Q2 2022 EPS Estimates for Albemarle Co. Increased by Jefferies Financial Group (NYSE:ALB)

Albemarle Co. (NYSE:ALBGet Rating) – Investment analysts at Jefferies Financial Group increased their Q2 2022 earnings per share (EPS) estimates for shares of Albemarle in a research report issued to clients and investors on Tuesday, May 10th. Jefferies Financial Group analyst L. Alexander now expects that the specialty chemicals company will earn $2.64 per share for the quarter, up from their prior estimate of $1.42. Jefferies Financial Group also issued estimates for Albemarle’s Q3 2022 earnings at $2.73 EPS, Q4 2022 earnings at $2.86 EPS, FY2022 earnings at $10.70 EPS and FY2023 earnings at $14.25 EPS.

Albemarle (NYSE:ALBGet Rating) last announced its quarterly earnings results on Wednesday, May 4th. The specialty chemicals company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.65. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.03 billion. Albemarle had a net margin of 7.76% and a return on equity of 10.35%. Albemarle’s revenue for the quarter was up 36.0% on a year-over-year basis. During the same period last year, the company posted $1.10 EPS.

ALB has been the topic of several other reports. Oppenheimer raised their target price on shares of Albemarle from $307.00 to $368.00 in a report on Friday, May 6th. Zacks Investment Research downgraded shares of Albemarle from a “strong-buy” rating to a “hold” rating and set a $200.00 target price on the stock. in a report on Monday, February 21st. Robert W. Baird dropped their target price on shares of Albemarle from $245.00 to $228.00 in a report on Tuesday, February 22nd. BMO Capital Markets dropped their target price on shares of Albemarle from $300.00 to $280.00 in a report on Friday, February 18th. Finally, Cowen lifted their price objective on shares of Albemarle from $275.00 to $300.00 in a report on Friday, May 6th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $272.89.

Shares of ALB stock opened at $228.82 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.63 and a current ratio of 1.11. The company has a market capitalization of $26.80 billion, a P/E ratio of 96.14, a price-to-earnings-growth ratio of 0.78 and a beta of 1.55. The company’s 50 day moving average price is $207.15 and its two-hundred day moving average price is $225.86. Albemarle has a 52 week low of $152.58 and a 52 week high of $291.48.

Hedge funds have recently added to or reduced their stakes in the business. Macquarie Group Ltd. boosted its position in Albemarle by 61.3% during the third quarter. Macquarie Group Ltd. now owns 47,634 shares of the specialty chemicals company’s stock worth $10,431,000 after purchasing an additional 18,102 shares during the period. CIBC Asset Management Inc lifted its holdings in shares of Albemarle by 7.1% during the third quarter. CIBC Asset Management Inc now owns 10,396 shares of the specialty chemicals company’s stock worth $2,276,000 after buying an additional 692 shares in the last quarter. Cubist Systematic Strategies LLC lifted its holdings in shares of Albemarle by 1,102.3% during the third quarter. Cubist Systematic Strategies LLC now owns 68,817 shares of the specialty chemicals company’s stock worth $15,069,000 after buying an additional 63,093 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Albemarle by 5.3% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 374,821 shares of the specialty chemicals company’s stock worth $87,622,000 after buying an additional 18,952 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Albemarle by 29.0% during the third quarter. Teacher Retirement System of Texas now owns 19,111 shares of the specialty chemicals company’s stock worth $4,185,000 after buying an additional 4,300 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

In related news, insider Netha N. Johnson acquired 1,060 shares of Albemarle stock in a transaction on Friday, February 18th. The stock was purchased at an average cost of $187.81 per share, with a total value of $199,078.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO J Kent Masters acquired 5,241 shares of Albemarle stock in a transaction on Friday, February 18th. The shares were bought at an average cost of $190.80 per share, with a total value of $999,982.80. The disclosure for this purchase can be found here. 0.25% of the stock is currently owned by company insiders.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Friday, June 10th will be paid a $0.395 dividend. The ex-dividend date of this dividend is Thursday, June 9th. This represents a $1.58 annualized dividend and a dividend yield of 0.69%. Albemarle’s dividend payout ratio is presently 66.39%.

About Albemarle (Get Rating)

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Lithium, Bromine, and Catalysts. The Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties; and reagents, such as butyllithium and lithium aluminum hydride for use in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes in the areas of steroid chemistry and vitamins, life sciences, pharmaceutical industry, and other markets.

Further Reading

Earnings History and Estimates for Albemarle (NYSE:ALB)

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