Albemarle (NYSE:ALB) Stock Price Down 3.7% – Here’s What Happened

Albemarle Co. (NYSE:ALB) shares traded down 3.7% during trading on Wednesday . The company traded as low as $104.87 and last traded at $105.00. 314,229 shares were traded during trading, a decline of 89% from the average session volume of 2,900,113 shares. The stock had previously closed at $109.07.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Wells Fargo & Company raised their price target on Albemarle from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Piper Sandler dropped their target price on shares of Albemarle from $95.00 to $90.00 and set an “underweight” rating for the company in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Albemarle from $105.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 16th. Oppenheimer dropped their price objective on shares of Albemarle from $171.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Finally, KeyCorp reduced their target price on Albemarle from $132.00 to $127.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. One equities research 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, the company currently has a consensus rating of “Hold” and a consensus target price of $114.47.

Albemarle Stock Down 1.4 %

The firm has a fifty day simple moving average of $101.07 and a 200 day simple moving average of $97.97. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.58 and a current ratio of 2.44. The company has a market cap of $11.89 billion, a PE ratio of -6.04 and a beta of 1.56.

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.405 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.62 dividend on an annualized basis and a yield of 1.60%. Albemarle’s payout ratio is -9.67%.

Hedge Funds Weigh In On Albemarle

Large investors have recently bought and sold shares of the stock. First Community Trust NA acquired a new stake in shares of Albemarle during the 2nd quarter worth $25,000. Quarry LP grew its holdings in shares of Albemarle by 1,400.0% during the 3rd quarter. Quarry LP now owns 270 shares of the specialty chemicals company’s stock worth $26,000 after purchasing an additional 252 shares during the period. Eastern Bank acquired a new stake in shares of Albemarle in the third quarter worth $31,000. Cromwell Holdings LLC increased its holdings in Albemarle by 61.9% in the 3rd quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock valued at $37,000 after purchasing an additional 148 shares in the last quarter. Finally, TD Private Client Wealth LLC grew its stake in shares of Albemarle by 50.4% in the third quarter. TD Private Client Wealth LLC now owns 394 shares of the specialty chemicals company’s stock valued at $37,000 after buying an additional 132 shares in the last quarter. Hedge funds and other institutional investors 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.