Over the last few days, shares of Albemarle (ALB) slipped from a high of $246 to $210.02, where it appears to have found strong support. Helping, analysts at Wells Fargo reiterated an overweight rating on the ALB stock, with a price target of $270 a share. UBS also has a buy rating on ALB with a price target of $225 from $196 a share.
The company also announced a new quarterly dividend of 40 cents a share, payable Oct. 2 to shareholders of record, as of Sept. 15. Plus, ALB is still trading at less than growth with a PEG ratio of just 0.54 at the moment.