Albemarle Corporation Announces Quarterly Dividend of $0.41 (NYSE:ALB)

Albemarle Corporation (NYSE:ALB) announced a quarterly dividend on Tuesday, May 5th. Shareholders of record on Friday, June 12th will be given a dividend of 0.405 per share by the specialty chemicals company on Wednesday, July 1st. This represents a c) annualized dividend and a yield of 0.8%. The ex-dividend date is Friday, June 12th.

Albemarle has raised its dividend by an average of 0.0%per year over the last three years and has increased its dividend annually for the last 30 consecutive years. Albemarle has a payout ratio of 216.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Albemarle to earn $9.59 per share next year, which means the company should continue to be able to cover its $1.62 annual dividend with an expected future payout ratio of 16.9%.

Albemarle Stock Up 0.2%

ALB opened at $195.11 on Wednesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.23 and a quick ratio of 1.57. Albemarle has a one year low of $53.70 and a one year high of $215.71. The firm has a market capitalization of $23.00 billion, a P/E ratio of -33.99, a price-to-earnings-growth ratio of 1.37 and a beta of 1.36. The company has a fifty day moving average price of $179.01 and a 200-day moving average price of $152.97.

Albemarle (NYSE:ALB) last posted its earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.13). Albemarle had a positive return on equity of 0.41% and a negative net margin of 10.74%.The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the previous year, the firm earned ($1.09) earnings per share. Albemarle’s quarterly revenue was up 15.9% compared to the same quarter last year. Equities research analysts expect that Albemarle will post 8.72 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on ALB shares. Citigroup lifted their target price on shares of Albemarle from $190.00 to $210.00 and gave the company a “neutral” rating in a research report on Tuesday, April 21st. Zacks Research downgraded shares of Albemarle from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 17th. Bank of America upped their target price on shares of Albemarle from $190.00 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. BMO Capital Markets lifted their price target on Albemarle from $145.00 to $210.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Finally, Argus increased their price objective on Albemarle from $140.00 to $185.00 in a research report on Monday, February 23rd. Thirteen research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Albemarle has a consensus rating of “Hold” and a consensus target price of $183.00.

Albemarle Company Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.