Albemarle (NYSE:ALB) Announces Earnings Results, Beats Expectations By $0.55 EPS

Albemarle (NYSE:ALB) posted its quarterly earnings results on Wednesday. The specialty chemicals company reported $3.75 EPS for the quarter, beating the consensus estimate of $3.20 by $0.55, FiscalAI reports. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.61 billion. Albemarle had a negative net margin of 5.00% and a positive return on equity of 5.22%.

Albemarle Stock Down 1.8%

Shares of Albemarle stock traded down $2.21 on Wednesday, hitting $118.61. 2,685,395 shares of the company’s stock traded hands, compared to its average volume of 2,483,298. Albemarle has a 52-week low of $66.89 and a 52-week high of $221.00. The company has a quick ratio of 1.21, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. The stock has a market cap of $13.99 billion, a P/E ratio of -34.78 and a beta of 1.33. The firm’s 50-day moving average is $140.72 and its 200 day moving average is $164.95.

Albemarle Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a dividend of $0.41 per share. This is an increase from Albemarle’s previous quarterly dividend of $0.41. The ex-dividend date is Friday, September 11th. This represents a $1.64 annualized dividend and a dividend yield of 1.4%. Albemarle’s dividend payout ratio (DPR) is currently -47.51%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Albemarle from $210.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Rothschild & Co Redburn reduced their target price on shares of Albemarle from $188.00 to $170.00 and set a “neutral” rating on the stock in a report on Wednesday, July 1st. Argus upped their price target on shares of Albemarle from $185.00 to $230.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Bank of America increased their price target on Albemarle from $190.00 to $225.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Finally, Scotiabank reissued an “outperform” rating on shares of Albemarle in a research report on Tuesday, July 28th. Fifteen equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Albemarle currently has an average rating of “Moderate Buy” and an average price target of $199.22.

Insider Activity

In related news, CEO J Kent Masters sold 16,393 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $183.72, for a total value of $3,011,721.96. Following the sale, the chief executive officer directly owned 87,519 shares of the company’s stock, valued at $16,078,990.68. This represents a 15.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.42% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. BOKF NA increased its position 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 worth $33,000 after purchasing an additional 404 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Albemarle by 536.7% during the second quarter. EverSource Wealth Advisors LLC now owns 573 shares of the specialty chemicals company’s stock worth $36,000 after purchasing an additional 483 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Albemarle in the fourth quarter worth about $65,000. Binnacle Investments Inc grew its stake in Albemarle by 260.0% in the third quarter. Binnacle Investments Inc now owns 900 shares of the specialty chemicals company’s stock worth $73,000 after purchasing an additional 650 shares in the last quarter. Finally, Rakuten Securities Inc. increased its holdings in Albemarle by 57.7% in the second quarter. Rakuten Securities Inc. now owns 1,238 shares of the specialty chemicals company’s stock valued at $78,000 after buying an additional 453 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

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.