Wall Street analysts expect that Albemarle Co. (NYSE:ALB) will post $754.03 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Albemarle’s earnings. The highest sales estimate is $771.19 million and the lowest is $737.40 million. Albemarle reported sales of $738.85 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 2.1%. The company is expected to issue its next earnings results after the market closes on Wednesday, May 5th.
On average, analysts expect that Albemarle will report full year sales of $3.20 billion for the current financial year, with estimates ranging from $3.12 billion to $3.33 billion. For the next year, analysts anticipate that the business will report sales of $3.67 billion, with estimates ranging from $3.37 billion to $4.01 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Albemarle.
Albemarle (NYSE:ALB) last announced its quarterly earnings results on Tuesday, February 16th. The specialty chemicals company reported $1.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.07. Albemarle had a net margin of 11.77% and a return on equity of 11.96%. The firm had revenue of $879.15 million for the quarter, compared to the consensus estimate of $876.15 million. During the same period in the prior year, the firm posted $1.73 earnings per share.
A number of brokerages recently issued reports on ALB. Wells Fargo & Company increased their price target on shares of Albemarle from $125.00 to $162.00 and gave the stock an “equal weight” rating in a report on Thursday, February 25th. Cowen assumed coverage on shares of Albemarle in a research report on Monday, March 15th. They set an “outperform” rating and a $180.00 price objective for the company. Smith Barney Citigroup cut shares of Albemarle from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $132.00 to $175.00 in a research report on Wednesday, January 6th. Zacks Investment Research cut shares of Albemarle from a “hold” rating to a “sell” rating and set a $169.00 price objective for the company. in a research report on Friday, March 12th. Finally, Citigroup upgraded shares of Albemarle from a “neutral” rating to a “buy” rating and set a $184.00 price objective for the company in a research report on Friday, February 12th. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. Albemarle has a consensus rating of “Hold” and a consensus target price of $126.30.
In other Albemarle news, EVP Karen G. Narwold sold 1,478 shares of the stock in a transaction dated Tuesday, March 2nd. The shares were sold at an average price of $153.89, for a total transaction of $227,449.42. Following the completion of the transaction, the executive vice president now owns 43,695 shares of the company’s stock, valued at $6,724,223.55. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Luther C. Iv Kissam sold 15,478 shares of the stock in a transaction dated Wednesday, March 3rd. The stock was sold at an average price of $152.26, for a total transaction of $2,356,680.28. Over the last 90 days, insiders have sold 18,477 shares of company stock valued at $2,818,196. 1.07% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in ALB. Amundi Pioneer Asset Management Inc. boosted its stake in Albemarle by 0.3% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 176,692 shares of the specialty chemicals company’s stock worth $14,484,000 after buying an additional 460 shares during the period. Public Sector Pension Investment Board boosted its stake in shares of Albemarle by 26.4% in the third quarter. Public Sector Pension Investment Board now owns 12,913 shares of the specialty chemicals company’s stock valued at $1,153,000 after purchasing an additional 2,700 shares during the period. AQR Capital Management LLC boosted its stake in shares of Albemarle by 2,615.4% in the third quarter. AQR Capital Management LLC now owns 86,432 shares of the specialty chemicals company’s stock valued at $7,673,000 after purchasing an additional 83,249 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Albemarle in the third quarter valued at approximately $1,378,000. Finally, Cubist Systematic Strategies LLC boosted its stake in shares of Albemarle by 42.1% in the third quarter. Cubist Systematic Strategies LLC now owns 50,815 shares of the specialty chemicals company’s stock valued at $4,537,000 after purchasing an additional 15,054 shares during the period. 86.38% of the stock is owned by institutional investors.
NYSE ALB traded up $1.52 during mid-day trading on Tuesday, reaching $152.03. 727,901 shares of the stock were exchanged, compared to its average volume of 1,787,442. The business’s 50 day moving average is $150.44 and its 200-day moving average is $139.73. Albemarle has a 1 year low of $55.75 and a 1 year high of $188.35. The company has a market capitalization of $17.74 billion, a P/E ratio of 42.47, a P/E/G ratio of 3.79 and a beta of 1.59. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.87 and a current ratio of 1.38.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 1st. Investors of record on Friday, March 12th were given a dividend of $0.39 per share. This is a boost from Albemarle’s previous quarterly dividend of $0.39. This represents a $1.56 annualized dividend and a yield of 1.03%. The ex-dividend date was Thursday, March 11th. Albemarle’s dividend payout ratio (DPR) is presently 25.83%.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Lithium, Bromine Specialties, and Catalysts. The Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties; and reagents, such as butyllithium and lithium aluminum hydride for use 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 in the areas of steroid chemistry and vitamins, life sciences, pharmaceutical industry, and other markets.
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