Albemarle (NYSE:ALB) Hits New 1-Year High – Here’s Why

Albemarle Corporation (NYSE:ALB) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $150.72 and last traded at $145.4710, with a volume of 3525316 shares changing hands. The stock had previously closed at $145.88.

Analysts Set New Price Targets

Several brokerages recently commented on ALB. Weiss Ratings restated a “sell (d+)” rating on shares of Albemarle in a research report on Monday, December 15th. Truist Financial set a $125.00 price target on Albemarle in a report on Wednesday, December 17th. Rothschild & Co Redburn upped their price target on Albemarle from $135.00 to $158.00 and gave the company a “buy” rating in a research report on Thursday, December 4th. Wells Fargo & Company raised their price objective on Albemarle from $100.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Citigroup lifted their target price on Albemarle from $100.00 to $150.00 and gave the company a “neutral” rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eighteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $120.21.

Albemarle Stock Performance

The firm has a 50-day simple moving average of $114.03 and a two-hundred day simple moving average of $89.08. The company has a current ratio of 2.27, a quick ratio of 1.51 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $17.12 billion, a price-to-earnings ratio of -91.49 and a beta of 1.42.

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

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be issued a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, December 12th. Albemarle’s dividend payout ratio (DPR) is -101.89%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. AIA Group Ltd acquired a new stake in Albemarle in the 3rd quarter worth approximately $1,074,000. Mirabella Financial Services LLP bought a new position in shares of Albemarle in the third quarter valued at approximately $1,505,000. FNY Investment Advisers LLC acquired a new stake in shares of Albemarle in the third quarter worth $109,000. Allworth Financial LP boosted its holdings in shares of Albemarle by 7.5% during the 3rd quarter. Allworth Financial LP now owns 1,730 shares of the specialty chemicals company’s stock worth $140,000 after buying an additional 120 shares during the period. Finally, Private Wealth Advisors LLC acquired a new position in Albemarle in the 3rd quarter valued at $1,657,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Company Profile

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.