Albemarle Co. (NYSE:ALB) announced a quarterly dividend on Wednesday, July 24th, RTT News reports. Investors of record on Friday, September 13th will be paid a dividend of 0.3675 per share by the specialty chemicals company on Tuesday, October 1st. This represents a $1.47 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Thursday, September 12th.
Albemarle has raised its dividend by an average of 5.0% per year over the last three years and has increased its dividend every year for the last 15 years. Albemarle has a payout ratio of 27.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Albemarle to earn $6.59 per share next year, which means the company should continue to be able to cover its $1.47 annual dividend with an expected future payout ratio of 22.3%.
NYSE:ALB opened at $68.71 on Wednesday. Albemarle has a 52 week low of $58.63 and a 52 week high of $108.74. The company has a fifty day simple moving average of $66.22 and a two-hundred day simple moving average of $73.91. The company has a quick ratio of 0.87, a current ratio of 1.45 and a debt-to-equity ratio of 0.35. The company has a market cap of $7.24 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 0.79 and a beta of 1.64.
Albemarle (NYSE:ALB) last released its earnings results on Wednesday, August 7th. The specialty chemicals company reported $1.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.14. Albemarle had a return on equity of 15.71% and a net margin of 16.01%. The firm had revenue of $885.05 million during the quarter, compared to analysts’ expectations of $893.50 million. During the same period in the previous year, the firm posted $1.36 EPS. Albemarle’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, analysts expect that Albemarle will post 6.38 EPS for the current year.
In other news, insider Eric Norris bought 3,090 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was purchased at an average cost of $64.66 per share, with a total value of $199,799.40. Following the transaction, the insider now directly owns 164 shares in the company, valued at $10,604.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.02% of the stock is owned by insiders.
A number of brokerages have recently commented on ALB. Jefferies Financial Group lowered their price objective on Albemarle from $114.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, May 20th. They noted that the move was a valuation call. Nomura lifted their price target on shares of Albemarle from $70.00 to $71.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. Berenberg Bank set a $75.00 price target on shares of Albemarle and gave the stock a “hold” rating in a report on Monday, August 12th. Loop Capital decreased their price objective on shares of Albemarle to $108.00 and set a “buy” rating for the company in a research report on Thursday, May 16th. Finally, ValuEngine downgraded shares of Albemarle from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 28th. Four analysts have rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $91.84.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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