At the time of writing, Albemarle Corp. [ALB] stock is trading at $123.93, down -0.66%. An important factor to consider is whether the stock is rising or falling in short-term value. The ALB shares have gain 13.28% over the last week, with a monthly amount glided 7.04%, and seem to be holding up well over a long-time horizon.
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On 6, March 2024, ALBEMARLE ANNOUNCES UPSIZE AND PRICING OF PUBLIC OFFERING OF DEPOSITARY SHARES. In a post published today on Yahoo Finance, Albemarle Corporation (NYSE: ALB) (“Albemarle” or the “Company”), a global leader in providing essential elements for mobility, energy, connectivity, and health, announced that it has priced its previously announced offering (the “Offering”) of 40,000,000 depositary shares (“Depositary Shares”), each representing a 1/20th interest in a share of Series A Mandatory Convertible Preferred Stock of the Company (“Preferred Stock”), at a public offering price of $50 per share, in an underwritten registered public offering. In addition, Albemarle granted the underwriters in the Offering a 30-day option to purchase up to an additional 6,000,000 Depositary Shares, at the public offering price per share, less an underwriting discount. This reflects an upsizing of the previously announced offering of $1.75 billion of Depositary Shares to $2.0 billion of Depositary Shares and the previously announced option to purchase up to an additional $262.5 million to $300.0 million granted to the underwriters. The Offering is expected to close on or about March 8, 2024, subject to the satisfaction of customary closing conditions.
From an analyst’s perspective:
Albemarle Corp. [NYSE: ALB] stock has seen the most recent analyst activity on March 08, 2024, when Vertical Research downgraded its rating to a Hold but kept the price target unchanged to $145 for it. On February 09, 2024, downgrade downgraded it’s rating to Neutral and revised its price target to $120 on the stock. TD Cowen downgraded its rating to a Market Perform and decreased its price target to $130 on January 29, 2024. Deutsche Bank downgraded its rating to a Hold and reduced its price target to $135 on January 11, 2024. BofA Securities upgraded its rating to Neutral for this stock on December 12, 2023, and downed its price target to $149. In a note dated December 05, 2023, Piper Sandler downgraded an Underweight rating on this stock and revised its target price from $140 to $128.
For the past year, the stock price of Albemarle Corp. fluctuated between $106.69 and $247.44. Currently, Wall Street analysts expect the stock to reach $247.8 within the next 12 months. Albemarle Corp. [NYSE: ALB] shares were valued at $123.93 at the most recent close of the market. An investor can expect a potential return of 99.95% based on the average ALB price forecast.
Analyzing the ALB fundamentals
According to Albemarle Corp. [NYSE:ALB], the company’s sales were 9.62B for trailing twelve months, which represents an -10.10% plunge. Gross Profit Margin for this corporation currently stands at 0.12% with Operating Profit Margin at 0.02%, Pretax Profit Margin comes in at 0.03%, and Net Profit Margin reading is 0.13%. To continue investigating profitability, this company’s Return on Assets is posted at 0.07, Equity is 0.13 and Total Capital is 0.01. Upon thorough examination of the company’s fundamental financial framework, it becomes apparent that the debt-to-equity ratio stands at 0.43.
Before buying any particular stock, readers tend to pay close attention to the indicators that support and create resistance. The company’s stock is currently sitting at 120.68 points at the first support level, and at 117.43 for the second support level. However, for the 1st resistance point, the stock is sitting at 127.84, and for the 2nd resistance point, it is at 131.75.
Albemarle Corp. [ALB] reported earnings per share of $1.85 for its fiscal quarter that ended on 12/30/2023. Based on the Wall Street analysts’ estimates, the company was expected to report earnings of $1.01/share, meaning a difference of $0.84 and a surprise factor of 83.20%. By comparison, the stated earnings for the previous quarter ended on 9/29/2023 were $2.74 per share as compared to estimates of $3.99 per share, a difference of -$1.25 representing a surprise of -31.30%.
Ratios To Look Out For
It is important to note that Albemarle Corp. [NYSE:ALB] has a current ratio of 1.47. On the other hand, the Quick Ratio is 0.86, and the Cash Ratio is 0.25. Considering the valuation of this stock, the price to sales ratio is 1.51, the price to book ratio is 1.55 and price to earnings (TTM) ratio is 9.29.
Transactions by insiders
Recent insider trading involved Coleman Kristin M., EVP, General Counsel, that happened on Nov 07 ’23 when 1373.0 shares were purchased. President, Energy Storage, Norris Eric completed a deal on May 10 ’23 to buy 1260.0 shares. Meanwhile, Chairman & CEO Masters J Kent bought 5470.0 shares on May 05 ’23.
