Why Shares of Albemarle Slumped This Week
Shares in lithium producer Albemarle (NYSE: ALB) were down by 14.1% in the week to Friday morning. The move comes in a week when Albemarle announced an offering of $1.75 billion in depositary shares on Monday and then increased the offering to $2 billion on Wednesday.
The issuance puts the stock price under pressure as investors start pricing in a dilution of equity in the future when the shares are converted into common stock.
According to the press release, Albemarle intends to use the proceeds for "general corporate purposes," including "construction and expansion of lithium operations in Australia and China that are significantly progressed or near completion" and repaying "outstanding commercial paper."
Source Fool.com
Albemarle Corp Aktie
86,96 €
-2,63 %
Aktuell gibt es mit 31 Buy-Einschätzungen und 13 Sell-Einschätzungen ein positives Sentiment für die Albemarle Corp Aktie.
Ein Kursziel von 145 € für Albemarle Corp könnte zu einer Steigerung von mehr als 50% gegenüber dem aktuellen Kurs von 86.96 € führen.
