Hsbc Global Res Upgrades Albemarle (NYSE:ALB) to Strong-Buy

Albemarle (NYSE:ALB) was upgraded by analysts at Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a report released on Sunday,Zacks.com reports.

Other analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Albemarle from a “hold” rating to a “buy” rating and lifted their price target for the stock from $125.00 to $185.00 in a research note on Monday, January 12th. Jefferies Financial Group lifted their target price on shares of Albemarle from $152.00 to $167.00 and gave the stock a “buy” rating in a research report on Monday, January 5th. Stephens reissued an “outperform” rating on shares of Albemarle in a report on Friday, December 19th. Dbs Bank raised their price target on Albemarle from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. Finally, Truist Financial set a $125.00 target price on Albemarle in a research report on Wednesday, December 17th. Four research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $141.21.

Albemarle Stock Performance

ALB stock opened at $162.82 on Friday. The stock’s 50 day simple moving average is $137.90 and its 200 day simple moving average is $102.28. The company has a current ratio of 2.27, a quick ratio of 1.51 and a debt-to-equity ratio of 0.40. Albemarle has a 12-month low of $49.43 and a 12-month high of $179.14. The stock has a market capitalization of $19.16 billion, a PE ratio of -102.40, a price-to-earnings-growth ratio of 6.22 and a beta of 1.41.

Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, November 5th. The specialty chemicals company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.92) by $0.73. Albemarle had a positive return on equity of 0.10% and a negative net margin of 0.43%.The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the business earned ($1.55) earnings per share. The company’s revenue was down 3.5% on a year-over-year basis. As a group, research analysts forecast that Albemarle will post -0.04 earnings per share for the current fiscal year.

Institutional Trading of Albemarle

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Balboa Wealth Partners boosted its holdings in Albemarle by 15.9% in the 4th quarter. Balboa Wealth Partners now owns 3,652 shares of the specialty chemicals company’s stock worth $517,000 after buying an additional 502 shares during the period. Biltmore Wealth Management LLC bought a new position in shares of Albemarle in the fourth quarter worth about $482,000. FNY Investment Advisers LLC grew its position in shares of Albemarle by 207.4% during the fourth quarter. FNY Investment Advisers LLC now owns 4,150 shares of the specialty chemicals company’s stock worth $586,000 after purchasing an additional 2,800 shares in the last quarter. Blue Trust Inc. grew its position in shares of Albemarle by 12.2% during the fourth quarter. Blue Trust Inc. now owns 4,095 shares of the specialty chemicals company’s stock worth $579,000 after purchasing an additional 445 shares in the last quarter. Finally, Bangor Savings Bank lifted its holdings in Albemarle by 23.5% in the 4th quarter. Bangor Savings Bank now owns 777 shares of the specialty chemicals company’s stock worth $110,000 after purchasing an additional 148 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

About Albemarle

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.