Albemarle (NYSE:ALB) Sets New 12-Month Low – What’s Next?

Albemarle Co. (NYSE:ALB) shares hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $66.15 and last traded at $67.42, with a volume of 856554 shares trading hands. The stock had previously closed at $72.25.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Piper Sandler lowered their price objective on shares of Albemarle from $90.00 to $85.00 and set an “underweight” rating for the company in a research report on Thursday, February 20th. Royal Bank of Canada lowered their price target on Albemarle from $133.00 to $114.00 and set an “overweight” rating for the company in a report on Wednesday, February 12th. Scotiabank dropped their price objective on Albemarle from $85.00 to $75.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 18th. Clarkson Capital began coverage on Albemarle in a research report on Tuesday, January 14th. They set a “buy” rating and a $112.00 target price for the company. Finally, Robert W. Baird cut their price target on Albemarle from $103.00 to $92.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $104.30.

Albemarle Stock Down 7.9 %

The company has a current ratio of 1.95, a quick ratio of 1.19 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $7.82 billion, a price-to-earnings ratio of -5.96 and a beta of 1.70. The company has a 50-day moving average of $78.53 and a 200-day moving average of $90.52.

Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, February 12th. The specialty chemicals company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.49). Albemarle had a negative net margin of 21.93% and a negative return on equity of 1.72%. On average, equities analysts predict that Albemarle Co. will post -0.04 earnings per share for the current fiscal year.

Albemarle Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders 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 annualized dividend and a dividend yield of 2.43%. Albemarle’s dividend payout ratio (DPR) is presently -14.46%.

Hedge Funds Weigh In On Albemarle

Several institutional investors have recently made changes to their positions in ALB. Quarry LP raised its stake in shares of Albemarle by 1,400.0% during the 3rd quarter. Quarry LP now owns 270 shares of the specialty chemicals company’s stock worth $26,000 after buying an additional 252 shares during the period. Assetmark Inc. grew its stake in Albemarle by 340.6% during the 4th quarter. Assetmark Inc. now owns 304 shares of the specialty chemicals company’s stock valued at $26,000 after acquiring an additional 235 shares in the last quarter. Trust Co. of Vermont increased its stake in shares of Albemarle by 606.5% in the 4th quarter. Trust Co. of Vermont now owns 325 shares of the specialty chemicals company’s stock worth $28,000 after acquiring an additional 279 shares during the last quarter. First Community Trust NA boosted its holdings in Albemarle by 55.0% in the 4th quarter. First Community Trust NA now owns 400 shares of the specialty chemicals company’s stock valued at $34,000 after purchasing an additional 142 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Albemarle during the 4th quarter valued at approximately $34,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

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.