target on Albemarle from $270.00 to $291.00 and gave the stock an “overweight” rating in a report on Monday, June 26th. StockNews.com initiated coverage on Albemarle in a report on Thursday, May 18th. They issued a “hold” rating for the company. HSBC lowered their target price on Albemarle from $360.00 to $300.00 in a report on Friday, June 23rd. Scotiabank cut Albemarle from an “outperform” rating to a “sector perform” rating in a report on Wednesday, May 10th. Finally, Robert W. Baird raised Albemarle from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $222.00 to $288.00 in a report on Monday, May 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Albemarle currently has a consensus rating of “Moderate Buy” and a consensus price target of $280.05.

Albemarle Stock Performance

NYSE:ALB opened at $200.09 on Friday. The stock has a fifty day moving average price of $220.62 and a 200-day moving average price of $224.60. The company has a market cap of $23.48 billion, a price-to-earnings ratio of 6.02, a PEG ratio of 0.62 and a beta of 1.55. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.99 and a current ratio of 1.74. Albemarle has a fifty-two week low of $171.82 and a fifty-two week high of $334.55.

Albemarle (NYSE:ALB – Get Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $7.33 EPS for the quarter, topping analysts’ consensus estimates of $4.27 by $3.06. Albemarle had a return on equity of 45.88% and a net margin of 40.55%. The company had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.42 billion. During the same quarter in the previous year, the firm earned $3.45 EPS. Albemarle’s revenue was up 60.2% on a year-over-year basis. As a group, equities analysts anticipate that Albemarle will post 25.67 EPS for the current fiscal year.

Insider Buying and Selling at Albemarle

In related news, insider Eric Norris bought 1,260 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The shares were bought at an average price of $195.49 per share, with a total value of $246,317.40. Following the completion of the transaction, the insider now directly owns 26,596 shares in the company, valued at $5,199,252.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Moneta Group Investment Advisors LLC boosted its position in shares of Albemarle by 124,405.7% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 104,510,053 shares of the specialty chemicals company’s stock valued at $22,664,050,000 after buying an additional 104,426,113 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Albemarle by 0.6% during the first quarter. Vanguard Group Inc. now owns 13,661,001 shares of the specialty chemicals company’s stock valued at $3,021,130,000 after buying an additional 75,867 shares during the last quarter. BlackRock Inc. boosted its position in shares of Albemarle by 2.8% during the first quarter. BlackRock Inc. now owns 9,582,008 shares of the specialty chemicals company’s stock valued at $2,118,007,000 after buying an additional 260,087 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of Albemarle by 93,459.7% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 8,086,363 shares of the specialty chemicals company’s stock valued at $1,803,987,000 after buying an additional 8,077,720 shares during the last quarter. Finally, State Street Corp lifted its holdings in Albemarle by 0.3% during the first quarter. State Street Corp now owns 5,364,655 shares of the specialty chemicals company’s stock worth $1,188,408,000 after acquiring an additional 16,968 shares during the period. Hedge funds and other institutional investors own 87.03% of the company’s stock.

Albemarle Company Profile

(Get Free Report)

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Lithium, Bromine, and Catalysts. The Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties and reagents, such as butyllithium and lithium aluminum hydride for use in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes in the areas of steroid chemistry and vitamins, life sciences, pharmaceutical industry, and other markets.

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