UBS Group Increases Albemarle (NYSE:ALB) Price Target to $290.00

Albemarle (NYSE:ALB) had its price objective raised by equities researchers at UBS Group from $240.00 to $290.00 in a research report issued on Monday, The Fly reports. The firm presently has a “buy” rating on the specialty chemicals company’s stock. UBS Group’s target price would suggest a potential upside of 25.83% from the company’s previous close.

Several other equities analysts have also recently issued reports on ALB. Bank of America upped their target price on shares of Albemarle from $121.00 to $140.00 and gave the company an “underperform” rating in a research note on Friday, August 6th. They noted that the move was a valuation call. Royal Bank of Canada upped their target price on shares of Albemarle from $218.00 to $246.00 and gave the company a “sector perform” rating in a research note on Monday. KeyCorp upped their target price on shares of Albemarle from $117.00 to $127.00 and gave the company an “underweight” rating in a research note on Friday, August 6th. Zacks Investment Research upgraded shares of Albemarle from a “hold” rating to a “buy” rating and set a $197.00 target price on the stock in a research note on Tuesday, July 13th. Finally, Wells Fargo & Company upped their target price on shares of Albemarle from $225.00 to $270.00 and gave the company an “equal weight” rating in a research note on Monday. Three research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Albemarle has an average rating of “Hold” and a consensus target price of $199.95.

Shares of Albemarle stock opened at $230.47 on Monday. The stock has a market cap of $26.95 billion, a price-to-earnings ratio of 37.35, a PEG ratio of 4.50 and a beta of 1.57. The firm’s 50-day moving average is $214.39 and its 200 day moving average is $178.41. Albemarle has a 1 year low of $79.06 and a 1 year high of $253.10. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.18 and a quick ratio of 1.44.

Albemarle (NYSE:ALB) last announced its quarterly earnings results on Tuesday, August 3rd. The specialty chemicals company reported $0.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.06. The company had revenue of $773.90 million for the quarter, compared to analysts’ expectations of $787.72 million. Albemarle had a net margin of 21.78% and a return on equity of 8.92%. Albemarle’s revenue was up 1.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.86 EPS. On average, equities analysts expect that Albemarle will post 3.57 EPS for the current fiscal year.

In related news, EVP Karen G. Narwold sold 1,337 shares of the stock in a transaction that occurred on Wednesday, September 8th. The shares were sold at an average price of $243.75, for a total value of $325,893.75. Following the completion of the sale, the executive vice president now directly owns 19,533 shares of the company’s stock, valued at approximately $4,761,168.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Karen G. Narwold sold 1,338 shares of the stock in a transaction that occurred on Thursday, July 8th. The shares were sold at an average price of $165.69, for a total transaction of $221,693.22. Following the sale, the executive vice president now directly owns 41,019 shares of the company’s stock, valued at $6,796,438.11. The disclosure for this sale can be found here. Insiders sold a total of 23,534 shares of company stock valued at $5,298,393 over the last three months. 0.63% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Franklin Resources Inc. grew its holdings in Albemarle by 26.5% during the 1st quarter. Franklin Resources Inc. now owns 7,258,584 shares of the specialty chemicals company’s stock valued at $1,060,553,000 after buying an additional 1,518,429 shares in the last quarter. Bank of Nova Scotia grew its holdings in Albemarle by 98.6% during the 1st quarter. Bank of Nova Scotia now owns 36,007 shares of the specialty chemicals company’s stock valued at $5,261,000 after buying an additional 17,874 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its holdings in Albemarle by 185.4% during the 1st quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 128,195 shares of the specialty chemicals company’s stock valued at $18,731,000 after buying an additional 83,273 shares in the last quarter. Ibex Investors LLC purchased a new position in shares of Albemarle in the first quarter valued at $1,269,000. Finally, Man Group plc grew its holdings in shares of Albemarle by 20.3% in the first quarter. Man Group plc now owns 35,383 shares of the specialty chemicals company’s stock valued at $5,170,000 after purchasing an additional 5,975 shares in the last quarter. 81.13% of the stock is owned by institutional investors and hedge funds.

About Albemarle

Albemarle Corp. engages in developing, manufacturing, and marketing of chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food-safety, and custom chemistry services. It operates through the following segments: Lithium, Bromine Specialties, and Catalysts.

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