KeyCorp Has Lowered Expectations for Albemarle (NYSE:ALB) Stock Price

Albemarle (NYSE:ALB) had its price target decreased by KeyCorp from $132.00 to $127.00 in a research report sent to investors on Tuesday morning,Benzinga reports. KeyCorp currently has an overweight rating on the specialty chemicals company’s stock.

A number of other brokerages have also recently issued reports on ALB. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Albemarle from $105.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 16th. Royal Bank of Canada decreased their price objective on shares of Albemarle from $128.00 to $111.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Bank of America decreased their price objective on shares of Albemarle from $135.00 to $126.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Wells Fargo & Company lifted their price objective on shares of Albemarle from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Finally, JPMorgan Chase & Co. cut their target price on shares of Albemarle from $115.00 to $78.00 and set a “neutral” rating on the stock in a research report on Monday, August 19th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $114.47.

Albemarle Stock Performance

Shares of NYSE:ALB opened at $103.53 on Tuesday. The company’s 50 day simple moving average is $95.52 and its 200 day simple moving average is $100.06. The stock has a market capitalization of $12.17 billion, a price-to-earnings ratio of -6.18 and a beta of 1.55. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.44 and a quick ratio of 1.58. Albemarle has a 1 year low of $71.97 and a 1 year high of $153.54.

Albemarle Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.405 per share. The ex-dividend date is Friday, December 13th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.56%. Albemarle’s dividend payout ratio (DPR) is presently -9.67%.

Hedge Funds Weigh In On Albemarle

Several hedge funds and other institutional investors have recently bought and sold shares of ALB. First Community Trust NA acquired a new position in Albemarle in the second quarter valued at $25,000. Quarry LP lifted its holdings in Albemarle by 1,400.0% in the third quarter. Quarry LP now owns 270 shares of the specialty chemicals company’s stock valued at $26,000 after buying an additional 252 shares during the period. CVA Family Office LLC lifted its holdings in Albemarle by 610.0% in the second quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after buying an additional 244 shares during the period. Eastern Bank acquired a new position in Albemarle in the third quarter valued at $31,000. Finally, Cromwell Holdings LLC lifted its holdings in Albemarle by 61.9% in the third quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock valued at $37,000 after buying an additional 148 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

About Albemarle

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.