Albemarle Co. (NYSE:ALB) – First Analysis increased their Q1 2017 earnings per share (EPS) estimates for Albemarle in a report released on Monday. First Analysis analyst now anticipates that the brokerage will post earnings of $0.97 per share for the quarter, up from their previous forecast of $0.94. First Analysis also issued estimates for Albemarle’s Q3 2017 earnings at $1.09 EPS, Q4 2017 earnings at $1.12 EPS, FY2017 earnings at $4.20 EPS and FY2018 earnings at $4.85 EPS.
Several other brokerages have also recently commented on ALB. Royal Bank of Canada initiated coverage on shares of Albemarle in a research report on Thursday, February 23rd. They set an “outperform” rating and a $114.00 target price for the company. Instinet upped their target price on shares of Albemarle from $92.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, January 6th. Citigroup Inc lowered shares of Albemarle from a “buy” rating to a “neutral” rating and upped their target price for the stock from $104.77 to $112.00 in a research note on Monday, March 6th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Albemarle from a “buy” rating to a “hold” rating in a research note on Tuesday, November 29th. Finally, Robert W. Baird reaffirmed an “outperform” rating and issued a $125.00 target price on shares of Albemarle in a research note on Friday. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Albemarle currently has a consensus rating of “Buy” and an average price target of $109.73.
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Shares of Albemarle (NYSE:ALB) opened at 106.07 on Tuesday. The stock has a market capitalization of $11.94 billion, a price-to-earnings ratio of 18.66 and a beta of 1.41. Albemarle has a one year low of $60.34 and a one year high of $106.53. The company’s 50 day moving average price is $97.41 and its 200 day moving average price is $88.12.
Albemarle (NYSE:ALB) last announced its quarterly earnings data on Monday, February 27th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.05. Albemarle had a return on equity of 14.38% and a net margin of 6.92%. The business earned $696.70 million during the quarter, compared to analyst estimates of $642.68 million. During the same period last year, the company earned $1.03 earnings per share. Albemarle’s quarterly revenue was down 3.6% compared to the same quarter last year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its position in Albemarle by 3.0% in the fourth quarter. State Street Corp now owns 6,326,177 shares of the company’s stock valued at $544,643,000 after buying an additional 186,320 shares in the last quarter. Jennison Associates LLC boosted its position in Albemarle by 218.8% in the third quarter. Jennison Associates LLC now owns 4,147,707 shares of the company’s stock valued at $354,587,000 after buying an additional 2,846,734 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Albemarle by 4.9% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,162,729 shares of the company’s stock valued at $270,382,000 after buying an additional 148,484 shares in the last quarter. BlackRock Group LTD boosted its position in Albemarle by 4.9% in the third quarter. BlackRock Group LTD now owns 1,983,391 shares of the company’s stock valued at $169,560,000 after buying an additional 92,992 shares in the last quarter. Finally, BlackRock Fund Advisors boosted its position in Albemarle by 5.3% in the third quarter. BlackRock Fund Advisors now owns 1,950,857 shares of the company’s stock valued at $166,779,000 after buying an additional 98,715 shares in the last quarter. 86.50% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Chairman Luther C. Iv Kissam sold 2,542 shares of the company’s stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $90.46, for a total value of $229,949.32. Following the sale, the chairman now directly owns 190,628 shares of the company’s stock, valued at approximately $17,244,208.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Scott Tozier sold 1,057 shares of the company’s stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $90.62, for a total transaction of $95,785.34. Following the completion of the sale, the chief financial officer now directly owns 29,722 shares in the company, valued at $2,693,407.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,991 shares of company stock worth $361,246. 0.71% of the stock is owned by insiders.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Wednesday, March 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.21%. This is a boost from Albemarle’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Monday, March 13th. Albemarle’s dividend payout ratio is presently 63.54%.
Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, crop protection, household appliances, heating, ventilation, aluminum finishing, food safety and custom chemistry services.
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