Albemarle (ALB) Earns “Overweight” Rating from KeyCorp
KeyCorp reissued their overweight rating on shares of Albemarle (NYSE:ALB) in a research report report published on Thursday. They currently have a $148.00 price target on the specialty chemicals company’s stock, down from their prior price target of $150.00. KeyCorp also issued estimates for Albemarle’s Q1 2018 earnings at $1.23 EPS, Q2 2018 earnings at $1.26 EPS, Q3 2018 earnings at $1.28 EPS, Q4 2018 earnings at $1.53 EPS, FY2018 earnings at $5.30 EPS and FY2019 earnings at $6.00 EPS.
“ITRI beat 4Q17 consensus on top/bottom line while guiding FY18 adj. EPS midpoint 2% below Street. Amid moving parts—Silver Spring (now “Networks”) integration, a new restructuring program, and ongoing impacts from 2016 restructuring—we have three primary takeaways. First, we think FY18 guidance embeds healthy organic growth at legacy Itron, supported by 12-month backlog up 22%. Second, we see revenue recog. timing at Networks as a potential dilutive factor in FY18 guidance (on top of Networks’ already higher cost structure) that understates margin expansion at legacy Itron. Third, we believe the restructuring plan is mainly a continuation of existing optimization programs and supports our view of the long-term adj. EBITDA trajectory (which moves slightly lower along with our PT to $77). Maintain Outperform.”,” KeyCorp’s analyst commented.
A number of other research analysts also recently issued reports on ALB. TheStreet downgraded shares of Albemarle from a b rating to a c+ rating in a research report on Tuesday, February 27th. Berenberg Bank initiated coverage on shares of Albemarle in a research report on Tuesday, February 27th. They issued a buy rating and a $150.00 price objective for the company. Argus initiated coverage on shares of Albemarle in a research report on Friday, February 23rd. They issued a buy rating and a $148.00 price objective for the company. UBS Group upped their price objective on shares of Albemarle from $123.00 to $150.00 and gave the stock a neutral rating in a research report on Thursday, November 9th. Finally, Jefferies Group upped their price objective on shares of Albemarle from $156.00 to $162.00 and gave the stock a buy rating in a research report on Tuesday, November 14th. Nine investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Albemarle currently has a consensus rating of Buy and a consensus target price of $128.07.
Albemarle (NYSE:ALB) last posted its earnings results on Tuesday, February 27th. The specialty chemicals company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.13. The company had revenue of $857.79 million during the quarter, compared to the consensus estimate of $791.46 million. Albemarle had a net margin of 1.79% and a return on equity of 13.19%. equities analysts anticipate that Albemarle will post 5.15 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Thursday, March 15th will be given a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a dividend yield of 1.41%. The ex-dividend date is Wednesday, March 14th. This is an increase from Albemarle’s previous quarterly dividend of $0.32. Albemarle’s dividend payout ratio is 30.12%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Golden Gate Private Equity Inc. raised its position in shares of Albemarle by 1.5% during the 3rd quarter. Golden Gate Private Equity Inc. now owns 25,870 shares of the specialty chemicals company’s stock worth $3,526,000 after purchasing an additional 370 shares during the last quarter. Strs Ohio raised its position in shares of Albemarle by 4.3% during the 3rd quarter. Strs Ohio now owns 9,374 shares of the specialty chemicals company’s stock worth $1,277,000 after purchasing an additional 390 shares during the last quarter. First Citizens Bank & Trust Co. raised its position in shares of Albemarle by 6.8% during the 4th quarter. First Citizens Bank & Trust Co. now owns 6,431 shares of the specialty chemicals company’s stock worth $822,000 after purchasing an additional 411 shares during the last quarter. Colony Group LLC raised its position in shares of Albemarle by 3.9% during the 3rd quarter. Colony Group LLC now owns 12,880 shares of the specialty chemicals company’s stock worth $1,756,000 after purchasing an additional 479 shares during the last quarter. Finally, Banque Pictet & Cie SA raised its position in shares of Albemarle by 0.9% during the 3rd quarter. Banque Pictet & Cie SA now owns 53,142 shares of the specialty chemicals company’s stock worth $7,244,000 after purchasing an additional 499 shares during the last quarter. Hedge funds and other institutional investors own 87.23% of the company’s stock.
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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