Albemarle Corporation (ALB) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS
Albemarle Corporation (NYSE:ALB) issued its quarterly earnings data on Monday. The specialty chemicals company reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.02, Bloomberg Earnings reports. Albemarle Corporation had a return on equity of 11.97% and a net margin of 17.02%. The firm had revenue of $737.25 million during the quarter, compared to the consensus estimate of $735.50 million. During the same period in the previous year, the firm posted $0.93 EPS. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. Albemarle Corporation updated its FY17 guidance to $4.20-4.40 EPS.
Albemarle Corporation (NYSE ALB) traded up 2.91% during midday trading on Monday, reaching $123.08. 3,815,419 shares of the company traded hands. Albemarle Corporation has a 12 month low of $75.11 and a 12 month high of $123.48. The firm has a market capitalization of $13.63 billion, a price-to-earnings ratio of 29.91 and a beta of 1.59. The firm’s 50 day moving average price is $111.82 and its 200 day moving average price is $105.71.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a $0.32 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.04%. Albemarle Corporation’s dividend payout ratio (DPR) is presently 31.22%.
Several research analysts have weighed in on the company. BidaskClub downgraded Albemarle Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Zacks Investment Research downgraded Albemarle Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Robert W. Baird restated an “outperform” rating and set a $135.00 price objective (up from $125.00) on shares of Albemarle Corporation in a report on Tuesday, July 18th. They noted that the move was a valuation call. Royal Bank Of Canada restated a “buy” rating and set a $136.00 price objective on shares of Albemarle Corporation in a report on Friday, July 14th. Finally, Aegis restated a “buy” rating on shares of Albemarle Corporation in a report on Friday, July 7th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Albemarle Corporation currently has a consensus rating of “Buy” and an average price target of $105.50.
In other news, CFO Scott Tozier sold 25,000 shares of the business’s stock in a transaction on Friday, July 7th. The shares were sold at an average price of $110.13, for a total value of $2,753,250.00. Following the sale, the chief financial officer now owns 57,506 shares of the company’s stock, valued at $6,333,135.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Luther C. Iv Kissam sold 50,000 shares of the business’s stock in a transaction on Friday, July 7th. The stock was sold at an average price of $110.08, for a total transaction of $5,504,000.00. Following the completion of the sale, the chairman now directly owns 252,917 shares in the company, valued at approximately $27,841,103.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,000 shares of company stock valued at $11,499,850. Corporate insiders own 0.74% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Cornerstone Advisors Inc. raised its stake in Albemarle Corporation by 26.8% in the second quarter. Cornerstone Advisors Inc. now owns 1,751 shares of the specialty chemicals company’s stock valued at $185,000 after buying an additional 370 shares during the period. State Street Corp raised its stake in Albemarle Corporation by 0.5% in the first quarter. State Street Corp now owns 6,356,839 shares of the specialty chemicals company’s stock valued at $671,675,000 after buying an additional 30,662 shares during the period. Marietta Investment Partners LLC purchased a new stake in Albemarle Corporation during the first quarter valued at about $2,574,000. Nationwide Fund Advisors raised its stake in Albemarle Corporation by 7.0% in the first quarter. Nationwide Fund Advisors now owns 68,503 shares of the specialty chemicals company’s stock valued at $7,237,000 after buying an additional 4,476 shares during the period. Finally, Tiemann Investment Advisors LLC raised its stake in Albemarle Corporation by 7.2% in the first quarter. Tiemann Investment Advisors LLC now owns 3,745 shares of the specialty chemicals company’s stock valued at $396,000 after buying an additional 251 shares during the period. 85.39% of the stock is currently owned by institutional investors and hedge funds.
About Albemarle Corporation
Albemarle Corporation is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions.
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