Scotiabank Has Lowered Expectations for Albemarle (NYSE:ALB) Stock Price

Albemarle (NYSE:ALB) had its target price dropped by equities researchers at Scotiabank from $85.00 to $75.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the specialty chemicals company’s stock. Scotiabank’s target price would suggest a potential downside of 10.38% from the stock’s current price.

A number of other brokerages have also recently weighed in on ALB. KeyCorp decreased their price target on shares of Albemarle from $127.00 to $122.00 and set an “overweight” rating for the company in a research note on Friday. Mizuho decreased their price target on shares of Albemarle from $110.00 to $105.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Royal Bank of Canada decreased their price target on shares of Albemarle from $133.00 to $114.00 and set an “overweight” rating for the company in a research note on Wednesday, February 12th. BMO Capital Markets decreased their price target on shares of Albemarle from $150.00 to $140.00 in a research note on Wednesday, February 12th. Finally, UBS Group decreased their price target on shares of Albemarle from $99.00 to $86.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Albemarle currently has an average rating of “Hold” and an average target price of $109.91.

Albemarle Stock Up 3.1 %

Shares of NYSE ALB traded up $2.48 during mid-day trading on Tuesday, reaching $83.69. The company had a trading volume of 2,636,642 shares, compared to its average volume of 2,471,616. The company has a current ratio of 2.44, a quick ratio of 1.58 and a debt-to-equity ratio of 0.43. The firm has a 50 day simple moving average of $88.52 and a two-hundred day simple moving average of $92.22. The stock has a market cap of $9.84 billion, a P/E ratio of -5.00, a PEG ratio of 3.43 and a beta of 1.59. Albemarle has a 52-week low of $71.97 and a 52-week high of $143.19.

Albemarle (NYSE:ALB) last posted its earnings results on Wednesday, February 12th. The specialty chemicals company reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.49). Albemarle had a negative net margin of 28.80% and a positive return on equity of 1.67%. Sell-side analysts predict that Albemarle will post -1.55 earnings per share for the current year.

Insider Activity

In other Albemarle news, CEO J Kent Masters sold 2,525 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $101.12, for a total transaction of $255,328.00. Following the completion of the transaction, the chief executive officer now directly owns 73,747 shares in the company, valued at approximately $7,457,296.64. This trade represents a 3.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Albemarle

Several hedge funds have recently added to or reduced their stakes in ALB. AMF Tjanstepension AB purchased a new position in Albemarle during the 3rd quarter valued at about $692,000. Exchange Traded Concepts LLC increased its holdings in Albemarle by 32.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,817 shares of the specialty chemicals company’s stock valued at $172,000 after acquiring an additional 444 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Albemarle by 2.4% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,682 shares of the specialty chemicals company’s stock worth $1,012,000 after buying an additional 248 shares in the last quarter. Krane Funds Advisors LLC grew its holdings in shares of Albemarle by 7.4% during the third quarter. Krane Funds Advisors LLC now owns 33,672 shares of the specialty chemicals company’s stock worth $3,189,000 after buying an additional 2,329 shares in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of Albemarle during the third quarter worth about $375,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Albemarle Company Profile

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.