Albemarle Co. (NYSE:ALB – Get Rating) – Analysts at Zacks Research dropped their Q3 2023 EPS estimates for shares of Albemarle in a research report issued on Tuesday, November 15th. Zacks Research analyst A. Barman now forecasts that the specialty chemicals company will earn $6.72 per share for the quarter, down from their prior estimate of $7.20. The consensus estimate for Albemarle’s current full-year earnings is $21.00 per share.
A number of other brokerages have also commented on ALB. Bank of America increased their price target on shares of Albemarle from $262.00 to $332.00 and gave the stock a “neutral” rating in a report on Monday, October 3rd. Jefferies Financial Group reissued a “buy” rating and issued a $350.00 price target on shares of Albemarle in a report on Friday, September 30th. Credit Suisse Group increased their price target on shares of Albemarle from $196.00 to $200.00 and gave the stock an “underperform” rating in a report on Thursday, November 3rd. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Albemarle from $305.00 to $325.00 in a research note on Monday, November 7th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $440.00 price objective on shares of Albemarle in a research note on Wednesday, October 26th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Albemarle has a consensus rating of “Hold” and an average price target of $297.74.
Albemarle Price Performance
Albemarle (NYSE:ALB – Get Rating) last posted its earnings results on Thursday, November 3rd. The specialty chemicals company reported $7.50 earnings per share for the quarter, topping analysts’ consensus estimates of $6.99 by $0.51. The business had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.21 billion. Albemarle had a net margin of 27.77% and a return on equity of 26.84%. Albemarle’s revenue was up 151.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.05 EPS.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the business. D L Carlson Investment Group Inc. bought a new position in shares of Albemarle in the 3rd quarter worth about $4,263,000. CENTRAL TRUST Co increased its stake in shares of Albemarle by 3.4% in the 3rd quarter. CENTRAL TRUST Co now owns 1,149 shares of the specialty chemicals company’s stock worth $304,000 after acquiring an additional 38 shares in the last quarter. M&T Bank Corp increased its stake in shares of Albemarle by 5.5% in the 3rd quarter. M&T Bank Corp now owns 39,257 shares of the specialty chemicals company’s stock worth $10,382,000 after acquiring an additional 2,055 shares in the last quarter. Glenmede Trust Co. NA bought a new position in shares of Albemarle in the 3rd quarter worth about $314,000. Finally, Captrust Financial Advisors increased its stake in Albemarle by 36.9% during the 3rd quarter. Captrust Financial Advisors now owns 3,184 shares of the specialty chemicals company’s stock valued at $842,000 after purchasing an additional 859 shares in the last quarter. 81.80% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Albemarle news, EVP Karen G. Narwold sold 2,250 shares of the company’s stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $285.66, for a total value of $642,735.00. Following the completion of the transaction, the executive vice president now directly owns 11,444 shares in the company, valued at approximately $3,269,093.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Albemarle news, insider Eric Norris sold 2,390 shares of the company’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $307.80, for a total value of $735,642.00. Following the completion of the transaction, the insider now directly owns 15,564 shares in the company, valued at approximately $4,790,599.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Karen G. Narwold sold 2,250 shares of the stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $285.66, for a total transaction of $642,735.00. Following the completion of the transaction, the executive vice president now owns 11,444 shares of the company’s stock, valued at $3,269,093.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,962 shares of company stock worth $4,911,107. 0.25% of the stock is currently owned by corporate insiders.
Albemarle Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 16th will be issued a $0.395 dividend. The ex-dividend date of this dividend is Thursday, December 15th. This represents a $1.58 annualized dividend and a yield of 0.57%. Albemarle’s dividend payout ratio (DPR) is presently 11.98%.
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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