Albemarle (NYSE:ALB) Sets New 1-Year Low Following Analyst Downgrade

Albemarle Co. (NYSE:ALB)’s share price hit a new 52-week low during mid-day trading on Friday after Robert W. Baird lowered their price target on the stock from $127.00 to $102.00. Robert W. Baird currently has an outperform rating on the stock. Albemarle traded as low as $82.35 and last traded at $85.32, with a volume of 1025982 shares changing hands. The stock had previously closed at $93.17.

A number of other research analysts have also recently commented on the company. HSBC cut Albemarle from a “buy” rating to a “hold” rating and set a $95.00 price target on the stock. in a research report on Wednesday, July 17th. Citigroup decreased their price target on Albemarle from $137.00 to $100.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Hsbc Global Res upgraded Albemarle to a “hold” rating in a research report on Wednesday, July 17th. Oppenheimer decreased their target price on Albemarle from $188.00 to $178.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. Finally, Scotiabank reiterated a “sector perform” rating and issued a $135.00 target price (down previously from $150.00) on shares of Albemarle in a research report on Tuesday, May 21st. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $137.85.

Insider Buying and Selling

In other Albemarle news, SVP Mark Richard Mummert sold 843 shares of Albemarle stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $135.53, for a total value of $114,251.79. Following the completion of the sale, the senior vice president now directly owns 6,802 shares in the company, valued at $921,875.06. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Albemarle news, CAO John Clarence Barichivich III sold 1,475 shares of Albemarle stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $132.17, for a total value of $194,950.75. Following the completion of the sale, the chief accounting officer now directly owns 4,743 shares in the company, valued at $626,882.31. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Mark Richard Mummert sold 843 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $135.53, for a total value of $114,251.79. Following the sale, the senior vice president now owns 6,802 shares of the company’s stock, valued at approximately $921,875.06. The disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.

Institutional Investors Weigh In On Albemarle

Several hedge funds and other institutional investors have recently modified their holdings of ALB. State of Michigan Retirement System increased its holdings in shares of Albemarle by 10.2% during the fourth quarter. State of Michigan Retirement System now owns 35,507 shares of the specialty chemicals company’s stock valued at $5,130,000 after acquiring an additional 3,300 shares in the last quarter. TIAA Trust National Association grew its holdings in Albemarle by 6.7% during the fourth quarter. TIAA Trust National Association now owns 3,778 shares of the specialty chemicals company’s stock worth $546,000 after buying an additional 236 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in Albemarle by 147.2% during the fourth quarter. Venturi Wealth Management LLC now owns 262 shares of the specialty chemicals company’s stock worth $38,000 after buying an additional 156 shares in the last quarter. Clear Creek Financial Management LLC bought a new stake in Albemarle during the fourth quarter worth $230,000. Finally, Arizona State Retirement System grew its holdings in Albemarle by 0.7% during the fourth quarter. Arizona State Retirement System now owns 32,252 shares of the specialty chemicals company’s stock worth $4,660,000 after buying an additional 240 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Albemarle Price Performance

The company has a fifty day moving average of $102.92 and a 200-day moving average of $115.79. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.84 and a quick ratio of 1.91. The firm has a market cap of $10.03 billion, a P/E ratio of 30.66, a P/E/G ratio of 3.50 and a beta of 1.57.

Albemarle (NYSE:ALB) last posted its quarterly earnings data on Wednesday, July 31st. The specialty chemicals company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.49). Albemarle had a positive return on equity of 6.29% and a negative net margin of 6.72%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the prior year, the firm posted $7.33 EPS. The firm’s revenue for the quarter was down 39.7% on a year-over-year basis. On average, sell-side analysts anticipate that Albemarle Co. will post 1.67 EPS for the current fiscal year.

Albemarle Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $0.405 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.62 annualized dividend and a yield of 1.90%. This is a boost from Albemarle’s previous quarterly dividend of $0.40. Albemarle’s payout ratio is currently 58.18%.

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.