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

Albemarle Co. (NYSE:ALB)’s stock price gapped down before the market opened 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 changing hands.

Wall Street Analysts Forecast Growth

ALB has been the subject of a number of recent analyst reports. KeyCorp cut their target price on Albemarle from $132.00 to $127.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Baird R W downgraded Albemarle from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft dropped their price objective on Albemarle from $105.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 16th. Royal Bank of Canada upped their price objective on Albemarle from $108.00 to $133.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 12th. Finally, Evercore ISI dropped 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. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $114.47.

Albemarle Trading Down 0.6 %

The company has a market cap of $12.74 billion, a price-to-earnings ratio of -6.47 and a beta of 1.55. The firm has a 50 day moving average price of $97.82 and a two-hundred day moving average price of $99.46. The company has a quick ratio of 1.58, a current ratio of 2.44 and a debt-to-equity ratio of 0.43.

Albemarle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.405 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.62 annualized dividend and a dividend yield of 1.49%. Albemarle’s payout ratio is -9.67%.

Institutional Investors Weigh In On Albemarle

Several institutional investors and hedge funds have recently made changes to their positions in ALB. SG Americas Securities LLC grew its stake in Albemarle by 239.7% during the second quarter. SG Americas Securities LLC now owns 53,793 shares of the specialty chemicals company’s stock worth $5,138,000 after purchasing an additional 37,958 shares during the period. Empower Advisory Group LLC grew its stake in Albemarle by 28.7% during the third quarter. Empower Advisory Group LLC now owns 705,719 shares of the specialty chemicals company’s stock worth $66,839,000 after purchasing an additional 157,319 shares during the period. MBB Public Markets I LLC grew its stake in Albemarle by 392.6% during the second quarter. MBB Public Markets I LLC now owns 7,916 shares of the specialty chemicals company’s stock worth $756,000 after purchasing an additional 6,309 shares during the period. Vest Financial LLC boosted its holdings in Albemarle by 32.4% in the third quarter. Vest Financial LLC now owns 521,537 shares of the specialty chemicals company’s stock worth $49,395,000 after acquiring an additional 127,549 shares in the last quarter. Finally, Clifford Swan Investment Counsel LLC boosted its holdings in Albemarle by 8.0% in the second quarter. Clifford Swan Investment Counsel LLC now owns 123,436 shares of the specialty chemicals company’s stock worth $11,791,000 after acquiring an additional 9,182 shares in the last quarter. 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.