Albemarle (NYSE:ALB) Shares Down 6.5% Following Analyst Downgrade

Albemarle Co. (NYSE:ALB)’s share price dropped 6.5% on Tuesday after UBS Group lowered their price target on the stock from $86.00 to $64.00. UBS Group currently has a neutral rating on the stock. Albemarle traded as low as $55.52 and last traded at $54.31. Approximately 1,340,756 shares traded hands during trading, a decline of 49% from the average daily volume of 2,642,410 shares. The stock had previously closed at $58.10.

Several other research analysts have also recently issued reports on ALB. Royal Bank of Canada dropped their target price on shares of Albemarle from $133.00 to $114.00 and set an “overweight” rating on the stock in a report on Wednesday, February 12th. Clarkson Capital initiated coverage on shares of Albemarle in a research note on Tuesday, January 14th. They set a “buy” rating and a $112.00 price objective on the stock. Robert W. Baird reduced their price objective on shares of Albemarle from $103.00 to $92.00 and set a “neutral” rating for the company in a research note on Wednesday, February 12th. Morgan Stanley dropped their target price on Albemarle from $73.00 to $68.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 18th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Albemarle from $109.00 to $105.00 in a research note on Wednesday, February 12th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $103.20.

Hedge Funds Weigh In On Albemarle

Institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its stake in shares of Albemarle by 6,393.1% in the first quarter. GAMMA Investing LLC now owns 152,394 shares of the specialty chemicals company’s stock worth $10,975,000 after acquiring an additional 150,047 shares during the period. Moody National Bank Trust Division boosted its holdings in Albemarle by 10.3% in the first quarter. Moody National Bank Trust Division now owns 3,730 shares of the specialty chemicals company’s stock valued at $269,000 after purchasing an additional 347 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Albemarle by 1.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 11,355 shares of the specialty chemicals company’s stock worth $977,000 after purchasing an additional 188 shares during the period. Siemens Fonds Invest GmbH acquired a new stake in Albemarle during the 4th quarter worth about $837,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Albemarle in the 4th quarter valued at about $9,728,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Albemarle Stock Down 7.0 %

The stock has a market cap of $6.36 billion, a PE ratio of -4.80 and a beta of 1.59. The business has a 50 day moving average price of $76.84 and a 200 day moving average price of $89.95. The company has a quick ratio of 1.19, a current ratio of 1.95 and a debt-to-equity ratio of 0.39.

Albemarle (NYSE:ALB) last released its quarterly earnings data on Wednesday, February 12th. The specialty chemicals company reported ($1.09) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.49). Albemarle had a negative return on equity of 1.72% and a negative net margin of 21.93%. Equities research analysts expect that Albemarle Co. will post -0.04 EPS for the current fiscal year.

Albemarle Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were issued a $0.405 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.62 dividend on an annualized basis and a yield of 3.00%. Albemarle’s payout ratio is -14.46%.

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.