Seaport Global Securities Equities Analysts Raise Earnings Estimates for Albemarle Corp. (ALB)
Albemarle Corp. (NYSE:ALB) – Equities research analysts at Seaport Global Securities raised their FY2016 earnings per share estimates for shares of Albemarle Corp. in a research note issued on Tuesday. Seaport Global Securities analyst M. Harrison now forecasts that the firm will post earnings per share of $3.54 for the year, up from their prior forecast of $3.42. Seaport Global Securities also issued estimates for Albemarle Corp.’s Q4 2016 earnings at $0.75 EPS and FY2017 earnings at $3.92 EPS.
Albemarle Corp. (NYSE:ALB) last announced its quarterly earnings data on Monday, November 7th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.81 by $0.10. The firm had revenue of $654 million for the quarter, compared to analyst estimates of $645.81 million. Albemarle Corp. had a return on equity of 14.38% and a net margin of 6.92%. The company’s revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 EPS.
Several other research firms have also issued reports on ALB. Zacks Investment Research lowered Albemarle Corp. from a “strong-buy” rating to a “hold” rating in a report on Monday, July 18th. Citigroup Inc. reissued a “buy” rating and set a $101.00 price target (up previously from $89.00) on shares of Albemarle Corp. in a report on Friday, July 15th. Deutsche Bank AG reissued a “buy” rating on shares of Albemarle Corp. in a report on Wednesday, August 24th. Finally, Nomura set a $92.00 price target on Albemarle Corp. and gave the company a “buy” rating in a report on Tuesday, August 23rd. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Albemarle Corp. presently has an average rating of “Buy” and a consensus target price of $80.00.
Albemarle Corp. (NYSE:ALB) opened at 81.52 on Thursday. The company has a market capitalization of $9.16 billion, a price-to-earnings ratio of 60.03 and a beta of 1.52. The stock’s 50 day moving average price is $82.60 and its 200 day moving average price is $80.26. Albemarle Corp. has a 12 month low of $45.78 and a 12 month high of $87.29.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 2nd. Shareholders of record on Thursday, December 15th will be given a dividend of $0.305 per share. The ex-dividend date is Tuesday, December 13th. This represents a $1.22 dividend on an annualized basis and a yield of 1.50%. Albemarle Corp.’s dividend payout ratio (DPR) is presently 63.54%.
In other Albemarle Corp. news, CEO Luther C. Iv Kissam sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $83.19, for a total transaction of $4,159,500.00. Following the sale, the chief executive officer now directly owns 233,000 shares in the company, valued at $19,383,270. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.71% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. UBS Group AG increased its stake in shares of Albemarle Corp. by 7.8% in the first quarter. UBS Group AG now owns 59,800 shares of the company’s stock worth $3,823,000 after buying an additional 4,304 shares during the period. UBS Asset Management Americas Inc. increased its stake in shares of Albemarle Corp. by 3.5% in the first quarter. UBS Asset Management Americas Inc. now owns 239,430 shares of the company’s stock worth $15,307,000 after buying an additional 8,059 shares during the period. Geode Capital Management LLC increased its stake in shares of Albemarle Corp. by 3.7% in the first quarter. Geode Capital Management LLC now owns 692,194 shares of the company’s stock worth $44,226,000 after buying an additional 24,401 shares during the period. Wellington Management Group LLP bought a new stake in shares of Albemarle Corp. during the first quarter worth about $15,369,000. Finally, AMP Capital Investors Ltd increased its stake in shares of Albemarle Corp. by 3.8% in the first quarter. AMP Capital Investors Ltd now owns 29,926 shares of the company’s stock worth $1,916,000 after buying an additional 1,100 shares during the period. Institutional investors and hedge funds own 88.84% of the company’s stock.
About Albemarle Corp.
Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, heating, ventilation, and aluminum finishing.
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