Q3 2017 EPS Estimates for Albemarle Corporation Decreased by Jefferies Group (ALB)
Albemarle Corporation (NYSE:ALB) – Equities researchers at Jefferies Group cut their Q3 2017 earnings per share (EPS) estimates for Albemarle Corporation in a research note issued to investors on Wednesday. Jefferies Group analyst L. Alexander now forecasts that the specialty chemicals company will earn $1.08 per share for the quarter, down from their previous forecast of $1.16. Jefferies Group has a “Buy” rating and a $120.00 price target on the stock. Jefferies Group also issued estimates for Albemarle Corporation’s Q4 2017 earnings at $1.04 EPS.
Other equities analysts have also issued research reports about the company. SunTrust Banks, Inc. lowered Albemarle Corporation from a “buy” rating to a “hold” rating and set a $121.00 price objective for the company. in a research note on Wednesday. Morgan Stanley reduced their price objective on Albemarle Corporation from $100.00 to $72.00 and set an “equal weight” rating for the company in a research note on Thursday, May 25th. Piper Jaffray Companies reiterated an “overweight” rating and set a $47.00 price objective on shares of Albemarle Corporation in a research note on Thursday, June 29th. Royal Bank Of Canada lifted their price objective on Albemarle Corporation from $132.00 to $136.00 and gave the company an “outperform” rating in a research note on Monday, May 8th. Finally, Nomura reiterated a “buy” rating and set a $124.00 price objective on shares of Albemarle Corporation in a research note on Friday, May 5th. Six equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Albemarle Corporation has an average rating of “Buy” and a consensus target price of $106.53.
Shares of Albemarle Corporation (NYSE:ALB) opened at 113.16 on Thursday. Albemarle Corporation has a 12-month low of $75.11 and a 12-month high of $123.48. The firm’s 50-day moving average price is $113.46 and its 200 day moving average price is $106.61. The company has a market cap of $12.53 billion, a price-to-earnings ratio of 27.50 and a beta of 1.59.
Albemarle Corporation (NYSE:ALB) last posted its quarterly earnings data on Monday, August 7th. The specialty chemicals company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.02. The company had revenue of $737.25 million during the quarter, compared to analysts’ expectations of $735.50 million. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. Albemarle Corporation’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.93 earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend is Thursday, September 14th. Albemarle Corporation’s dividend payout ratio (DPR) is presently 16.41%.
In other news, Chairman Luther C. Iv Kissam sold 50,000 shares of the firm’s stock in a transaction dated 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 sale, the chairman now directly owns 252,917 shares in the company, valued at approximately $27,841,103.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Scott Tozier sold 25,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at $6,333,135.78. The disclosure for this sale can be found here. Insiders have sold a total of 105,000 shares of company stock worth $11,499,850 over the last 90 days. Insiders own 0.74% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Bienville Capital Management LLC boosted its stake in Albemarle Corporation by 0.7% in the second quarter. Bienville Capital Management LLC now owns 6,750 shares of the specialty chemicals company’s stock worth $715,000 after buying an additional 45 shares during the period. AGF Investments America Inc. boosted its stake in Albemarle Corporation by 30.5% in the second quarter. AGF Investments America Inc. now owns 37,068 shares of the specialty chemicals company’s stock worth $3,912,000 after buying an additional 8,657 shares during the period. Synovus Financial Corp boosted its stake in Albemarle Corporation by 2.9% in the second quarter. Synovus Financial Corp now owns 10,482 shares of the specialty chemicals company’s stock worth $1,110,000 after buying an additional 292 shares during the period. Banque Pictet & Cie SA boosted its stake in Albemarle Corporation by 80.4% in the second quarter. Banque Pictet & Cie SA now owns 52,643 shares of the specialty chemicals company’s stock worth $5,556,000 after buying an additional 23,458 shares during the period. Finally, MUFG Securities EMEA plc acquired a new stake in Albemarle Corporation during the second quarter worth approximately $512,000. Hedge funds and other institutional investors own 85.39% of the company’s stock.
Albemarle Corporation Company Profile
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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