FY2024 EPS Estimates for Albemarle Co. Cut by Analyst (NYSE:ALB)

Albemarle Co. (NYSE:ALB) – Scotiabank decreased their FY2024 earnings per share estimates for shares of Albemarle in a research note issued to investors on Monday, May 6th. Scotiabank analyst B. Isaacson now expects that the specialty chemicals company will earn $2.39 per share for the year, down from their prior estimate of $2.45. Scotiabank has a “Sector Outperform” rating and a $150.00 price target on the stock. The consensus estimate for Albemarle’s current full-year earnings is $2.86 per share.

Albemarle (NYSE:ALB) last posted its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.09). Albemarle had a return on equity of 14.53% and a net margin of 4.02%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the firm posted $10.32 earnings per share. Albemarle’s quarterly revenue was down 47.3% on a year-over-year basis.

Several other equities research analysts have also commented on the company. Wolfe Research assumed coverage on Albemarle in a research note on Friday, March 1st. They set a “peer perform” rating for the company. Loop Capital dropped their price target on Albemarle from $168.00 to $162.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Vertical Research lowered Albemarle from a “buy” rating to a “hold” rating and set a $145.00 price target for the company. in a research report on Friday, March 8th. KeyCorp dropped their price target on Albemarle from $178.00 to $159.00 and set an “overweight” rating for the company in a research report on Thursday, March 7th. Finally, Bank of America upgraded Albemarle from a “neutral” rating to a “buy” rating and upped their price target for the company from $137.00 to $156.00 in a research report on Wednesday, April 10th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $171.80.

Albemarle Price Performance

NYSE:ALB opened at $130.78 on Tuesday. Albemarle has a 12 month low of $106.69 and a 12 month high of $247.44. The stock has a 50 day moving average of $123.45 and a two-hundred day moving average of $125.95. The company has a current ratio of 2.84, a quick ratio of 1.91 and a debt-to-equity ratio of 0.37. The firm has a market cap of $15.37 billion, a P/E ratio of 47.56, a price-to-earnings-growth ratio of 2.80 and a beta of 1.65.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ALB. Capital Research Global Investors lifted its stake in Albemarle by 128.5% during the fourth quarter. Capital Research Global Investors now owns 7,076,357 shares of the specialty chemicals company’s stock worth $1,022,420,000 after purchasing an additional 3,979,885 shares in the last quarter. Norges Bank acquired a new position in Albemarle during the fourth quarter worth $377,341,000. Franklin Resources Inc. raised its stake in shares of Albemarle by 47.4% in the fourth quarter. Franklin Resources Inc. now owns 5,185,734 shares of the specialty chemicals company’s stock valued at $749,235,000 after acquiring an additional 1,667,164 shares in the last quarter. Capital International Investors raised its stake in shares of Albemarle by 31.7% in the fourth quarter. Capital International Investors now owns 5,800,219 shares of the specialty chemicals company’s stock valued at $838,025,000 after acquiring an additional 1,396,624 shares in the last quarter. Finally, Primecap Management Co. CA raised its stake in shares of Albemarle by 55.8% in the fourth quarter. Primecap Management Co. CA now owns 3,476,674 shares of the specialty chemicals company’s stock valued at $502,310,000 after acquiring an additional 1,245,719 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend was Thursday, March 14th. Albemarle’s dividend payout ratio (DPR) is 58.18%.

About Albemarle

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.