Albemarle (NYSE:ALB) Stock Price Down 2.2%

Albemarle Co. (NYSE:ALB) shares dropped 2.2% on Friday . The company traded as low as $93.73 and last traded at $94.12. Approximately 1,039,462 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 3,057,882 shares. The stock had previously closed at $96.27.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Piper Sandler cut their price objective on Albemarle from $122.00 to $95.00 and set an “underweight” rating on the stock in a report on Tuesday. Loop Capital decreased their target price on Albemarle from $168.00 to $162.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Bank of America upgraded Albemarle from a “neutral” rating to a “buy” rating and lifted their price target for the company from $137.00 to $156.00 in a report on Wednesday, April 10th. Mizuho increased their price objective on Albemarle from $112.00 to $128.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Finally, Wells Fargo & Company lifted their target price on Albemarle from $135.00 to $145.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $155.78.

Albemarle Price Performance

The company has a debt-to-equity ratio of 0.37, a current ratio of 2.84 and a quick ratio of 1.91. The stock has a market capitalization of $11.14 billion, a P/E ratio of 34.23, a PEG ratio of 3.03 and a beta of 1.61. The stock’s fifty day moving average is $117.83 and its 200-day moving average is $123.78.

Albemarle (NYSE:ALB) last released its quarterly earnings results on Thursday, May 2nd. The specialty chemicals company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.09). Albemarle had a return on equity of 14.53% and a net margin of 4.02%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter last year, the company posted $10.32 EPS. The business’s revenue was down 47.3% compared to the same quarter last year. On average, equities analysts anticipate that Albemarle Co. will post 2.07 earnings per share for the current year.

Albemarle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend is Friday, June 14th. Albemarle’s dividend payout ratio is 58.18%.

Insider Activity at Albemarle

In other Albemarle news, SVP Mark Richard Mummert sold 843 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $135.53, for a total transaction of $114,251.79. Following the completion of the transaction, the senior vice president now owns 6,802 shares of the company’s stock, valued at approximately $921,875.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO John Clarence Barichivich III sold 1,475 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $132.17, for a total transaction of $194,950.75. Following the completion of the transaction, the chief accounting officer now directly owns 4,743 shares in the company, valued at approximately $626,882.31. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Mark Richard Mummert sold 843 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $135.53, for a total transaction of $114,251.79. Following the completion of the sale, the senior vice president now directly owns 6,802 shares of the company’s stock, valued at $921,875.06. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Bright Futures Wealth Management LLC. bought a new position in Albemarle during the first quarter valued at about $977,000. SRN Advisors LLC grew its holdings in shares of Albemarle by 5.0% during the 1st quarter. SRN Advisors LLC now owns 6,768 shares of the specialty chemicals company’s stock worth $892,000 after purchasing an additional 324 shares in the last quarter. Keynote Financial Services LLC bought a new stake in shares of Albemarle during the first quarter valued at approximately $226,000. EverSource Wealth Advisors LLC raised its stake in shares of Albemarle by 75.0% in the first quarter. EverSource Wealth Advisors LLC now owns 901 shares of the specialty chemicals company’s stock valued at $108,000 after purchasing an additional 386 shares in the last quarter. Finally, Pathway Financial Advisers LLC bought a new position in Albemarle in the first quarter worth $783,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

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.