Albemarle Corporation (ALB) Sets New 12-Month High After Better-Than-Expected Earnings

Albemarle Corporation (NYSE:ALB) shares hit a new 52-week high on Wednesday following a stronger than expected earnings report. The company traded as high as $144.17 and last traded at $144.26, with a volume of 659542 shares trading hands. The stock had previously closed at $143.13.

The specialty chemicals company reported $1.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.01. The business 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 11.73%. The company’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.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a dividend of $0.32 per share. The ex-dividend date is Thursday, December 14th. This represents a $1.28 annualized dividend and a dividend yield of 0.90%. Albemarle Corporation’s dividend payout ratio (DPR) is currently 45.71%.

A number of equities research analysts recently weighed in on ALB shares. BidaskClub cut shares of Albemarle Corporation from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Loop Capital started coverage on shares of Albemarle Corporation in a research report on Thursday, September 28th. They issued a “buy” rating and a $150.00 price target for the company. Robert W. Baird reissued an “outperform” rating and issued a $135.00 price target (up from $125.00) on shares of Albemarle Corporation in a research report on Tuesday, July 18th. They noted that the move was a valuation call. Royal Bank Of Canada reissued a “buy” rating and issued a $149.00 price target on shares of Albemarle Corporation in a research report on Wednesday, October 18th. Finally, KeyCorp reissued a “buy” rating and issued a $125.00 price target on shares of Albemarle Corporation in a research report on Sunday, September 3rd. Eight equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $127.90.

In other news, EVP Karen G. Narwold sold 11,500 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $115.95, for a total transaction of $1,333,425.00. Following the transaction, the executive vice president now directly owns 36,620 shares in the company, valued at $4,246,089. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Matthew Juneau sold 5,397 shares of the business’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $115.77, for a total transaction of $624,810.69. Following the transaction, the executive vice president now owns 360 shares in the company, valued at $41,677.20. The disclosure for this sale can be found here. Insiders own 0.74% of the company’s stock.

Several institutional investors have recently modified their holdings of ALB. Northwestern Mutual Wealth Management Co. increased its stake in shares of Albemarle Corporation by 2.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the specialty chemicals company’s stock worth $102,000 after acquiring an additional 20 shares during the period. Thompson Davis & CO. Inc. increased its stake in shares of Albemarle Corporation by 650.0% during the third quarter. Thompson Davis & CO. Inc. now owns 750 shares of the specialty chemicals company’s stock worth $102,000 after acquiring an additional 650 shares during the period. Carroll Financial Associates Inc. increased its stake in shares of Albemarle Corporation by 0.3% during the second quarter. Carroll Financial Associates Inc. now owns 982 shares of the specialty chemicals company’s stock worth $103,000 after acquiring an additional 3 shares during the period. Smithfield Trust Co. increased its stake in shares of Albemarle Corporation by 16.1% during the second quarter. Smithfield Trust Co. now owns 1,008 shares of the specialty chemicals company’s stock worth $106,000 after acquiring an additional 140 shares during the period. Finally, Highlander Capital Management LLC acquired a new position in shares of Albemarle Corporation during the second quarter worth about $106,000. Institutional investors and hedge funds own 83.82% of the company’s stock.

The company has a debt-to-equity ratio of 0.36, a current ratio of 2.24 and a quick ratio of 1.67. The stock has a market capitalization of $15,670.00, a P/E ratio of 35.79, a PEG ratio of 2.24 and a beta of 1.72.

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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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