Albemarle Co. Plans Quarterly Dividend of $0.39 (NYSE:ALB)
Albemarle Co. (NYSE:ALB) declared a quarterly dividend on Tuesday, July 14th, RTT News reports. Shareholders of record on Friday, September 18th will be given a dividend of 0.385 per share by the specialty chemicals company on Thursday, October 1st. This represents a $1.54 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Thursday, September 17th.
Albemarle has raised its dividend payment by 20.5% over the last three years and has raised its dividend annually for the last 15 consecutive years. Albemarle has a dividend payout ratio of 43.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Albemarle to earn $4.09 per share next year, which means the company should continue to be able to cover its $1.54 annual dividend with an expected future payout ratio of 37.7%.
NYSE ALB opened at $98.39 on Wednesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.61 and a quick ratio of 1.01. Albemarle has a 1 year low of $48.89 and a 1 year high of $100.31. The company has a market capitalization of $10.44 billion, a PE ratio of 23.88, a P/E/G ratio of 3.51 and a beta of 1.41. The company has a fifty day moving average of $90.45 and a two-hundred day moving average of $75.73.
Several equities analysts have issued reports on the stock. Deutsche Bank upped their price objective on shares of Albemarle from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Royal Bank of Canada upped their target price on shares of Albemarle from $70.00 to $80.00 and gave the company a “sector perform” rating in a report on Monday, August 10th. Citigroup upped their target price on shares of Albemarle from $78.00 to $87.00 and gave the company a “neutral” rating in a report on Monday, August 10th. KeyCorp cut shares of Albemarle from a “sector weight” rating to an “underweight” rating and set a $60.00 target price for the company. in a report on Monday, June 22nd. Finally, Berenberg Bank cut shares of Albemarle from a “hold” rating to a “sell” rating and upped their target price for the company from $65.00 to $68.00 in a report on Monday, July 27th. Five investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company’s stock. Albemarle has a consensus rating of “Hold” and an average price target of $78.91.
In other news, Director Luther C. Iv Kissam sold 150,001 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $90.71, for a total value of $13,606,590.71. Following the sale, the director now directly owns 225,812 shares in the company, valued at $20,483,406.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Luther C. Iv Kissam sold 59,000 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $100.03, for a total transaction of $5,901,770.00. The disclosure for this sale can be found here. Corporate insiders own 1.07% of the company’s stock.
Albemarle Company Profile
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications 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, life science, pharmaceutical, and other markets.
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