Albemarle Corporation (NYSE:ALB) Plans Dividend Increase – $0.41 Per Share

Albemarle Corporation (NYSE:ALB) announced a quarterly dividend on Tuesday, July 21st. Stockholders of record on Friday, September 11th will be given a dividend of 0.41 per share by the specialty chemicals company on Thursday, October 1st. This represents a c) annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, September 11th. This is a 1.2% increase from Albemarle’s previous quarterly dividend of $0.41.

Albemarle has increased its dividend by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 30 consecutive years. Albemarle has a payout ratio of 216.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Albemarle to earn $12.84 per share next year, which means the company should continue to be able to cover its $1.62 annual dividend with an expected future payout ratio of 12.6%.

Albemarle Stock Performance

NYSE ALB opened at $118.56 on Wednesday. The company has a current ratio of 2.07, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23. Albemarle has a twelve month low of $64.95 and a twelve month high of $221.00. The stock has a 50-day moving average of $152.87 and a 200 day moving average of $167.96. The stock has a market capitalization of $13.98 billion, a price-to-earnings ratio of -34.77 and a beta of 1.34.

Albemarle (NYSE:ALB) last issued its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 EPS for the quarter, topping the consensus estimate of $1.24 by $1.71. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the firm earned ($0.18) EPS. The firm’s revenue was up 32.7% compared to the same quarter last year. Sell-side analysts anticipate that Albemarle will post 12.95 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ALB shares. Oppenheimer raised their target price on shares of Albemarle from $216.00 to $222.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Weiss Ratings raised Albemarle from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, May 7th. Robert W. Baird lowered their target price on shares of Albemarle from $236.00 to $224.00 and set a “neutral” rating for the company in a research note on Thursday, June 18th. Citigroup raised Albemarle from a “neutral” rating to a “buy” rating and set a $225.00 target price on the stock in a research report on Thursday, June 18th. Finally, Scotiabank raised their target price on Albemarle from $200.00 to $215.00 and gave the company an “outperform” rating in a report on Thursday, May 14th. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Albemarle currently has a consensus rating of “Moderate Buy” and an average price target of $199.87.

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.