JPMorgan Chase & Co. Downgrades Albemarle (NYSE:ALB) to Underweight

Albemarle (NYSE:ALB) was downgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. They currently have a $60.00 price target on the specialty chemicals company’s stock, down from their prior price target of $68.00. JPMorgan Chase & Co.‘s price objective points to a potential downside of 11.74% from the company’s current price.

Several other equities research analysts have also issued reports on ALB. Berenberg Bank set a $75.00 target price on shares of Albemarle and gave the stock a “hold” rating in a report on Monday, August 12th. SunTrust Banks lowered shares of Albemarle from a “buy” rating to a “hold” rating and set a $68.00 price objective for the company. in a report on Friday, October 25th. Oppenheimer decreased their price objective on shares of Albemarle from $157.00 to $128.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Morgan Stanley decreased their price objective on shares of Albemarle from $65.00 to $60.00 and set an “underweight” rating for the company in a report on Thursday, August 15th. Finally, Loop Capital decreased their price objective on shares of Albemarle to $98.00 and set a “buy” rating for the company in a report on Friday, September 13th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $85.65.

Shares of Albemarle stock traded down $3.41 during trading on Friday, hitting $67.98. The stock had a trading volume of 3,387,165 shares, compared to its average volume of 1,513,135. The firm’s fifty day simple moving average is $66.80 and its 200-day simple moving average is $68.65. The stock has a market cap of $7.14 billion, a PE ratio of 12.41, a PEG ratio of 1.09 and a beta of 1.63. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.45 and a quick ratio of 0.87. Albemarle has a 12 month low of $58.63 and a 12 month high of $104.50.

Albemarle (NYSE:ALB) last released its earnings results on Wednesday, November 6th. The specialty chemicals company reported $1.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.49 by $0.04. The firm had revenue of $879.70 million during the quarter, compared to analyst estimates of $883.67 million. Albemarle had a net margin of 16.01% and a return on equity of 15.71%. The business’s revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the business earned $1.31 EPS. Analysts expect that Albemarle will post 6.09 earnings per share for the current fiscal year.

In other news, CEO Luther C. Iv Kissam sold 36,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.00, for a total value of $2,520,000.00. Following the completion of the sale, the chief executive officer now owns 334,046 shares in the company, valued at approximately $23,383,220. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Eric Norris purchased 3,090 shares of Albemarle stock in a transaction dated Tuesday, August 20th. The stock was acquired at an average price of $64.66 per share, with a total value of $199,799.40. Following the acquisition, the insider now owns 164 shares in the company, valued at approximately $10,604.24. The disclosure for this purchase can be found here. Insiders own 1.02% of the company’s stock.

Large investors have recently bought and sold shares of the company. Amundi Pioneer Asset Management Inc. grew its position in shares of Albemarle by 0.3% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 176,692 shares of the specialty chemicals company’s stock worth $14,484,000 after buying an additional 460 shares during the last quarter. Bangor Savings Bank grew its position in shares of Albemarle by 4.1% in the 2nd quarter. Bangor Savings Bank now owns 9,822 shares of the specialty chemicals company’s stock worth $692,000 after buying an additional 386 shares during the last quarter. KAMES CAPITAL plc grew its position in shares of Albemarle by 13.8% in the 2nd quarter. KAMES CAPITAL plc now owns 543,705 shares of the specialty chemicals company’s stock worth $38,271,000 after buying an additional 65,865 shares during the last quarter. Retirement Systems of Alabama grew its position in shares of Albemarle by 0.3% in the 2nd quarter. Retirement Systems of Alabama now owns 49,415 shares of the specialty chemicals company’s stock worth $3,479,000 after buying an additional 171 shares during the last quarter. Finally, SPX Equities Gestao de Recursos Ltda purchased a new position in shares of Albemarle in the 2nd quarter worth approximately $2,816,000. Institutional investors and hedge funds own 90.51% of the company’s stock.

About Albemarle

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.

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Analyst Recommendations for Albemarle (NYSE:ALB)

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