Albemarle Corporation (NYSE:ALB) is among the top losers of the stock market today, sinking -6.09% or (-4.35 points) to $67.04 from its previous close of $71.39. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 952664 contracts so far this session. ALB shares had a relatively better volume day versus average trading capacity of 1.65 million shares, but with a 0.11 billion float and a 17.53% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for ALB stock indicates that the average analyst price target is $77.08 per share. This means the stock has a potential increase of 14.98% from where the ALB share price has been trading recently which is between $67 and $72.28. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $60. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $96.
During the recent trading session for Albemarle Corporation (NYSE:ALB), the company witnessed their stock rise $2.31 over a week and tumble down $-2.11 from the price 20 days ago. When compared to their established 52-week high of $104.5, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 09/11/18. The recent low of $58.63 stood for a -37.35% since 08/28/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.63 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to. At the moment, the median target price for ALB is set at $77, a figure which is below the recent 1-year high the stock witnessed.
Looking at the current readings for Albemarle Corporation, the two-week RSI stands at 50.76. This figure suggests that ALB stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current ALB readings is similarly very revealing as it has a stochastic reading of 72.01% at this stage. This figure means that ALB share price today is being oversold.
Technical chart claims that Albemarle Corporation (ALB) would settle between $73.45/share to $75.5/share level. However, if the stock price goes below the $68.17 mark, then the market for Albemarle Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $64.94 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 2.65. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at JP Morgan lowered their recommendation on shares of ALB from Neutral to Underweight in their opinion released on November 08. BofA/Merrill analysts have lowered their rating of Albemarle Corporation (NYSE:ALB) stock from Buy to Underperform in a separate flash note issued to investors on October 28. Analysts at SunTrust lowered the stock to a Hold call from its previous Buy recommendation, in a research note that dated back to October 25.
ALB equity has an average rating of 2.51, with the figure leaning towards a bullish end. 20 analysts who tracked the company were contacted by Reuters. Amongst them, 7 rated the stock as a hold while the remaining 13 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 11 analysts rated Albemarle Corporation (NYSE:ALB) as a buy or a strong buy while 2 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, ALB stock price is currently trading at 11.95X forward 12-month Consensus EPS estimates, and its P/E ratio is 13.2 while for the average stock in the same group, the multiple is 25.6. Albemarle Corporation current P/B ratio of 2 means it is trading at a discount against its industry’s 4.1.
Albemarle Corporation (ALB)’s current-quarter revenues are projected to climb by nearly 9.3% to hit $1.01 billion, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 6.6% from $3.37 billion to a noteworthy $3.6 billion. At the other end of the current quarter income statement, Albemarle Corporation is expected to see its adjusted earnings surge by roughly 15% to hit $1.76 per share. For the fiscal year, ALB’s earnings are projected to climb by roughly 11.7% to hit $6.12 per share.