Albemarle (NYSE:ALB) Issues Earnings Results, Beats Expectations By $1.71 EPS

Albemarle (NYSE:ALB) posted its quarterly earnings results on Wednesday. The specialty chemicals company reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $1.71, FiscalAI reports. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.20%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the business posted ($0.18) EPS. The firm’s revenue was up 32.7% compared to the same quarter last year.

Albemarle Stock Down 1.8%

Shares of Albemarle stock traded down $3.54 during trading on Friday, hitting $194.81. The company’s stock had a trading volume of 580,757 shares, compared to its average volume of 2,569,605. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.57 and a current ratio of 2.23. The company has a fifty day simple moving average of $179.56 and a two-hundred day simple moving average of $154.41. The company has a market capitalization of $22.97 billion, a PE ratio of -57.13, a P/E/G ratio of 1.38 and a beta of 1.36. Albemarle has a 52 week low of $53.70 and a 52 week high of $221.00.

Albemarle Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be paid a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Friday, June 12th. Albemarle’s dividend payout ratio (DPR) is presently -28.17%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Rothschild & Co Redburn lowered shares of Albemarle from a “buy” rating to a “neutral” rating and set a $188.00 price target for the company. in a report on Wednesday, April 22nd. Wells Fargo & Company upped their price objective on shares of Albemarle from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Albemarle from $185.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. Truist Financial set a $260.00 price objective on shares of Albemarle in a report on Friday. Finally, Mizuho upped their price objective on shares of Albemarle from $185.00 to $205.00 and gave the stock a “neutral” rating in a report on Thursday. Thirteen equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $187.00.

Insider Activity

In related news, CEO J Kent Masters sold 11,783 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $170.81, for a total value of $2,012,654.23. Following the completion of the transaction, the chief executive officer directly owned 134,628 shares in the company, valued at $22,995,808.68. This trade represents a 8.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.42% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. BOKF NA increased its stake in shares of Albemarle by 5,771.4% in the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock worth $33,000 after acquiring an additional 404 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of 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 in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Albemarle in the 4th quarter worth about $65,000. Binnacle Investments Inc grew its position in Albemarle by 260.0% during 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. grew its position in Albemarle by 57.7% during 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 during the last quarter. 92.87% of the stock is currently owned by institutional investors.

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.