Albemarle (NYSE:ALB) Price Target Cut to $170.00 by Analysts at Oppenheimer

Albemarle (NYSE:ALB) had its price target dropped by research analysts at Oppenheimer from $171.00 to $170.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the specialty chemicals company’s stock. Oppenheimer’s price objective would indicate a potential upside of 68.58% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. Piper Sandler lowered their price objective on Albemarle from $95.00 to $90.00 and set an “underweight” rating for the company in a research note on Thursday, August 8th. Mizuho dropped their price objective on shares of Albemarle from $128.00 to $103.00 in a research note on Wednesday, July 31st. JPMorgan Chase & Co. reduced their target price on shares of Albemarle from $115.00 to $78.00 and set a “neutral” rating on the stock in a research note on Monday, August 19th. Hsbc Global Res raised shares of Albemarle to a “hold” rating in a research note on Wednesday, July 17th. Finally, Berenberg Bank lowered shares of Albemarle from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $160.00 to $83.00 in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $113.58.

Albemarle Stock Performance

Shares of NYSE:ALB opened at $100.84 on Friday. The firm has a fifty day simple moving average of $93.35 and a two-hundred day simple moving average of $100.38. Albemarle has a 52 week low of $71.97 and a 52 week high of $153.54. The company has a quick ratio of 1.75, a current ratio of 2.67 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $11.85 billion, a P/E ratio of -6.02 and a beta of 1.55.

Institutional Trading of Albemarle

Several hedge funds have recently modified their holdings of the company. First Community Trust NA bought a new position in shares of Albemarle during the 2nd quarter worth approximately $25,000. CVA Family Office LLC increased its position in shares of Albemarle by 610.0% during the second quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock worth $27,000 after purchasing an additional 244 shares in the last quarter. Eastern Bank purchased a new stake in shares of Albemarle during the 3rd quarter valued at $31,000. Eagle Bay Advisors LLC boosted its position in shares of Albemarle by 45.0% in the 1st quarter. Eagle Bay Advisors LLC now owns 332 shares of the specialty chemicals company’s stock worth $44,000 after purchasing an additional 103 shares in the last quarter. Finally, Cromwell Holdings LLC grew its stake in Albemarle by 61.9% during the 3rd quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock worth $37,000 after buying an additional 148 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

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.