Albemarle Co. (NYSE:ALB – Get Rating) was the target of a significant growth in short interest in September. As of September 15th, there was short interest totalling 2,710,000 shares, a growth of 10.6% from the August 31st total of 2,450,000 shares. Based on an average daily trading volume, of 1,280,000 shares, the days-to-cover ratio is presently 2.1 days.
Analysts Set New Price Targets
A number of research firms have recently weighed in on ALB. Deutsche Bank Aktiengesellschaft raised their price target on shares of Albemarle from $255.00 to $270.00 in a research report on Monday, August 8th. Jefferies Financial Group reissued a “buy” rating and set a $350.00 price target on shares of Albemarle in a research report on Friday. StockNews.com raised shares of Albemarle from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. Royal Bank of Canada lifted their price objective on shares of Albemarle from $357.00 to $371.00 and gave the stock an “outperform” rating in a report on Thursday, September 8th. Finally, Oppenheimer lifted their price objective on shares of Albemarle from $368.00 to $440.00 and gave the stock an “outperform” rating in a report on Monday, August 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $293.25.
Institutional Investors Weigh In On Albemarle
Several large investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in Albemarle by 181.3% in the 1st quarter. Bank of America Corp DE now owns 1,489,347 shares of the specialty chemicals company’s stock worth $329,369,000 after purchasing an additional 959,810 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Albemarle by 8.8% during the first quarter. BlackRock Inc. now owns 9,924,312 shares of the specialty chemicals company’s stock worth $2,194,761,000 after buying an additional 803,134 shares during the last quarter. Norges Bank acquired a new position in shares of Albemarle during the fourth quarter worth approximately $185,328,000. FIFTHDELTA Ltd acquired a new position in shares of Albemarle during the first quarter worth approximately $115,020,000. Finally, Marshall Wace LLP lifted its holdings in shares of Albemarle by 938.1% during the fourth quarter. Marshall Wace LLP now owns 402,597 shares of the specialty chemicals company’s stock worth $94,115,000 after buying an additional 363,816 shares during the last quarter. Institutional investors own 81.80% of the company’s stock.
Albemarle Trading Up 2.5 %
NYSE ALB traded up $6.56 on Monday, hitting $271.00. 25,716 shares of the company were exchanged, compared to its average volume of 1,252,579. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.88 and a quick ratio of 1.20. Albemarle has a twelve month low of $169.93 and a twelve month high of $308.24. The company’s 50 day moving average price is $269.01 and its 200-day moving average price is $236.52. The firm has a market capitalization of $31.74 billion, a P/E ratio of 121.86, a price-to-earnings-growth ratio of 0.39 and a beta of 1.44.
Albemarle (NYSE:ALB – Get Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The specialty chemicals company reported $3.45 EPS for the quarter, beating the consensus estimate of $3.03 by $0.42. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Albemarle had a return on equity of 15.39% and a net margin of 6.08%. During the same quarter in the previous year, the business posted $0.89 EPS. Analysts predict that Albemarle will post 21.22 earnings per share for the current fiscal year.
Albemarle Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 16th will be paid a $0.395 dividend. The ex-dividend date is Thursday, September 15th. This represents a $1.58 annualized dividend and a dividend yield of 0.58%. Albemarle’s payout ratio is 71.17%.
Albemarle Company Profile
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Lithium, Bromine, and Catalysts. The Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties; and reagents, such as butyllithium and lithium aluminum hydride for use 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 in the areas of steroid chemistry and vitamins, life sciences, pharmaceutical industry, and other markets.
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