Albemarle (NYSE:ALB) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Albemarle (NYSE:ALB) announced its quarterly earnings results on Wednesday. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.09, FiscalAI reports. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a negative net margin of 0.43% and a positive return on equity of 0.10%.

Albemarle Stock Performance

Albemarle stock traded up $7.00 during trading hours on Wednesday, reaching $175.56. 3,679,550 shares of the company were exchanged, compared to its average volume of 3,493,575. The company has a current ratio of 2.27, a quick ratio of 1.51 and a debt-to-equity ratio of 0.40. The stock has a 50-day moving average of $155.57 and a 200 day moving average of $113.65. The firm has a market cap of $20.66 billion, a price-to-earnings ratio of -110.41, a PEG ratio of 2.39 and a beta of 1.44. Albemarle has a 12 month low of $49.43 and a 12 month high of $195.68.

Institutional Trading of Albemarle

A number of institutional investors and hedge funds have recently modified their holdings of ALB. Parallel Advisors LLC grew its position in Albemarle by 5.7% in the third quarter. Parallel Advisors LLC now owns 2,408 shares of the specialty chemicals company’s stock valued at $195,000 after acquiring an additional 129 shares during the period. Brown Brothers Harriman & Co. lifted its holdings in Albemarle by 0.9% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 20,700 shares of the specialty chemicals company’s stock worth $1,678,000 after buying an additional 189 shares in the last quarter. Zions Bancorporation National Association UT increased its position in Albemarle by 7.6% in the fourth quarter. Zions Bancorporation National Association UT now owns 2,697 shares of the specialty chemicals company’s stock worth $381,000 after purchasing an additional 191 shares during the period. MML Investors Services LLC raised its stake in shares of Albemarle by 1.3% during the second quarter. MML Investors Services LLC now owns 16,991 shares of the specialty chemicals company’s stock worth $1,065,000 after buying an additional 217 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in shares of Albemarle by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 36,710 shares of the specialty chemicals company’s stock valued at $2,976,000 after purchasing an additional 228 shares during the period. 92.87% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Zacks Research upgraded Albemarle from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Deutsche Bank Aktiengesellschaft upgraded Albemarle from a “hold” rating to a “buy” rating and increased their target price for the company from $125.00 to $185.00 in a research note on Monday, January 12th. Wells Fargo & Company raised their target price on Albemarle from $135.00 to $174.00 and gave the company an “equal weight” rating in a research note on Monday, January 26th. JPMorgan Chase & Co. increased their price objective on shares of Albemarle from $80.00 to $195.00 and gave the company a “neutral” rating in a research note on Wednesday, January 28th. Finally, Evercore lifted their target price on Albemarle from $88.00 to $100.00 and gave the stock an “in-line” rating in a research report on Tuesday, November 11th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $162.24.

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.