Stock analysts at Topeka Capital Markets began coverage on shares of Albemarle Corp. (NYSE:ALB) in a report issued on Wednesday, Stock Ratings Network reports. The firm set a “hold” rating on the stock.
The analysts wrote, “Albemarle is a well-managed company, comprised of a portfolio of specialty chemicals businesses which collectively generate attractive returns and healthy cash flows across a business cycle. ALB exhibits cyclical growth characteristics;– its core bromine franchise is not yet coming off trough, and the health of the catalyst industry may now be in question, with competitive rivalries having intensified. We also believe the industry’s FCC businesses effectively over-earned in recent years, a function of the rare earth mineral speculative bubble. We believe Street estimates for 2014 still appear too high, even in the wake of post-2Q13 downward revisions. Considering additional estimate reductions seem possible, we would be looking for a more attractive entry point to establish or add to positions. Thus, we are initiating coverage on ALB with a Hold rating.”
Shares of Albemarle Corp. (NYSE:ALB) traded up 0.03% during mid-day trading on Wednesday, hitting $61.90. Albemarle Corp. has a one year low of $50.88 and a one year high of $69.03. The stock’s 50-day moving average is currently $63.09. The company has a market cap of $5.037 billion and a P/E ratio of 17.41.
A number of other analysts have also recently weighed in on ALB. Analysts at Zacks downgraded shares of Albemarle Corp. from a “neutral” rating to an “underperform” rating in a research note to investors on Wednesday, July 24th. They now have a $60.80 price target on the stock. Separately, analysts at Jefferies Group raised their price target on shares of Albemarle Corp. from $74.00 to $78.00 in a research note to investors on Friday, July 19th. They now have a “buy” rating on the stock.
Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company. Albemarle Corp. has a consensus rating of “Hold” and an average target price of $82.98.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.55%. The ex-dividend date is Wednesday, September 11th.
Albemarle Corporation (NYSE:ALB) is a developer, manufacturer and marketer of specialty chemicals, which meet customer needs across a range of end markets, including the petroleum refining, consumer electronics, plastics/packaging, construction, automotive, lubricants, pharmaceuticals, crop protection, food-safety and custom chemistry services markets.
