Albemarle (NYSE:ALB) Issues Quarterly Earnings Results, Misses Estimates By $0.13 EPS

Albemarle (NYSE:ALB) issued its quarterly earnings data on Wednesday. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.13), FiscalAI reports. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a positive return on equity of 0.40% and a negative net margin of 10.74%.The company’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the previous year, the company posted ($1.09) earnings per share.

Albemarle Stock Performance

ALB traded up $6.90 on Friday, hitting $165.83. The company’s stock had a trading volume of 882,313 shares, compared to its average volume of 3,458,376. Albemarle has a 12 month low of $49.43 and a 12 month high of $195.68. The firm has a market cap of $19.52 billion, a P/E ratio of -28.79, a price-to-earnings-growth ratio of 2.53 and a beta of 1.44. The company has a quick ratio of 1.51, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. The company’s 50 day simple moving average is $157.34 and its 200-day simple moving average is $114.39.

Institutional Trading of Albemarle

A number of hedge funds and other institutional investors have recently bought and sold shares of ALB. BOKF NA raised its holdings in shares of Albemarle by 5,771.4% in the 3rd quarter. BOKF NA now owns 411 shares of the specialty chemicals company’s stock valued at $33,000 after acquiring an additional 404 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Albemarle by 536.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock worth $36,000 after buying an additional 483 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Albemarle in the 4th quarter worth $65,000. Binnacle Investments Inc raised its position in shares of Albemarle by 260.0% during the 3rd quarter. Binnacle Investments Inc now owns 900 shares of the specialty chemicals company’s stock valued at $73,000 after buying an additional 650 shares in the last quarter. Finally, Rakuten Securities Inc. grew its position in Albemarle by 57.7% in the second quarter. Rakuten Securities Inc. now owns 1,238 shares of the specialty chemicals company’s stock worth $78,000 after acquiring an additional 453 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Robert W. Baird set a $210.00 price target on Albemarle and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Wells Fargo & Company raised their target price on Albemarle from $135.00 to $174.00 and gave the company an “equal weight” rating in a research report on Monday, January 26th. JPMorgan Chase & Co. lowered their target price on Albemarle from $195.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday. Oppenheimer boosted their price target on shares of Albemarle from $109.00 to $207.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Finally, Stephens restated an “outperform” rating on shares of Albemarle in a report on Friday, December 19th. Three analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $162.32.

About Albemarle

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.