FY2024 EPS Estimates for Albemarle Co. Cut by Scotiabank (NYSE:ALB)

Albemarle Co. (NYSE:ALB) – Analysts at Scotiabank dropped their FY2024 EPS estimates for Albemarle in a research report issued on Monday, May 6th. Scotiabank analyst B. Isaacson now expects that the specialty chemicals company will post earnings of $2.39 per share for the year, down from their previous forecast of $2.45. Scotiabank currently has a “Sector Outperform” rating and a $150.00 target price on the stock. The consensus estimate for Albemarle’s current full-year earnings is $2.86 per share.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Albemarle had a net margin of 4.02% and a return on equity of 14.53%. Albemarle’s revenue for the quarter was down 47.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $10.32 EPS.

Other equities research analysts have also issued reports about the stock. Loop Capital decreased their target price on shares of Albemarle from $168.00 to $162.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Vertical Research downgraded shares of Albemarle from a “buy” rating to a “hold” rating and set a $145.00 price objective on the stock. in a report on Friday, March 8th. Royal Bank of Canada increased their target price on shares of Albemarle from $138.00 to $157.00 and gave the company an “outperform” rating in a report on Monday. Deutsche Bank Aktiengesellschaft boosted their price target on Albemarle from $125.00 to $140.00 and gave the stock a “hold” rating in a research note on Tuesday. Finally, Mizuho raised their price objective on Albemarle from $112.00 to $128.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $172.05.

Albemarle Stock Down 0.9 %

Albemarle stock opened at $130.40 on Tuesday. The stock’s 50 day moving average price is $123.47 and its 200 day moving average price is $125.93. Albemarle has a 1-year low of $106.69 and a 1-year high of $247.44. The company has a market cap of $15.33 billion, a PE ratio of 47.42, a price-to-earnings-growth ratio of 2.80 and a beta of 1.65. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.84 and a quick ratio of 1.91.

Albemarle Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.60 annualized dividend and a dividend yield of 1.23%. Albemarle’s dividend payout ratio is currently 58.18%.

Hedge Funds Weigh In On Albemarle

A number of institutional investors have recently modified their holdings of the company. Kingfisher Capital LLC raised its holdings in Albemarle by 0.6% in the 3rd quarter. Kingfisher Capital LLC now owns 14,117 shares of the specialty chemicals company’s stock valued at $2,401,000 after acquiring an additional 82 shares during the last quarter. GPS Wealth Strategies Group LLC increased its stake in Albemarle by 14.1% in the third quarter. GPS Wealth Strategies Group LLC now owns 688 shares of the specialty chemicals company’s stock valued at $117,000 after purchasing an additional 85 shares during the last quarter. Patron Partners LLC lifted its position in Albemarle by 5.8% during the third quarter. Patron Partners LLC now owns 1,541 shares of the specialty chemicals company’s stock worth $262,000 after buying an additional 85 shares during the period. Czech National Bank boosted its stake in Albemarle by 0.5% in the 1st quarter. Czech National Bank now owns 20,648 shares of the specialty chemicals company’s stock worth $2,720,000 after buying an additional 95 shares during the last quarter. Finally, Regatta Capital Group LLC grew its holdings in Albemarle by 4.3% in the 4th quarter. Regatta Capital Group LLC now owns 2,371 shares of the specialty chemicals company’s stock valued at $343,000 after buying an additional 97 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Company Profile

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.