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

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

Shares of NYSE ALB opened at $236.50 on Friday. Albemarle has a 52-week low of $150.00 and a 52-week high of $291.48. The company has a market capitalization of $27.70 billion, a P/E ratio of 99.37, a price-to-earnings-growth ratio of 1.64 and a beta of 1.55. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.64 and a current ratio of 1.07. The company’s 50 day moving average price is $202.55 and its 200-day moving average price is $226.36.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Friday, June 10th will be issued a dividend of $0.395 per share. This represents a $1.58 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend is Thursday, June 9th. Albemarle’s dividend payout ratio (DPR) is presently 66.39%.

A number of research analysts recently commented on the stock. HSBC upgraded shares of Albemarle from a “hold” rating to a “buy” rating and raised their price objective for the company from $250.00 to $280.00 in a research note on Wednesday, January 26th. KeyCorp lifted their price objective on shares of Albemarle from $163.00 to $198.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 5th. Robert W. Baird lowered their price target on shares of Albemarle from $245.00 to $228.00 in a report on Tuesday, February 22nd. Citigroup boosted their price target on shares of Albemarle from $262.00 to $279.00 in a report on Friday. Finally, Bank of America reduced their price objective on shares of Albemarle from $230.00 to $216.00 in a research note on Friday, February 18th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $245.81.

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

Several institutional investors and hedge funds have recently bought and sold shares of ALB. Morgan Stanley boosted its position in Albemarle by 35.2% during the second quarter. Morgan Stanley now owns 507,062 shares of the specialty chemicals company’s stock valued at $85,420,000 after purchasing an additional 131,903 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in shares of Albemarle by 7.6% during the fourth quarter. Allianz Asset Management GmbH now owns 489,901 shares of the specialty chemicals company’s stock valued at $114,534,000 after acquiring an additional 34,453 shares during the last quarter. State of Tennessee Treasury Department raised its holdings in shares of Albemarle by 82.0% during the fourth quarter. State of Tennessee Treasury Department now owns 35,895 shares of the specialty chemicals company’s stock valued at $8,392,000 after acquiring an additional 16,174 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Albemarle by 7,595.5% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 15,391 shares of the specialty chemicals company’s stock valued at $3,598,000 after purchasing an additional 15,191 shares during the last quarter. Finally, Parametric Portfolio Associates LLC grew its position in Albemarle by 4.2% in the fourth quarter. Parametric Portfolio Associates LLC now owns 307,661 shares of the specialty chemicals company’s stock worth $71,922,000 after acquiring an additional 12,324 shares during the period. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Company Profile (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.

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Earnings History for Albemarle (NYSE:ALB)

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