Deutsche Bank Aktiengesellschaft Cuts Albemarle (NYSE:ALB) Price Target to $80.00

Albemarle (NYSE:ALB) had its price objective trimmed by Deutsche Bank Aktiengesellschaft from $105.00 to $80.00 in a report published on Friday, Benzinga reports. The brokerage currently has a hold rating on the specialty chemicals company’s stock.

ALB has been the subject of several other reports. Mizuho lowered their price objective on Albemarle from $128.00 to $103.00 in a research note on Wednesday, July 31st. Oppenheimer reduced their target price on Albemarle from $188.00 to $178.00 and set an outperform rating for the company in a report on Tuesday, July 9th. HSBC lowered Albemarle from a buy rating to a hold rating and set a $95.00 target price for the company. in a report on Wednesday, July 17th. Scotiabank reduced their target price on Albemarle from $135.00 to $85.00 and set a sector perform rating for the company in a report on Tuesday, August 6th. Finally, Bank of America reduced their target price on Albemarle from $135.00 to $126.00 and set a buy rating for the company in a report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Albemarle presently has an average rating of Hold and a consensus target price of $124.95.

Albemarle Stock Up 0.3 %

ALB stock opened at $79.37 on Friday. The company has a market cap of $9.33 billion, a P/E ratio of 28.86, a price-to-earnings-growth ratio of 3.48 and a beta of 1.57. Albemarle has a fifty-two week low of $71.97 and a fifty-two week high of $203.62. The stock’s 50 day simple moving average is $93.59 and its 200 day simple moving average is $112.55. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.91 and a current ratio of 2.67.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Wednesday, July 31st. The specialty chemicals company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.49). The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Albemarle had a positive return on equity of 6.38% and a negative net margin of 6.72%. The business’s revenue for the quarter was down 39.7% compared to the same quarter last year. During the same period last year, the company earned $7.33 earnings per share. On average, research analysts expect that Albemarle will post 1.67 earnings per share for the current fiscal year.

Albemarle Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.04%. This is a boost from Albemarle’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 13th. Albemarle’s dividend payout ratio (DPR) is currently 58.91%.

Hedge Funds Weigh In On Albemarle

Large investors have recently modified their holdings of the company. WFA Asset Management Corp purchased a new position in Albemarle in the 1st quarter worth approximately $25,000. First Community Trust NA bought a new stake in shares of Albemarle in the 2nd quarter worth approximately $25,000. CVA Family Office LLC grew its position in shares of Albemarle by 610.0% in the 2nd quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock worth $27,000 after buying an additional 244 shares during the last quarter. USCF Advisers LLC grew its position in shares of Albemarle by 100.0% in the 4th quarter. USCF Advisers LLC now owns 200 shares of the specialty chemicals company’s stock worth $29,000 after buying an additional 100 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its position in shares of Albemarle by 2,942.9% in the 4th quarter. Jones Financial Companies Lllp now owns 213 shares of the specialty chemicals company’s stock worth $31,000 after buying an additional 206 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Company Profile

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.