Albemarle (NYSE:ALB) Announces Quarterly Earnings Results

Albemarle (NYSE:ALB) released its quarterly earnings results on Wednesday. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.13), FiscalAI reports. Albemarle had a positive return on equity of 0.10% and a negative net margin of 0.43%.The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period last year, the firm earned ($1.09) EPS. The company’s quarterly revenue was up 15.9% compared to the same quarter last year.

Albemarle Price Performance

Albemarle stock opened at $175.56 on Thursday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.51. The firm has a market capitalization of $20.66 billion, a P/E ratio of -110.41, a PEG ratio of 2.43 and a beta of 1.44. Albemarle has a one year low of $49.43 and a one year high of $195.68. The business has a fifty day moving average price of $156.55 and a 200-day moving average price of $114.09.

Wall Street Analyst Weigh In

Several research firms have commented on ALB. UBS Group raised their price objective on Albemarle from $185.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Berenberg Bank boosted their price objective on shares of Albemarle from $75.00 to $135.00 and gave the stock a “hold” rating in a report on Tuesday, January 6th. Evercore raised their price objective on Albemarle from $88.00 to $100.00 and gave the company an “in-line” rating in a research note on Tuesday, November 11th. Argus raised their price objective on shares of Albemarle from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, November 17th. Finally, Oppenheimer raised their target price on shares of Albemarle from $109.00 to $207.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $162.24.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its position in Albemarle by 25.5% during the 1st quarter. AQR Capital Management LLC now owns 3,223 shares of the specialty chemicals company’s stock valued at $229,000 after buying an additional 654 shares in the last quarter. Integrated Wealth Concepts LLC raised its position in Albemarle by 26.2% in the 1st quarter. Integrated Wealth Concepts LLC now owns 4,798 shares of the specialty chemicals company’s stock worth $346,000 after purchasing an additional 996 shares during the period. United Services Automobile Association bought a new position in Albemarle in the first quarter worth approximately $208,000. Empowered Funds LLC purchased a new position in shares of Albemarle in the 1st quarter valued at $411,000. Finally, EverSource Wealth Advisors LLC grew its stake in Albemarle by 536.7% in the second 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. 92.87% of the stock is currently owned by institutional investors.

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.