Albemarle (NYSE:ALB) Price Target Lowered to $102.00 at Robert W. Baird

Albemarle (NYSE:ALB) had its price objective trimmed by Robert W. Baird from $127.00 to $102.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the specialty chemicals company’s stock.

Several other research analysts have also recently issued reports on ALB. Mizuho cut their target price on Albemarle from $128.00 to $103.00 in a research report on Wednesday, July 31st. Bank of America upgraded Albemarle from a neutral rating to a buy rating and upped their price target for the stock from $137.00 to $156.00 in a research note on Wednesday, April 10th. Scotiabank restated a sector perform rating and issued a $135.00 price target (down from $150.00) on shares of Albemarle in a research note on Tuesday, May 21st. UBS Group decreased their price target on Albemarle from $124.00 to $109.00 and set a neutral rating on the stock in a report on Tuesday, July 9th. Finally, Hsbc Global Res raised Albemarle to a hold rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Albemarle has a consensus rating of Hold and an average price target of $131.89.

Albemarle Trading Down 4.0 %

NYSE:ALB opened at $83.53 on Friday. The company has a market capitalization of $9.82 billion, a P/E ratio of 30.37, a P/E/G ratio of 3.48 and a beta of 1.57. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.91 and a current ratio of 2.67. The stock’s 50 day moving average price is $101.23 and its 200 day moving average price is $115.16. Albemarle has a 52 week low of $79.90 and a 52 week high of $203.62.

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

Albemarle Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 1.94%. This is a positive change from Albemarle’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 13th. Albemarle’s dividend payout ratio is presently 58.91%.

Insider Buying and Selling

In other news, SVP Mark Richard Mummert sold 843 shares of Albemarle stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $135.53, for a total transaction of $114,251.79. Following the transaction, the senior vice president now owns 6,802 shares in the company, valued at approximately $921,875.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO John Clarence Barichivich III sold 1,475 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $132.17, for a total transaction of $194,950.75. Following the sale, the chief accounting officer now owns 4,743 shares in the company, valued at $626,882.31. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Mark Richard Mummert sold 843 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $135.53, for a total transaction of $114,251.79. Following the completion of the transaction, the senior vice president now directly owns 6,802 shares in the company, valued at $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

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. State of Michigan Retirement System raised its position in Albemarle by 10.2% during the 4th quarter. State of Michigan Retirement System now owns 35,507 shares of the specialty chemicals company’s stock worth $5,130,000 after buying an additional 3,300 shares during the last quarter. TIAA Trust National Association grew its position in Albemarle by 6.7% in the fourth quarter. TIAA Trust National Association now owns 3,778 shares of the specialty chemicals company’s stock valued at $546,000 after acquiring an additional 236 shares in the last quarter. Venturi Wealth Management LLC grew its position in shares of 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 acquired a new position in Albemarle in the fourth quarter worth $230,000. Finally, Arizona State Retirement System lifted its stake in Albemarle by 0.7% in the fourth quarter. Arizona State Retirement System now owns 32,252 shares of the specialty chemicals company’s stock valued at $4,660,000 after buying an additional 240 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

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.