Albemarle Corporation (ALB) Issues FY17 Earnings Guidance
Albemarle Corporation (NYSE:ALB) issued an update on its FY17 earnings guidance on Monday morning. The company provided EPS guidance of $4.20-4.40 for the period, compared to the Thomson Reuters consensus EPS estimate of $4.36. The company issued revenue guidance of $2.90-3.05 billion, compared to the consensus revenue estimate of $2.95 billion.
Albemarle Corporation (NYSE ALB) traded up 2.91% on Monday, hitting $123.08. 3,815,419 shares of the company’s stock were exchanged. The stock has a market cap of $13.63 billion, a P/E ratio of 29.91 and a beta of 1.59. The firm has a 50 day moving average price of $111.82 and a 200-day moving average price of $105.71. Albemarle Corporation has a 52-week low of $75.11 and a 52-week high of $123.48.
Albemarle Corporation (NYSE:ALB) last announced its quarterly earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.10 by $0.03. Albemarle Corporation had a return on equity of 11.97% and a net margin of 17.02%. The firm had revenue of $737.25 million for the quarter, compared to analyst estimates of $735.50 million. During the same quarter last year, the firm posted $0.93 earnings per share. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. Analysts predict that Albemarle Corporation will post $4.37 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a $0.32 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.28 annualized dividend and a yield of 1.04%. Albemarle Corporation’s dividend payout ratio (DPR) is presently 31.22%.
ALB has been the topic of several analyst reports. Jefferies Group LLC reiterated a buy rating and issued a $120.00 target price on shares of Albemarle Corporation in a research note on Friday, June 16th. Needham & Company LLC reiterated a buy rating and issued a $36.00 target price on shares of Albemarle Corporation in a research note on Thursday, June 29th. Royal Bank Of Canada reiterated a buy rating and issued a $132.00 target price on shares of Albemarle Corporation in a research note on Tuesday, April 18th. Nomura reiterated a buy rating and issued a $124.00 target price on shares of Albemarle Corporation in a research note on Friday, May 5th. Finally, Zacks Investment Research upgraded Albemarle Corporation from a hold rating to a buy rating and set a $121.00 target price on the stock in a research note on Friday, July 7th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $105.50.
In other Albemarle Corporation news, Director Douglas L. Maine sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $107.94, for a total value of $1,079,400.00. Following the completion of the sale, the director now owns 24,150 shares of the company’s stock, valued at $2,606,751. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Scott Tozier sold 25,000 shares of the firm’s stock in a transaction dated Friday, July 7th. The stock was sold at an average price of $110.13, for a total value of $2,753,250.00. Following the completion of the sale, the chief financial officer now directly owns 57,506 shares of the company’s stock, valued at approximately $6,333,135.78. The disclosure for this sale can be found here. In the last three months, insiders sold 105,000 shares of company stock valued at $11,499,850. Corporate insiders own 0.74% of the company’s stock.
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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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