Albemarle (NYSE:ALB) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Albemarle (NYSE:ALB) announced its earnings results on Wednesday. The specialty chemicals company reported ($0.53) EPS for the quarter, topping the consensus estimate of ($0.62) by $0.09, FiscalAI reports. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a negative net margin of 0.43% and a positive return on equity of 0.10%.

Albemarle Stock Up 4.2%

ALB stock traded up $7.00 during midday trading on Wednesday, reaching $175.56. 3,679,550 shares of the company’s stock traded hands, compared to its average volume of 3,493,575. The company has a market cap of $20.66 billion, a price-to-earnings ratio of -110.41, a P/E/G ratio of 2.39 and a beta of 1.44. The firm’s fifty day moving average price is $155.57 and its 200-day moving average price is $113.65. Albemarle has a 52 week low of $49.43 and a 52 week high of $195.68. The company has a quick ratio of 1.51, a current ratio of 2.27 and a debt-to-equity ratio of 0.40.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Robert W. Baird set a $210.00 price objective on Albemarle and gave the company an “outperform” rating in a report on Wednesday, January 7th. Truist Financial raised shares of Albemarle from a “hold” rating to a “buy” rating and lifted their target price for the stock from $125.00 to $205.00 in a report on Wednesday, January 21st. Oppenheimer upped their price target on shares of Albemarle from $109.00 to $207.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Berenberg Bank boosted their price target on Albemarle from $75.00 to $135.00 and gave the company a “hold” rating in a research note on Tuesday, January 6th. Finally, Scotiabank raised Albemarle from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the stock from $85.00 to $200.00 in a report on Monday, January 12th. Three analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Albemarle currently has a consensus rating of “Moderate Buy” and an average price target of $162.24.

Institutional Trading of Albemarle

Institutional investors and hedge funds have recently made changes to their positions in the company. BOKF NA grew its stake in Albemarle by 5,771.4% in the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 404 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Albemarle by 536.7% in the second 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 during the period. Los Angeles Capital Management LLC bought a new stake in shares of Albemarle during the fourth quarter valued at about $65,000. Binnacle Investments Inc boosted its holdings 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 period. Finally, Rakuten Securities Inc. grew its position in Albemarle by 57.7% during the second quarter. Rakuten Securities Inc. now owns 1,238 shares of the specialty chemicals company’s stock worth $78,000 after buying an additional 453 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.