FY2017 EPS Estimates for Albemarle Corp. Raised by KeyCorp (ALB)
Albemarle Corp. (NYSE:ALB) – Stock analysts at KeyCorp upped their FY2017 earnings per share estimates for shares of Albemarle Corp. in a report issued on Wednesday. KeyCorp analyst M. Sison now expects that the brokerage will earn $4.00 per share for the year, up from their previous forecast of $3.80.
Albemarle Corp. (NYSE:ALB) last released its earnings results on Monday, November 7th. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.10. The business earned $654 million during the quarter, compared to the consensus estimate of $645.81 million. Albemarle Corp. had a net margin of 6.92% and a return on equity of 14.38%. The company’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 EPS.
ALB has been the subject of several other research reports. Citigroup Inc. boosted their price objective on Albemarle Corp. from $95.00 to $101.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Deutsche Bank AG boosted their price objective on Albemarle Corp. from $94.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, August 5th. Zacks Investment Research downgraded Albemarle Corp. from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 18th. Finally, Nomura set a $92.00 target price on Albemarle Corp. and gave the stock a “buy” rating in a research report on Tuesday, August 23rd. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $80.00.
Shares of Albemarle Corp. (NYSE:ALB) opened at 80.43 on Monday. Albemarle Corp. has a 52-week low of $45.78 and a 52-week high of $87.29. The firm has a market cap of $9.05 billion, a P/E ratio of 42.11 and a beta of 1.52. The firm’s 50-day moving average is $82.58 and its 200-day moving average is $80.36.
Several institutional investors have recently made changes to their positions in the stock. Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new position in shares of Albemarle Corp. during the third quarter worth approximately $104,000. Creative Planning increased its position in shares of Albemarle Corp. by 16.8% in the third quarter. Creative Planning now owns 1,228 shares of the company’s stock worth $105,000 after buying an additional 177 shares in the last quarter. Carroll Financial Associates Inc. increased its position in shares of Albemarle Corp. by 475.4% in the third quarter. Carroll Financial Associates Inc. now owns 1,381 shares of the company’s stock worth $118,000 after buying an additional 1,141 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its position in shares of Albemarle Corp. by 0.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,438 shares of the company’s stock worth $114,000 after buying an additional 7 shares in the last quarter. Finally, Cantab Capital Partners LLP acquired a new position in shares of Albemarle Corp. during the second quarter worth approximately $120,000. Institutional investors own 91.70% of the company’s stock.
In related 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 completion of the transaction, the chief executive officer now owns 233,000 shares in the company, valued at $19,383,270. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.71% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 2nd. Investors of record on Thursday, December 15th will be issued a dividend of $0.305 per share. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $1.22 dividend on an annualized basis and a dividend yield of 1.52%. Albemarle Corp.’s dividend payout ratio is presently 63.54%.
Albemarle Corp. Company Profile
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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