Investment analysts at Scotiabank have raised their price target for Albemarle Corporation (NYSE:ALB) from $65.00 to $70.00, reflecting their ongoing confidence in the specialty chemicals company’s stock. This adjustment, announced in a report on March 30, 2024, supports a “sector perform” rating, suggesting a potential upside of 3.03% based on the current trading price.
Several analysts have recently provided their evaluations of Albemarle’s stock, indicating a mixed outlook. TD Securities lowered its price target from $115.00 to $65.00, maintaining a “hold” rating. UBS Group adjusted its price target from $57.00 to $62.00, issuing a “sell” rating. Meanwhile, Robert W. Baird reaffirmed an “underperform” rating with a price target of $60.00. Piper Sandler also set a price objective of $68.00 and rated the stock as “underweight.”
As of now, the consensus among analysts categorizes the stock as a “hold,” with an average target price of $89.78, according to MarketBeat.com. The company has received six sell ratings, nine hold ratings, and three buy ratings.
Albemarle’s Stock Performance
Albemarle’s stock opened at $67.94 on the day the report was released. The firm currently boasts a market capitalization of $7.99 billion with a current ratio of 2.31, quick ratio of 1.26, and a debt-to-equity ratio of 0.38. The stock has exhibited volatility, with a 50-day moving average of $66.01 and a 200-day moving average of $69.06. Over the past year, shares have traded as low as $49.43 and reached a high of $113.91.
In its latest earnings report issued on July 30, 2024, Albemarle reported earnings of $0.11 per share, surpassing analysts’ expectations of a loss of $0.83 by $0.94. The company generated revenue of $1.33 billion, exceeding forecasts of $1.23 billion. Despite this, the revenue showed a decline of 7.0% year-over-year. Analysts predict an earnings per share (EPS) of -0.04 for the current fiscal year.
Institutional Investors’ Involvement
Recent activity among institutional investors indicates a significant interest in Albemarle. Mizuho Markets Cayman LP increased its holdings by 39.3%, now owning 28,355 shares valued at $1.78 million after acquiring an additional 8,001 shares. Similarly, the Teacher Retirement System of Texas raised its stake by 4.0%, amassing 17,866 shares worth approximately $1.12 million.
Other notable changes include a new position acquired by Y Intercept Hong Kong Ltd, valued around $4.16 million, and a 19.8% increase in holdings by Vienna Powszechne Towarzystwo Emerytalne S.A.. Collectively, institutional investors own approximately 92.87% of Albemarle’s shares, reinforcing the stock’s stability in the market.
Albemarle Corporation continues to be a key player in the specialty chemicals sector, particularly known for its development and marketing of engineered specialty chemicals globally. With segments focused on energy storage, specialties, and Ketjen, the company is well-positioned to leverage growth opportunities in the evolving market landscape.