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

by · The Cerbat Gem

Albemarle (NYSE:ALBGet Free Report) announced its earnings results on Wednesday. The specialty chemicals company reported $2.95 earnings per share for the quarter, beating the consensus estimate of $1.24 by $1.71, FiscalAI reports. Albemarle had a positive return on equity of 0.41% and a negative net margin of 10.74%.The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company earned ($0.18) EPS. The firm’s revenue for the quarter was up 32.7% compared to the same quarter last year.

Albemarle Trading Down 0.6%

ALB stock traded down $1.08 during midday trading on Wednesday, hitting $193.74. 2,199,674 shares of the company’s stock were exchanged, compared to its average volume of 2,038,468. The stock’s fifty day moving average price is $179.34 and its 200-day moving average price is $153.66. 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 company has a market cap of $22.84 billion, a PE ratio of -33.69, a price-to-earnings-growth ratio of 1.40 and a beta of 1.36. Albemarle has a one year low of $53.70 and a one year high of $215.71.

Albemarle Dividend Announcement

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

Key Albemarle News

Here are the key news stories impacting Albemarle this week:

Analysts Set New Price Targets

ALB has been the subject of several recent analyst reports. Royal Bank Of Canada increased their target price on Albemarle from $216.00 to $245.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Berenberg Bank set a $153.00 target price on Albemarle in a research note on Monday, February 23rd. Zacks Research downgraded Albemarle from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 17th. Bank of America increased their target price on Albemarle from $190.00 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Finally, Truist Financial increased their target price on Albemarle from $210.00 to $245.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Thirteen equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $183.00.

View Our Latest Research Report on ALB

Insiders Place Their Bets

In other Albemarle news, CEO J Kent Masters sold 11,783 shares of Albemarle stock in a transaction dated 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 transaction, the chief executive officer directly owned 134,628 shares in the company, valued at approximately $22,995,808.68. The trade was a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.42% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Axxcess Wealth Management LLC bought a new stake in shares of Albemarle in the fourth quarter valued at about $202,000. Corient Private Wealth LLC lifted its holdings in shares of Albemarle by 96.6% in the fourth quarter. Corient Private Wealth LLC now owns 33,471 shares of the specialty chemicals company’s stock valued at $4,734,000 after purchasing an additional 16,442 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Albemarle by 15.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 18,204 shares of the specialty chemicals company’s stock valued at $2,505,000 after purchasing an additional 2,487 shares in the last quarter. State of Tennessee Department of Treasury lifted its holdings in shares of Albemarle by 16.9% in the fourth quarter. State of Tennessee Department of Treasury now owns 41,825 shares of the specialty chemicals company’s stock valued at $5,916,000 after purchasing an additional 6,042 shares in the last quarter. Finally, EP Wealth Advisors LLC bought a new stake in shares of Albemarle in the fourth quarter valued at about $570,000. 92.87% of the stock is currently owned by institutional investors.

About Albemarle

(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.

See Also