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

Albemarle (NYSE:ALB) announced its earnings results on Wednesday. The specialty chemicals company reported $3.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.55, FiscalAI reports. Albemarle had a net margin of 3.09% and a return on equity of 11.13%. The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the previous year, the business earned $0.11 EPS. The company’s revenue was up 31.1% on a year-over-year basis.

Albemarle Stock Performance

Albemarle stock traded up $2.30 during trading hours on Friday, hitting $127.72. The stock had a trading volume of 592,403 shares, compared to its average volume of 2,481,315. Albemarle has a fifty-two week low of $71.25 and a fifty-two week high of $221.00. The company has a market cap of $15.06 billion, a PE ratio of 473.28 and a beta of 1.33. The company has a 50-day moving average of $138.51 and a two-hundred day moving average of $164.30. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23.

Albemarle Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a $0.41 dividend. The ex-dividend date is Friday, September 11th. This is a boost from Albemarle’s previous quarterly dividend of $0.41. This represents a $1.64 annualized dividend and a dividend yield of 1.3%. Albemarle’s dividend payout ratio is -47.51%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on ALB shares. Deutsche Bank Aktiengesellschaft upped their target price on Albemarle from $210.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. UBS Group lifted their target price on shares of Albemarle from $230.00 to $264.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Berenberg Bank boosted their target price on Albemarle from $153.00 to $192.00 and gave the company a “hold” rating in a research note on Tuesday, June 2nd. Morgan Stanley upped their target price on Albemarle from $170.00 to $189.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 28th. Finally, Scotiabank reiterated an “outperform” rating on shares of Albemarle in a report on Tuesday, July 28th. Fifteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $198.35.

Insider Transactions at Albemarle

In other Albemarle news, CEO J Kent Masters sold 16,393 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.42% of the stock is owned by company insiders.

Institutional Trading of Albemarle

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALB. Axxcess Wealth Management LLC acquired a new stake in Albemarle during the fourth quarter valued at approximately $202,000. Corient Private Wealth LLC raised its holdings in shares of Albemarle by 96.6% in the 4th quarter. Corient Private Wealth LLC now owns 33,471 shares of the specialty chemicals company’s stock worth $4,734,000 after buying an additional 16,442 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of Albemarle by 15.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 18,204 shares of the specialty chemicals company’s stock worth $2,505,000 after buying an additional 2,487 shares during the period. State of Tennessee Department of Treasury lifted its position in shares of Albemarle by 16.9% during the 4th quarter. State of Tennessee Department of Treasury now owns 41,825 shares of the specialty chemicals company’s stock worth $5,916,000 after buying an additional 6,042 shares during the period. Finally, EP Wealth Advisors LLC acquired a new stake in Albemarle in the 4th quarter valued at $570,000. Institutional investors own 92.87% of the company’s stock.

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.