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

Albemarle (NYSE:ALB) released its quarterly earnings results on Wednesday. The specialty chemicals company reported $3.75 EPS for the quarter, topping the consensus estimate of $3.20 by $0.55, FiscalAI reports. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.61 billion. Albemarle had a positive return on equity of 5.22% and a negative net margin of 5.00%.

Albemarle Price Performance

NYSE:ALB traded down $2.21 during trading hours on Wednesday, reaching $118.61. 2,686,486 shares of the company were exchanged, compared to its average volume of 2,483,326. The company has a current ratio of 2.07, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23. The firm has a market cap of $13.99 billion, a PE ratio of -34.78 and a beta of 1.33. Albemarle has a twelve month low of $66.89 and a twelve month high of $221.00. The stock’s 50-day moving average is $140.72 and its 200-day moving average is $164.95.

Albemarle Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, September 11th. This is a boost from Albemarle’s previous quarterly dividend of $0.41. Albemarle’s payout ratio is presently -47.51%.

Analyst Ratings Changes

ALB has been the subject of a number of recent analyst reports. Morgan Stanley lifted their target price on shares of Albemarle from $170.00 to $189.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 28th. Scotiabank restated an “outperform” rating on shares of Albemarle in a research note on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Albemarle from $210.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. UBS Group boosted their price objective on shares of Albemarle from $230.00 to $264.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, Royal Bank Of Canada set a $166.00 target price on Albemarle in a research report on Friday, July 17th. Fifteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $199.22.

Insider Activity

In other news, CEO J Kent Masters sold 16,393 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $183.72, for a total transaction of $3,011,721.96. Following the completion of the sale, the chief executive officer owned 87,519 shares of the company’s stock, valued at $16,078,990.68. The trade was a 15.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.42% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Albemarle

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

Albemarle Company Profile

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.