Albemarle (NYSE:ALB) Shares Down 3.8% – Here’s What Happened

Albemarle Corporation (NYSE:ALB) shares were down 3.8% on Friday . The stock traded as low as $118.00 and last traded at $117.4320. 292,683 shares were traded during trading, a decline of 88% from the average daily volume of 2,440,719 shares. The stock had previously closed at $122.11.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Jefferies Financial Group dropped their price target on Albemarle from $244.00 to $211.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. UBS Group lowered their target price on Albemarle from $205.00 to $175.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Robert W. Baird dropped their target price on Albemarle from $236.00 to $224.00 and set a “neutral” rating on the stock in a report on Thursday, June 18th. Royal Bank Of Canada cut their price target on Albemarle from $166.00 to $157.00 and set an “outperform” rating for the company in a research note on Monday, August 10th. Finally, Truist Financial lowered their price objective on shares of Albemarle from $245.00 to $225.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Fifteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $190.04.

Albemarle Price Performance

The stock has a fifty day simple moving average of $127.41 and a two-hundred day simple moving average of $157.31. The company has a market cap of $14.00 billion, a PE ratio of 439.74, a price-to-earnings-growth ratio of 0.74 and a beta of 1.33. The company has a current ratio of 2.09, a quick ratio of 1.35 and a debt-to-equity ratio of 0.22.

Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.55. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.61 billion. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The company’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.11 EPS. On average, equities analysts predict that Albemarle Corporation will post 11.39 EPS for the current fiscal year.

Albemarle Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a $0.41 dividend. The ex-dividend date is Friday, September 11th. This is a positive change from Albemarle’s previous quarterly dividend of $0.41. This represents a $1.64 annualized dividend and a yield of 1.4%. Albemarle’s dividend payout ratio (DPR) is currently 600.00%.

Institutional Investors Weigh In On Albemarle

Several institutional investors have recently made changes to their positions in the stock. Addison Advisors LLC purchased a new position in shares of Albemarle in the 2nd quarter valued at about $28,000. Elyxium Wealth LLC purchased a new stake in Albemarle during the fourth quarter worth about $34,000. Sound Income Strategies LLC grew its position in Albemarle by 190.1% during the first quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company’s stock worth $52,000 after buying an additional 192 shares during the period. Root Financial Partners LLC increased its holdings in Albemarle by 121.5% in the fourth quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company’s stock valued at $42,000 after buying an additional 164 shares in the last quarter. Finally, Dakota Community Bank & Trust NA acquired a new stake in shares of Albemarle during the 1st quarter valued at approximately $54,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

About Albemarle

Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company that develops, manufactures and markets products used in energy storage, transportation, electronics, construction, agriculture, pharmaceuticals and other industrial applications. The company operates through three principal businesses: Energy Storage, Specialties and Ketjen.

Albemarle is one of the major producers of lithium and lithium compounds, including lithium carbonate and lithium hydroxide, which are used in rechargeable batteries for electric vehicles, portable electronics and stationary energy storage systems.