Jefferies Group Research Analysts Decrease Earnings Estimates for Albemarle Co. (ALB)
Albemarle Co. (NYSE:ALB) – Jefferies Group decreased their FY2019 earnings per share (EPS) estimates for Albemarle in a report released on Tuesday. Jefferies Group analyst L. Alexander now anticipates that the specialty chemicals company will earn $5.75 per share for the year, down from their previous forecast of $6.00. Jefferies Group currently has a “Buy” rating and a $120.00 price objective on the stock. Jefferies Group also issued estimates for Albemarle’s FY2021 earnings at $8.20 EPS.
Albemarle (NYSE:ALB) last posted its earnings results on Monday, February 27th. The specialty chemicals company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.05. Albemarle had a net margin of 6.92% and a return on equity of 14.38%. The firm had revenue of $696.70 million for the quarter, compared to the consensus estimate of $642.68 million. During the same period in the previous year, the firm posted $1.03 EPS. The business’s quarterly revenue was down 3.6% on a year-over-year basis.
Other research analysts have also issued research reports about the stock. Robert W. Baird reissued an “outperform” rating and issued a $125.00 price objective on shares of Albemarle in a research note on Sunday, April 9th. Zacks Investment Research raised shares of Albemarle from a “hold” rating to a “buy” rating and set a $118.00 price objective for the company in a research note on Tuesday, April 4th. Royal Bank of Canada reissued a “buy” rating and issued a $132.00 price objective on shares of Albemarle in a research note on Tuesday. Citigroup Inc lowered shares of Albemarle from a “buy” rating to a “neutral” rating and raised their price objective for the company from $104.77 to $112.00 in a research note on Monday, March 6th. They noted that the move was a valuation call. Finally, Aegis initiated coverage on shares of Albemarle in a research note on Friday, February 17th. They issued a “buy” rating and a $108.00 price target for the company. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $111.00.
Albemarle (NYSE:ALB) traded down 0.27% during mid-day trading on Thursday, hitting $105.23. 908,745 shares of the stock were exchanged. The stock’s 50 day moving average is $104.69 and its 200 day moving average is $92.26. The stock has a market cap of $11.85 billion, a PE ratio of 18.51 and a beta of 1.41. Albemarle has a 52-week low of $65.57 and a 52-week high of $107.56.
The business also recently disclosed a quarterly dividend, which was paid on Monday, April 3rd. Stockholders of record on Wednesday, March 15th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.21%. The ex-dividend date was Monday, March 13th. This is an increase from Albemarle’s previous quarterly dividend of $0.31. Albemarle’s payout ratio is currently 63.54%.
Hedge funds have recently modified their holdings of the company. State Street Corp increased its stake in Albemarle by 3.0% in the fourth quarter. State Street Corp now owns 6,326,177 shares of the specialty chemicals company’s stock valued at $544,643,000 after buying an additional 186,320 shares during the period. Jennison Associates LLC increased its position in shares of Albemarle by 218.8% in the third quarter. Jennison Associates LLC now owns 4,147,707 shares of the specialty chemicals company’s stock valued at $354,587,000 after buying an additional 2,846,734 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Albemarle by 4.9% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,162,729 shares of the specialty chemicals company’s stock valued at $270,382,000 after buying an additional 148,484 shares during the last quarter. BlackRock Fund Advisors increased its position in shares of Albemarle by 5.3% in the third quarter. BlackRock Fund Advisors now owns 1,950,857 shares of the specialty chemicals company’s stock valued at $166,779,000 after buying an additional 98,715 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Albemarle by 5.1% in the third quarter. Northern Trust Corp now owns 1,312,071 shares of the specialty chemicals company’s stock valued at $112,169,000 after buying an additional 63,469 shares during the last quarter. Institutional investors and hedge funds own 86.50% of the company’s stock.
Albemarle Company Profile
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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