Albemarle Corp. [NYSE: ALB] jumped around 9.79 points on Wednesday, while shares priced at $128.80 at the close of the session, up 8.23%. The company report on March 6, 2024 at 6:00 AM that ALBEMARLE ANNOUNCES UPSIZE AND PRICING OF 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, 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.
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The net proceeds from the Offering will be approximately $1.94 billion after deducting the underwriting discount and estimated offering expenses payable by Albemarle.
Compared to the average trading volume of 3.38M shares, ALB reached a trading volume of 4720519 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus 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 $144.11 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 2.13. 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.
Vertical Research have made an estimate for Albemarle Corp. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on March 08, 2024. While these analysts kept the previous recommendation, Wolfe Research raised their target price to Peer Perform. The new note on the price target was released on March 01, 2024, representing the official price target for Albemarle Corp. stock. Previously, the target price had yet another drop from $175 to $120, while Citigroup kept a Neutral rating on ALB stock. On January 29, 2024, analysts decreased their price target for ALB shares from 220 to 130.
The Average True Range (ATR) for Albemarle Corp. is set at 6.46, with the Price to Sales ratio for ALB stock in the period of the last 12 months amounting to 1.57. The Price to Book ratio for the last quarter was 1.61, with the Price to Cash per share for the same quarter was set at 7.57.
How has ALB stock performed recently?
Albemarle Corp. [ALB] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.50. With this latest performance, ALB shares gained by 0.16% in over the last four-week period, additionally sinking by -21.30% over the last 6 months – not to mention a drop of -41.15% 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 55.27, with the RSI for the last a single of trading hit 58.74, and the three-weeks RSI is set at 53.37 for Albemarle Corp. [ALB]. The present Moving Average for the last 50 days of trading for this stock 120.72, while it was recorded at 122.38 for the last single week of trading, and 158.67 for the last 200 days.
Albemarle Corp. [ALB]: Deeper insight into the 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 analysis for Albemarle Corp. [ALB]
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%.
Insider trade positions for Albemarle Corp. [ALB]
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%.
