Albemarle Corporation to Post FY2017 Earnings of $4.38 Per Share, Oppenheimer Holdings Forecasts (ALB)
Albemarle Corporation (NYSE:ALB) – Equities researchers at Oppenheimer Holdings issued their FY2017 earnings estimates for Albemarle Corporation in a report issued on Wednesday. Oppenheimer Holdings analyst C. Rusch forecasts that the specialty chemicals company will earn $4.38 per share for the year. Oppenheimer Holdings currently has a “Outperform” rating and a $133.00 target price on the stock. Oppenheimer Holdings also issued estimates for Albemarle Corporation’s FY2018 earnings at $4.96 EPS, FY2020 earnings at $5.89 EPS and FY2021 earnings at $6.45 EPS.
Albemarle Corporation (NYSE:ALB) last released its quarterly earnings data on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.02. Albemarle Corporation had a net margin of 31.49% and a return on equity of 11.59%. The firm had revenue of $737.25 million during the quarter, compared to analysts’ expectations of $735.50 million. During the same period in the previous year, the company earned $0.93 earnings per share. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. ILLEGAL ACTIVITY WARNING: “Albemarle Corporation to Post FY2017 Earnings of $4.38 Per Share, Oppenheimer Holdings Forecasts (ALB)” was first published by American Banking News and is the sole property of of American Banking News. If you are viewing this story on another publication, it was copied illegally and reposted in violation of U.S. & international trademark and copyright laws. The legal version of this story can be viewed at https://www.americanbankingnews.com/2017/08/21/albemarle-corporation-to-post-fy2017-earnings-of-4-38-per-share-oppenheimer-holdings-forecasts-alb.html.
ALB has been the subject of a number of other reports. Morgan Stanley lowered their target price on shares of Albemarle Corporation from $100.00 to $72.00 and set an “equal weight” rating for the company in a research note on Thursday, May 25th. BidaskClub cut shares of Albemarle Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. 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. Vertical Research reiterated a “hold” rating and issued a $109.00 target price (up from $108.00) on shares of Albemarle Corporation in a research note on Thursday, August 10th. Finally, KeyCorp lifted their target price on shares of Albemarle Corporation from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, June 12th. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $109.61.
Albemarle Corporation (NYSE ALB) opened at 112.59 on Monday. Albemarle Corporation has a 12-month low of $75.11 and a 12-month high of $123.48. The stock has a market capitalization of $12.44 billion, a PE ratio of 14.40 and a beta of 1.59. The stock’s 50 day moving average is $114.72 and its 200 day moving average is $107.36.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.14%. The ex-dividend date is Thursday, September 14th. Albemarle Corporation’s dividend payout ratio (DPR) is 16.41%.
In related news, CFO Scott Tozier sold 25,000 shares of the business’s stock in a transaction on Friday, July 7th. The shares were 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 owns 57,506 shares of the company’s stock, valued at approximately $6,333,135.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Douglas L. Maine sold 10,000 shares of the business’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $107.94, for a total transaction of $1,079,400.00. Following the completion of the sale, the director now directly owns 24,150 shares of the company’s stock, valued at approximately $2,606,751. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 105,000 shares of company stock valued at $11,499,850. Insiders own 0.74% of the company’s stock.
A number of large investors have recently modified their holdings of ALB. Northwestern Mutual Wealth Management Co. raised its stake in shares of Albemarle Corporation by 2.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the specialty chemicals company’s stock valued at $102,000 after buying an additional 20 shares during the last quarter. Carroll Financial Associates Inc. raised its stake in shares of Albemarle Corporation by 0.3% in the second quarter. Carroll Financial Associates Inc. now owns 982 shares of the specialty chemicals company’s stock valued at $103,000 after buying an additional 3 shares during the last quarter. Smithfield Trust Co. raised its stake in shares of Albemarle Corporation by 16.1% in the second quarter. Smithfield Trust Co. now owns 1,008 shares of the specialty chemicals company’s stock valued at $106,000 after buying an additional 140 shares during the last quarter. Highlander Capital Management LLC bought a new stake in shares of Albemarle Corporation during the second quarter valued at approximately $106,000. Finally, Advisory Services Network LLC raised its stake in shares of Albemarle Corporation by 43.7% in the second quarter. Advisory Services Network LLC now owns 1,273 shares of the specialty chemicals company’s stock valued at $134,000 after buying an additional 387 shares during the last quarter. 86.22% of the stock is owned by institutional investors.
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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