Albemarle (NYSE:ALB) Announces Quarterly Earnings Results, Beats Estimates By $0.75 EPS

Albemarle (NYSE:ALBGet Rating) released its earnings results on Wednesday. The specialty chemicals company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.75, MarketWatch Earnings reports. Albemarle had a return on equity of 7.79% and a net margin of 3.72%. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period last year, the business posted $1.10 earnings per share. The business’s revenue for the quarter was up 36.0% on a year-over-year basis. Albemarle updated its FY22 guidance to $9.25-12.25 EPS.

Shares of Albemarle stock traded down $4.41 during trading on Friday, hitting $232.09. 9,473 shares of the stock traded hands, compared to its average volume of 868,822. The stock has a market cap of $27.18 billion, a price-to-earnings ratio of 98.32, a PEG ratio of 1.64 and a beta of 1.55. The company has a quick ratio of 0.64, a current ratio of 1.07 and a debt-to-equity ratio of 0.35. Albemarle has a 52 week low of $150.00 and a 52 week high of $291.48. The firm’s fifty day moving average is $202.55 and its 200-day moving average is $226.36.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 1st. Shareholders of record on Friday, June 10th will be paid a dividend of $0.395 per share. This represents a $1.58 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend is Thursday, June 9th. Albemarle’s dividend payout ratio (DPR) is currently 66.39%.

In related news, CEO J Kent Masters bought 5,241 shares of the company’s stock in a transaction that occurred on Friday, February 18th. The stock was bought at an average cost of $190.80 per share, for a total transaction of $999,982.80. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Netha N. Johnson purchased 1,060 shares of the firm’s stock in a transaction on Friday, February 18th. The stock was bought at an average cost of $187.81 per share, for a total transaction of $199,078.60. The disclosure for this purchase can be found here. Insiders own 0.25% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Salem Investment Counselors Inc. boosted its position in Albemarle by 127.3% during the 4th quarter. Salem Investment Counselors Inc. now owns 125 shares of the specialty chemicals company’s stock valued at $29,000 after buying an additional 70 shares during the period. SkyView Investment Advisors LLC bought a new stake in shares of Albemarle in the fourth quarter worth about $49,000. Forum Financial Management LP purchased a new position in Albemarle during the 4th quarter valued at about $413,000. Kingsview Wealth Management LLC raised its position in Albemarle by 4.8% during the 4th quarter. Kingsview Wealth Management LLC now owns 2,417 shares of the specialty chemicals company’s stock valued at $565,000 after purchasing an additional 110 shares during the last quarter. Finally, Vident Investment Advisory LLC lifted its holdings in Albemarle by 28.5% in the 4th quarter. Vident Investment Advisory LLC now owns 4,011 shares of the specialty chemicals company’s stock worth $937,000 after buying an additional 890 shares during the period. 80.03% of the stock is currently owned by institutional investors.

A number of equities research analysts recently issued reports on the company. Zacks Investment Research cut Albemarle from a “strong-buy” rating to a “hold” rating and set a $200.00 price objective on the stock. in a research note on Monday, February 21st. TheStreet upgraded shares of Albemarle from a “c+” rating to a “b” rating in a research note on Wednesday. HSBC upgraded shares of Albemarle from a “hold” rating to a “buy” rating and lifted their price objective for the company from $250.00 to $280.00 in a research note on Wednesday, January 26th. Royal Bank of Canada cut their price target on Albemarle from $290.00 to $270.00 and set an “outperform” rating for the company in a report on Tuesday, February 22nd. Finally, Cowen boosted their price objective on Albemarle from $275.00 to $300.00 in a research note on Friday. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Albemarle has a consensus rating of “Hold” and a consensus price target of $250.62.

About Albemarle (Get Rating)

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Lithium, Bromine, 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.

Further Reading

Earnings History for Albemarle (NYSE:ALB)

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