Albemarle (NYSE:ALB) Posts Quarterly Earnings Results, Beats Expectations By $1.71 EPS

Albemarle (NYSE:ALBGet Free Report) released its quarterly earnings results on Wednesday. The specialty chemicals company reported $2.95 EPS for the quarter, beating the consensus estimate of $1.24 by $1.71, FiscalAI reports. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. Albemarle had a negative net margin of 10.74% and a positive return on equity of 0.41%.

Albemarle Stock Down 0.6%

Shares of Albemarle stock traded down $1.08 during trading hours on Wednesday, reaching $193.74. 2,199,674 shares of the company were exchanged, compared to its average volume of 2,574,240. Albemarle has a 1 year low of $53.70 and a 1 year high of $215.71. The stock’s fifty day moving average is $179.01 and its 200 day moving average is $152.97. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.57 and a current ratio of 2.23. The firm has a market cap of $22.84 billion, a PE ratio of -33.69, a PEG ratio of 1.37 and a beta of 1.36.

Albemarle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 0.8%. Albemarle’s dividend payout ratio is currently -28.17%.

Insider Buying and Selling at Albemarle

In other news, CEO J Kent Masters sold 11,783 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $170.81, for a total transaction of $2,012,654.23. Following the sale, the chief executive officer owned 134,628 shares of the company’s stock, valued at approximately $22,995,808.68. This represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.42% of the company’s stock.

Institutional Trading of Albemarle

Large investors have recently modified their holdings of the stock. Tiemann Investment Advisors LLC purchased a new stake in shares of Albemarle during the fourth quarter worth $218,000. J.W. Cole Advisors Inc. acquired a new position in shares of Albemarle during the fourth quarter worth $211,000. Sepio Capital LP acquired a new position in shares of Albemarle during the fourth quarter worth $211,000. Cim Investment Management Inc. acquired a new position in shares of Albemarle during the fourth quarter worth $204,000. Finally, Axxcess Wealth Management LLC acquired a new position in shares of Albemarle during the fourth quarter worth $202,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Albemarle News Summary

Here are the key news stories impacting Albemarle this week:

Wall Street Analyst Weigh In

ALB has been the topic of several analyst reports. Oppenheimer lifted their price target on shares of Albemarle from $216.00 to $222.00 and gave the company an “outperform” rating in a research report on Monday, April 13th. BMO Capital Markets boosted their target price on Albemarle from $145.00 to $210.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Mizuho boosted their target price on Albemarle from $156.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Morgan Stanley boosted their target price on Albemarle from $170.00 to $189.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 28th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Albemarle from $185.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday, February 17th. Thirteen investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Albemarle presently has a consensus rating of “Hold” and a consensus target price of $183.00.

Read Our Latest Analysis on ALB

Albemarle Company Profile

(Get Free Report)

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.

Further Reading

Earnings History for Albemarle (NYSE:ALB)

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