Albemarle Co. (NYSE:ALB – Get Free Report)’s share price gapped up before the market opened on Wednesday after Royal Bank of Canada raised their price target on the stock from $108.00 to $133.00. The stock had previously closed at $102.80, but opened at $108.26. Royal Bank of Canada currently has an outperform rating on the stock. Albemarle shares last traded at $108.75, with a volume of 497,877 shares traded.
A number of other equities research analysts have also weighed in on the company. Robert W. Baird reduced their price objective on Albemarle from $85.00 to $79.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Evercore ISI reduced their price objective on Albemarle from $190.00 to $170.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 28th. KeyCorp reduced their price objective on Albemarle from $132.00 to $127.00 and set an “overweight” rating on the stock in a research report on Tuesday. Wells Fargo & Company boosted their price objective on Albemarle from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Finally, Scotiabank reduced their price objective on Albemarle from $135.00 to $85.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $114.47.
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Albemarle Price Performance
The firm has a 50 day moving average price of $94.13 and a 200 day moving average price of $100.15. The company has a quick ratio of 1.58, a current ratio of 2.44 and a debt-to-equity ratio of 0.43.
Albemarle Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 1.49%. The ex-dividend date is Friday, December 13th. Albemarle’s dividend payout ratio (DPR) is -9.67%.
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.
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