Albemarle (NYSE:ALB) Posts Earnings Results, Beats Estimates By $0.55 EPS

Albemarle (NYSE:ALB) posted its quarterly earnings data on Wednesday. The specialty chemicals company reported $3.75 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.55, FiscalAI reports. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter last year, the company posted $0.11 EPS. The business’s quarterly revenue was up 31.1% on a year-over-year basis.

Albemarle Price Performance

Shares of NYSE:ALB opened at $118.61 on Thursday. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. The stock has a market cap of $13.99 billion, a PE ratio of -34.78 and a beta of 1.33. The company’s fifty day moving average is $139.54 and its 200 day moving average is $164.57. Albemarle has a 52 week low of $66.89 and a 52 week high of $221.00.

Albemarle Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, September 11th. This is a boost from Albemarle’s previous quarterly dividend of $0.41. Albemarle’s dividend payout ratio is -48.09%.

Insider Activity

In other news, CEO J Kent Masters sold 16,393 shares of Albemarle stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $183.72, for a total value of $3,011,721.96. Following the transaction, the chief executive officer owned 87,519 shares in the company, valued at approximately $16,078,990.68. The trade was a 15.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.42% of the company’s stock.

Hedge Funds Weigh In On Albemarle

Large investors have recently bought and sold shares of the stock. BOKF NA grew its holdings in shares of Albemarle by 5,771.4% in the third quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock worth $33,000 after purchasing an additional 404 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in Albemarle during the 4th quarter valued at $65,000. EverSource Wealth Advisors LLC grew its holdings in Albemarle by 536.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock worth $36,000 after acquiring an additional 483 shares during the last quarter. Binnacle Investments Inc grew its holdings in Albemarle by 260.0% in the 3rd quarter. Binnacle Investments Inc now owns 900 shares of the specialty chemicals company’s stock worth $73,000 after acquiring an additional 650 shares during the last quarter. Finally, Rakuten Securities Inc. increased its position in shares of Albemarle by 57.7% in the second quarter. Rakuten Securities Inc. now owns 1,238 shares of the specialty chemicals company’s stock valued at $78,000 after acquiring an additional 453 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ALB shares. UBS Group upped their target price on shares of Albemarle from $230.00 to $264.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Oppenheimer raised their price target on Albemarle from $216.00 to $222.00 and gave the company an “outperform” rating in a research report on Monday, April 13th. Jefferies Financial Group dropped their price target on Albemarle from $244.00 to $211.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Mizuho cut their price objective on Albemarle from $205.00 to $185.00 and set a “neutral” rating for the company in a report on Wednesday, July 1st. Finally, Bank of America increased their price objective on Albemarle from $190.00 to $225.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Fifteen equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $199.22.

About Albemarle

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.