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Specialty lenders like Hercules Capital are perfectly positioned to benefit from banks' and other capital providers' growing worries. Chemical company Albemarle has been dragged higher and lower by volatile lithium prices.
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Albemarle (ALB) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
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On May 1, 2024, Albemarle released financial results for the first quarter of 2024, which pleasantly surprised me. Ketjen segment revenue was $243.8 million in the first three months of 2024, an increase of 11.9%. On May 15, it was announced that Albemarle had reached an agreement with CORFO, under which it received an option to increase its lithium production quota.
Albemarle Corporation (ALB) is Attracting Investor Attention: Here is What You Should Know
Zacks.com users have recently been watching Albemarle (ALB) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
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Avantax Advisory Services Inc. Sells 1,112 Shares of Albemarle Co. (NYSE:ALB)
Avantax Advisory Services Inc. trimmed its position in Albemarle Co. (NYSE:ALB – Free Report) by 13.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,290 shares of the specialty chemicals company’s stock after selling 1,112 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Albemarle were worth $1,053,000 at the end of the most recent reporting period. A number of other hedge funds have also added to or reduced their stakes in the company. Barclays PLC boosted its position in Albemarle by 142.3% in the third quarter. Barclays PLC now owns 1,043,861 shares of the specialty chemicals company’s stock valued at $177,499,000 after buying an additional 612,963 shares in the last quarter. International Assets Investment Management LLC boosted its position in Albemarle by 15,046.5% in the fourth quarter. International Assets Investment Management LLC now owns 347,763 shares of the specialty chemicals company’s stock valued at $502,450,000 after buying an additional 345,467 shares in the last quarter. Van ECK Associates Corp boosted its position in Albemarle by 4,471.9% in the fourth quarter. Van ECK Associates Corp now owns 332,100 shares of the specialty chemicals company’s stock valued at $47,982,000 after buying an additional 324,836 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Albemarle by 12.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,555,937 shares of the specialty chemicals company’s stock valued at $224,802,000 after buying an additional 174,391 shares in the last quarter. Finally, Invesco Ltd. boosted its position in Albemarle by 14.1% in the third quarter. Invesco Ltd. now owns 1,221,765 shares of the specialty chemicals company’s stock valued at $207,749,000 after buying an additional 151,158 shares in the last quarter. 92.87% of the stock is owned by institutional investors. Albemarle Trading Up 1.5 % ALB opened at $131.12 on Monday. Albemarle Co. has a 1-year low of $106.69 and a 1-year high of $247.44. The company has a current ratio of 2.84, a quick ratio of 1.91 and a debt-to-equity ratio of 0.37. The company has a market cap of $15.41 billion, a P/E ratio of 47.68, a price-to-earnings-growth ratio of 2.64 and a beta of 1.65. The company has a fifty day moving average price of $124.15 and a two-hundred day moving average price of $125.84. Albemarle (NYSE:ALB – Get Free Report) last posted its earnings results on Thursday, May 2nd. The specialty chemicals company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.09). The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.29 billion. Albemarle had a return on equity of 14.53% and a net margin of 4.02%. The company’s revenue was down 47.3% on a year-over-year basis. During the same period in the previous year, the firm earned $10.32 earnings per share. Analysts predict that Albemarle Co. will post 3.13 EPS for the current fiscal year. Albemarle Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Friday, June 14th. Albemarle’s payout ratio is presently 58.18%. Wall Street Analysts Forecast Growth A number of analysts have weighed in on the stock. Royal Bank of Canada raised their target price on shares of Albemarle from $138.00 to $157.00 and gave the company an “outperform” rating in a research report on Monday, May 6th. TD Cowen lowered shares of Albemarle from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $220.00 to $130.00 in a report on Monday, January 29th. Bank of America upgraded shares of Albemarle from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $137.00 to $156.00 in a report on Wednesday, April 10th. Loop Capital cut their price target on shares of Albemarle from $168.00 to $162.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Albemarle from $125.00 to $140.00 and gave the stock a “hold” rating in a report on Tuesday, May 7th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Albemarle has a consensus rating of “Hold” and an average price target of $165.95. View Our Latest Research Report on Albemarle Insider Transactions at Albemarle In other news, SVP Mark Richard Mummert sold 843 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $135.53, for a total transaction of $114,251.79. Following the completion of the sale, the senior vice president now directly owns 6,802 shares of the company’s stock, valued at $921,875.06. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, SVP Mark Richard Mummert sold 843 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $135.53, for a total transaction of $114,251.79. Following the completion of the sale, the senior vice president now directly owns 6,802 shares of the company’s stock, valued at $921,875.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO John Clarence Barichivich III sold 1,475 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $132.17, for a total value of $194,950.75. Following the completion of the transaction, the chief accounting officer now directly owns 4,743 shares in the company, valued at approximately $626,882.31. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by insiders. Albemarle Company Profile (Free Report) 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.
