Albemarle Corporation (NYSE:ALB) Downgraded by SunTrust Banks, Inc. to Hold

Albemarle Corporation (NYSE:ALB) was downgraded by analysts at SunTrust Banks, Inc. from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, August 9th, Marketbeat reports. They currently have a $121.00 target price on the specialty chemicals company’s stock. SunTrust Banks, Inc.’s price target suggests a potential upside of 7.47% from the company’s previous close. SunTrust Banks also issued estimates for Albemarle Corporation’s Q3 2017 earnings at $1.09 EPS, FY2017 earnings at $4.36 EPS, FY2018 earnings at $5.03 EPS, FY2019 earnings at $5.68 EPS and FY2020 earnings at $6.37 EPS.

Several other brokerages have also commented on ALB. BidaskClub lowered Albemarle Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. Royal Bank Of Canada reiterated a “buy” rating and set a $136.00 price objective on shares of Albemarle Corporation in a research report on Friday, July 14th. Robert W. Baird reiterated an “outperform” rating and set a $135.00 price objective (up from $125.00) on shares of Albemarle Corporation in a research report on Tuesday, July 18th. They noted that the move was a valuation call. Zacks Investment Research lowered Albemarle Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, KeyCorp raised their price target on Albemarle Corporation from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, June 12th. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $109.61.

Albemarle Corporation (ALB) opened at 112.59 on Wednesday. Albemarle Corporation has a 52-week low of $75.11 and a 52-week high of $123.48. The stock has a 50 day moving average of $114.72 and a 200 day moving average of $107.36. The stock has a market capitalization of $12.44 billion, a P/E ratio of 14.40 and a beta of 1.59.

Albemarle Corporation (NYSE:ALB) last released its quarterly earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.02. The firm had revenue of $737.25 million for the quarter, compared to analysts’ expectations of $735.50 million. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The company’s revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.93 EPS. On average, equities research analysts forecast that Albemarle Corporation will post $4.36 EPS for the current year.

ILLEGAL ACTIVITY NOTICE: “Albemarle Corporation (NYSE:ALB) Downgraded by SunTrust Banks, Inc. to Hold” was first posted by BNB Daily and is the sole property of of BNB Daily. If you are reading this story on another site, it was illegally stolen and reposted in violation of U.S. & international trademark and copyright laws. The legal version of this story can be read at https://www.baseball-news-blog.com/2017/08/19/albemarle-corporation-nysealb-cut-to-hold-at-suntrust-banks-inc-updated.html.

In other Albemarle Corporation news, Chairman Luther C. Iv Kissam sold 50,000 shares of Albemarle Corporation stock in a transaction on Friday, July 7th. The stock was sold at an average price of $110.08, for a total value of $5,504,000.00. Following the completion of the sale, the chairman now owns 252,917 shares of the company’s stock, valued at approximately $27,841,103.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Scott Tozier sold 25,000 shares of Albemarle Corporation stock in a transaction on Friday, July 7th. The stock was sold at an average price of $110.13, for a total value of $2,753,250.00. Following the completion of the sale, the chief financial officer now directly owns 57,506 shares of the company’s stock, valued at approximately $6,333,135.78. The disclosure for this sale can be found here. Insiders have sold 105,000 shares of company stock valued at $11,499,850 in the last quarter. 0.74% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the company. Toronto Dominion Bank raised its stake in shares of Albemarle Corporation by 23.6% in the second quarter. Toronto Dominion Bank now owns 37,565 shares of the specialty chemicals company’s stock valued at $3,964,000 after buying an additional 7,165 shares during the last quarter. Hahn Capital Management LLC raised its stake in shares of Albemarle Corporation by 7.2% in the second quarter. Hahn Capital Management LLC now owns 299,699 shares of the specialty chemicals company’s stock valued at $31,630,000 after buying an additional 20,175 shares during the last quarter. Cetera Investment Advisers purchased a new stake in shares of Albemarle Corporation during the second quarter valued at approximately $286,000. Advisory Services Network LLC raised its stake in shares of Albemarle Corporation by 43.7% in the second quarter. Advisory Services Network LLC now owns 1,273 shares of the specialty chemicals company’s stock valued at $134,000 after buying an additional 387 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Albemarle Corporation by 9.2% in the second quarter. Public Employees Retirement System of Ohio now owns 174,373 shares of the specialty chemicals company’s stock valued at $18,403,000 after buying an additional 14,671 shares during the last quarter. 86.22% of the stock is owned by institutional investors.

Albemarle Corporation Company Profile

Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.

Analyst Recommendations for Albemarle Corporation (NYSE:ALB)

Receive News & Ratings for Albemarle Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Albemarle Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply