Robert W. Baird Lowers Albemarle (NYSE:ALB) Price Target to $79.00

Albemarle (NYSE:ALB) had its target price cut by analysts at Robert W. Baird from $85.00 to $79.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the specialty chemicals company’s stock. Robert W. Baird’s price objective indicates a potential downside of 16.99% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Citigroup lowered their price objective on Albemarle from $137.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. HSBC downgraded Albemarle from a “buy” rating to a “hold” rating and set a $95.00 price target for the company. in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Albemarle from $105.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 16th. Royal Bank of Canada dropped their target price on shares of Albemarle from $128.00 to $111.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. Finally, Berenberg Bank lowered shares of Albemarle from a “buy” rating to a “hold” rating and reduced their price target for the stock from $160.00 to $83.00 in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $117.30.

Albemarle Price Performance

Shares of NYSE ALB opened at $95.17 on Friday. The firm has a market cap of $11.19 billion, a P/E ratio of 34.61, a price-to-earnings-growth ratio of 13.81 and a beta of 1.54. The business’s 50 day moving average is $91.07 and its 200-day moving average is $102.23. The company has a current ratio of 2.67, a quick ratio of 1.75 and a debt-to-equity ratio of 0.38. Albemarle has a 1-year low of $71.97 and a 1-year high of $153.54.

Albemarle (NYSE:ALB) last posted its quarterly earnings data on Wednesday, July 31st. The specialty chemicals company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.49). Albemarle had a negative net margin of 6.72% and a positive return on equity of 6.38%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the prior year, the firm earned $7.33 EPS. The business’s revenue for the quarter was down 39.7% on a year-over-year basis. Equities research analysts predict that Albemarle will post 0.46 earnings per share for the current year.

Hedge Funds Weigh In On Albemarle

A number of hedge funds have recently modified their holdings of the business. WFA Asset Management Corp acquired a new position in Albemarle during the 1st quarter worth about $25,000. First Community Trust NA bought a new position in shares of Albemarle during the second quarter worth about $25,000. CVA Family Office LLC lifted its stake in shares of Albemarle by 610.0% in the second quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock worth $27,000 after acquiring an additional 244 shares during the period. Eastern Bank acquired a new position in shares of Albemarle in the third quarter worth approximately $31,000. Finally, Eagle Bay Advisors LLC boosted its holdings in Albemarle by 45.0% in the first quarter. Eagle Bay Advisors LLC now owns 332 shares of the specialty chemicals company’s stock valued at $44,000 after acquiring an additional 103 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

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.