Albemarle Corp. [ALB] moved down -17.87: Why It’s Important

Albemarle Corp. [NYSE: ALB] closed the trading session at $109.40. The company report on March 4, 2024 at 4:11 PM that ALBEMARLE ANNOUNCES PROPOSED PUBLIC OFFERING OF DEPOSITARY SHARES.

Albemarle Corporation (NYSE: ALB) (“Albemarle” or the “Company”), a global leader in providing essential elements for mobility, energy, connectivity, and health, today announced that, subject to market and other conditions, it has commenced an offering (the “Offering”) of $1.75 billion of 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”), in an underwritten registered public offering. In addition, Albemarle expects to grant the underwriters in the Offering a 30-day option to purchase up to an additional $262.5 million of Depositary Shares.

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Albemarle intends to use the net proceeds from the Offering for general corporate purposes, which may include, among other uses, funding growth capital expenditures, such as the construction and expansion of lithium operations in Australia and China that are significantly progressed or near completion, and repaying the Company’s outstanding commercial paper.

The stocks have a year to date performance of -24.28 percent and weekly performance of -14.92 percent. The stock has been moved at -45.37 percent over the last six months. The stock has performed -4.25 percent around the most recent 30 days and changed -13.28 percent over the most recent 3-months.

If compared to the average trading volume of 3.11M shares, ALB reached to a volume of 19309688 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Albemarle Corp. [ALB]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ALB shares is $149.67 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ALB stock is a recommendation set at 2.07. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Wolfe Research have made an estimate for Albemarle Corp. shares, keeping their opinion on the stock as Peer Perform, with their previous recommendation back on March 01, 2024. While these analysts kept the previous recommendation, Citigroup dropped their target price from $175 to $120. The new note on the price target was released on February 09, 2024, representing the official price target for Albemarle Corp. stock. Previously, the target price had yet another drop from $220 to $130, while TD Cowen kept a Market Perform rating on ALB stock. On January 11, 2024, analysts decreased their price target for ALB shares from 155 to 135.

The Average True Range (ATR) for Albemarle Corp. is set at 7.97, with the Price to Sales ratio for ALB stock in the period of the last 12 months amounting to 1.34. The Price to Book ratio for the last quarter was 1.36, with the Price to Cash per share for the same quarter was set at 7.58.

ALB stock trade performance evaluation

Albemarle Corp. [ALB] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -14.92. With this latest performance, ALB shares dropped by -4.25% in over the last four-week period, additionally sinking by -45.37% over the last 6 months – not to mention a drop of -57.82% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ALB stock in for the last two-week period is set at 40.22, with the RSI for the last a single of trading hit 36.26, and the three-weeks RSI is set at 42.07 for Albemarle Corp. [ALB]. The present Moving Average for the last 50 days of trading for this stock 126.23, while it was recorded at 131.06 for the last single week of trading, and 165.55 for the last 200 days.

Albemarle Corp. [ALB]: An insightful look at the core fundamentals

Albemarle Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.86 and a Current Ratio set at 1.47.

Earnings per share (EPS) analysis for Albemarle Corp. [ALB] stock

With the latest financial reports released by the company, Albemarle Corp. posted 10.32/share EPS, while the average EPS was predicted by analysts to be reported at 7.03/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 46.80%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ALB. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Albemarle Corp. go to -8.76%.

Albemarle Corp. [ALB]: Institutional Ownership

The top three institutional holders of ALB stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in ALB stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in ALB stock with ownership which is approximately 5.8325%.