Albemarle (NYSE:ALB) Shares Gap Down – Here’s What Happened

Shares of Albemarle Co. (NYSE:ALB) gapped down prior to trading on Thursday . The stock had previously closed at $109.55, but opened at $107.01. Albemarle shares last traded at $108.24, with a volume of 256,773 shares traded.

Analysts Set New Price Targets

A number of analysts recently commented on ALB shares. Evercore ISI lowered their price objective on Albemarle from $190.00 to $170.00 and set an “outperform” rating for the company in a research report on Wednesday, August 28th. Bank of America reduced their target price on Albemarle from $135.00 to $126.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. reduced their target price on Albemarle from $115.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, August 19th. Baird R W cut Albemarle from a “strong-buy” rating to a “hold” rating in a report on Monday, August 5th. Finally, Piper Sandler cut their price objective on Albemarle from $95.00 to $90.00 and set an “underweight” rating on the stock in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $114.47.

Albemarle Price Performance

The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.58 and a current ratio of 2.44. The firm has a market capitalization of $12.74 billion, a price-to-earnings ratio of -6.47 and a beta of 1.55. The business has a fifty day moving average of $97.82 and a two-hundred day moving average of $99.46.

Albemarle Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date is Friday, December 13th. Albemarle’s payout ratio is presently -9.67%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. First Community Trust NA bought a new stake in Albemarle in the 2nd quarter valued at $25,000. Quarry LP boosted its stake in Albemarle by 1,400.0% in the 3rd quarter. Quarry LP now owns 270 shares of the specialty chemicals company’s stock valued at $26,000 after purchasing an additional 252 shares during the period. CVA Family Office LLC boosted its stake in Albemarle by 610.0% in the 2nd quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after purchasing an additional 244 shares during the period. Eastern Bank bought a new stake in Albemarle in the 3rd quarter valued at $31,000. Finally, Cromwell Holdings LLC boosted its stake in Albemarle by 61.9% in the 3rd quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock valued at $37,000 after purchasing an additional 148 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

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.