SunTrust Banks Research Analysts Lift Earnings Estimates for Albemarle Corporation (ALB)
Albemarle Corporation (NYSE:ALB) – Research analysts at SunTrust Banks increased their FY2017 EPS estimates for Albemarle Corporation in a report issued on Thursday. SunTrust Banks analyst J. Sheehan now anticipates that the specialty chemicals company will earn $4.52 per share for the year, up from their prior estimate of $4.36. SunTrust Banks currently has a “Hold” rating and a $121.00 target price on the stock. SunTrust Banks also issued estimates for Albemarle Corporation’s Q4 2017 earnings at $1.26 EPS, FY2018 earnings at $5.28 EPS, FY2019 earnings at $5.84 EPS and FY2020 earnings at $6.60 EPS.
Albemarle Corporation (NYSE:ALB) last released its earnings results on Wednesday, November 8th. The specialty chemicals company reported $1.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.01. The firm had revenue of $755.00 million during the quarter, compared to analysts’ expectations of $732.19 million. Albemarle Corporation had a net margin of 30.07% and a return on equity of 11.61%. Albemarle Corporation’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.91 EPS.
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Several other analysts have also recently commented on ALB. Robert W. Baird reaffirmed an “outperform” rating and issued a $135.00 target price (up from $125.00) on shares of Albemarle Corporation in a research note on Tuesday, July 18th. They noted that the move was a valuation call. BidaskClub cut shares of Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research cut shares of Albemarle Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Vertical Research reissued a “hold” rating and set a $109.00 price objective (up from $108.00) on shares of Albemarle Corporation in a research note on Thursday, August 10th. Finally, Oppenheimer Holdings, Inc. assumed coverage on shares of Albemarle Corporation in a research note on Wednesday, August 16th. They set an “outperform” rating and a $133.00 price objective for the company. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $128.45.
Shares of Albemarle Corporation (ALB) opened at $137.65 on Monday. The company has a market cap of $15,841.75, a P/E ratio of 35.49, a price-to-earnings-growth ratio of 2.18 and a beta of 1.72. The company has a quick ratio of 1.56, a current ratio of 2.11 and a debt-to-equity ratio of 0.35. Albemarle Corporation has a 12 month low of $77.25 and a 12 month high of $144.99.
Hedge funds have recently modified their holdings of the business. Thompson Davis & CO. Inc. lifted its holdings in Albemarle Corporation by 650.0% in the 3rd quarter. Thompson Davis & CO. Inc. now owns 750 shares of the specialty chemicals company’s stock worth $102,000 after buying an additional 650 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Albemarle Corporation by 2.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the specialty chemicals company’s stock valued at $102,000 after purchasing an additional 20 shares in the last quarter. Carroll Financial Associates Inc. raised its stake in shares of Albemarle Corporation by 0.3% in the 2nd quarter. Carroll Financial Associates Inc. now owns 982 shares of the specialty chemicals company’s stock valued at $103,000 after purchasing an additional 3 shares in the last quarter. Highlander Capital Management LLC acquired a new stake in shares of Albemarle Corporation in the 2nd quarter valued at about $106,000. Finally, Smithfield Trust Co. raised its stake in shares of Albemarle Corporation by 16.1% in the 2nd quarter. Smithfield Trust Co. now owns 1,008 shares of the specialty chemicals company’s stock valued at $106,000 after purchasing an additional 140 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.
In other Albemarle Corporation news, EVP Matthew Juneau sold 5,397 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $115.77, for a total value of $624,810.69. Following the transaction, the executive vice president now owns 360 shares in the company, valued at approximately $41,677.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Karen G. Narwold sold 11,500 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $115.95, for a total transaction of $1,333,425.00. Following the completion of the transaction, the executive vice president now owns 36,620 shares in the company, valued at approximately $4,246,089. The disclosure for this sale can be found here. Insiders own 0.74% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be issued a $0.32 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.28 dividend on an annualized basis and a yield of 0.93%. Albemarle Corporation’s dividend payout ratio is currently 16.56%.
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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