Albemarle (NYSE:ALB) Price Target Raised to $103.00

Albemarle (NYSE:ALB) had its target price hoisted by Robert W. Baird from $79.00 to $103.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the specialty chemicals company’s stock.

A number of other equities research analysts have also weighed in on ALB. Evercore ISI reduced their price objective on Albemarle from $190.00 to $170.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 28th. Oppenheimer lowered their price objective on Albemarle from $171.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Royal Bank of Canada lifted their target price on shares of Albemarle from $108.00 to $133.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 12th. Wells Fargo & Company upped their price target on shares of Albemarle from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Finally, KeyCorp cut their price target on shares of Albemarle from $132.00 to $127.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $115.74.

Albemarle Price Performance

ALB stock opened at $88.65 on Wednesday. Albemarle has a 1 year low of $71.97 and a 1 year high of $153.54. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.44 and a quick ratio of 1.58. The stock has a market cap of $10.42 billion, a price-to-earnings ratio of -5.29 and a beta of 1.56. The company has a 50 day simple moving average of $101.40 and a 200 day simple moving average of $96.18.

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.405 per share. The ex-dividend date is Friday, December 13th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.83%. Albemarle’s payout ratio is presently -9.67%.

Insiders Place Their Bets

In other news, CEO J Kent Masters sold 2,525 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $101.12, for a total transaction of $255,328.00. Following the transaction, the chief executive officer now owns 73,747 shares of the company’s stock, valued at $7,457,296.64. This represents a 3.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in shares of Albemarle by 3.2% during the third quarter. Principal Financial Group Inc. now owns 135,194 shares of the specialty chemicals company’s stock worth $12,804,000 after purchasing an additional 4,131 shares during the period. Retirement Systems of Alabama increased its stake in Albemarle by 0.7% during the 3rd quarter. Retirement Systems of Alabama now owns 26,098 shares of the specialty chemicals company’s stock valued at $2,472,000 after purchasing an additional 171 shares in the last quarter. Inspire Trust Co. N.A. raised its holdings in Albemarle by 9.9% during the third quarter. Inspire Trust Co. N.A. now owns 11,120 shares of the specialty chemicals company’s stock worth $1,053,000 after buying an additional 1,000 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Albemarle by 1.5% during the third quarter. Tidal Investments LLC now owns 18,457 shares of the specialty chemicals company’s stock valued at $1,748,000 after buying an additional 274 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Albemarle during the third quarter worth about $267,000. 92.87% of the stock is owned by institutional investors and hedge funds.

About Albemarle

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.