JPMorgan Chase & Co. Cuts Albemarle (NYSE:ALB) Price Target to $140.00

Albemarle (NYSE:ALB) had its target price reduced by JPMorgan Chase & Co. from $160.00 to $140.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a neutral rating on the specialty chemicals company’s stock.

Several other research analysts have also recently weighed in on ALB. Mizuho dropped their price target on shares of Albemarle from $205.00 to $185.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 1st. Weiss Ratings upgraded shares of Albemarle from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 18th. Royal Bank Of Canada decreased their price objective on Albemarle from $166.00 to $157.00 and set an “outperform” rating on the stock in a report on Monday, August 10th. HSBC increased their price target on shares of Albemarle from $200.00 to $220.00 and gave the company a “buy” rating in a report on Monday, April 27th. Finally, Wells Fargo & Company raised their price objective on Albemarle from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Fifteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $190.04.

Albemarle Price Performance

ALB opened at $135.93 on Tuesday. Albemarle has a 12-month low of $71.25 and a 12-month high of $221.00. The company has a current ratio of 2.09, a quick ratio of 1.35 and a debt-to-equity ratio of 0.22. The stock has a fifty day simple moving average of $129.71 and a two-hundred day simple moving average of $159.90. The company has a market cap of $16.04 billion, a price-to-earnings ratio of 503.46 and a beta of 1.33.

Albemarle (NYSE:ALB) last released its earnings results on Wednesday, August 5th. The specialty chemicals company reported $3.75 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.55. Albemarle had a return on equity of 10.96% and a net margin of 3.09%.The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same period in the prior year, the firm posted $0.11 earnings per share. The company’s quarterly revenue was up 31.1% on a year-over-year basis. Research analysts predict that Albemarle will post 11.63 earnings per share for the current fiscal year.

Albemarle Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 1.2%. This is an increase from Albemarle’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Friday, September 11th. Albemarle’s payout ratio is currently 600.00%.

Institutional Investors Weigh In On Albemarle

Several hedge funds have recently made changes to their positions in ALB. Pinkerton Wealth LLC purchased a new position in Albemarle during the 4th quarter valued at about $2,785,000. BW Gestao de Investimentos Ltda. boosted its stake in shares of Albemarle by 181.8% during the fourth quarter. BW Gestao de Investimentos Ltda. now owns 132,250 shares of the specialty chemicals company’s stock valued at $18,705,000 after purchasing an additional 85,320 shares in the last quarter. Great Lakes Advisors LLC bought a new position in shares of Albemarle during the second quarter valued at approximately $4,246,000. NFJ Investment Group LLC purchased a new position in Albemarle during the second quarter valued at approximately $23,328,000. Finally, Wealth High Governance Capital Ltda purchased a new position in Albemarle during the fourth quarter valued at approximately $21,585,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Albemarle Company Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.