In a report released yesterday, Colin Rusch from Oppenheimer assigned a Buy rating to Albemarle (ALB), with a price target of $162.00. The company’s shares closed last Wednesday at $167.15, close to its 52-week high of $188.35.
According to TipRanks.com, Rusch is a top 25 analyst with an average return of 63.2% and a 62.1% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as SolarEdge Technologies, Westport Fuel Systems, and Workhorse Group.
Currently, the analyst consensus on Albemarle is a Moderate Buy with an average price target of $162.46.
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Based on Albemarle’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $879 million and net profit of $84.64 million. In comparison, last year the company earned revenue of $993 million and had a net profit of $90.39 million.
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Albemarle Corp. is a specialty company, which engages in developing, manufacturing, and marketing of chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food-safety, and custom chemistry services. It operates through the following segments: Lithium, Bromine Specialties, and Catalysts. The Lithium segment engages in developing and manufacture of basic lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties and reagents. The Bromine Specialties segment consists of bromine and bromine-based business includes products used in fire safety solutions and other specialty chemicals applications. The Catalysts segment contain two product lines: clean fuels technologies, which is primarily composed of hydro processing catalysts, and heavy oil upgrading that comprises of fluidized catalytic cracking catalysts and additives. The company was founded in 1993 and is headquartered in Charlotte, NC.
