Jefferies Group Weighs in on Albemarle Corporation’s FY2017 Earnings (ALB)
Albemarle Corporation (NYSE:ALB) – Research analysts at Jefferies Group increased their FY2017 EPS estimates for shares of Albemarle Corporation in a research note issued on Thursday. Jefferies Group analyst L. Alexander now expects that the specialty chemicals company will post earnings per share of $4.35 for the year, up from their previous forecast of $4.30. Jefferies Group currently has a “Buy” rating and a $156.00 target price on the stock. Jefferies Group also issued estimates for Albemarle Corporation’s Q4 2017 earnings at $1.08 EPS, FY2018 earnings at $5.15 EPS and FY2021 earnings at $8.75 EPS.
A number of other analysts also recently weighed in on the company. Royal Bank Of Canada restated a “buy” rating and issued a $136.00 target price on shares of Albemarle Corporation in a research report on Wednesday. Instinet boosted their target price on Albemarle Corporation from $134.00 to $146.00 and gave the stock a “buy” rating in a research report on Monday. KeyCorp restated a “buy” rating and issued a $125.00 target price on shares of Albemarle Corporation in a research report on Sunday, September 3rd. CIBC assumed coverage on Albemarle Corporation in a research report on Thursday, August 17th. They issued an “outperform” rating and a $133.00 target price for the company. Finally, Oppenheimer Holdings, Inc. assumed coverage on Albemarle Corporation in a research report on Wednesday, August 16th. They issued an “outperform” rating and a $133.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $113.17.
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Shares of Albemarle Corporation (NYSE ALB) opened at 134.89 on Friday. The company’s 50-day moving average is $117.92 and its 200 day moving average is $111.37. The company has a market cap of $14.90 billion, a PE ratio of 17.25 and a beta of 1.61. Albemarle Corporation has a 52-week low of $76.32 and a 52-week high of $136.50.
Albemarle Corporation (NYSE:ALB) last posted its quarterly earnings data on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share for the quarter, topping the Thomson Reuters’ 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 business had revenue of $737.25 million during the quarter, compared to analysts’ expectations of $735.50 million. During the same quarter in the prior year, the business posted $0.93 earnings per share. Albemarle Corporation’s revenue was up 10.1% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.94%. Albemarle Corporation’s dividend payout ratio is presently 16.41%.
In related news, Chairman Luther C. Iv Kissam sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $110.08, for a total transaction of $5,504,000.00. Following the completion of the transaction, the chairman now owns 252,917 shares in the company, valued at $27,841,103.36. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Matthew Juneau sold 5,397 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $115.77, for a total value of $624,810.69. Following the transaction, the executive vice president now owns 360 shares of the company’s stock, valued at approximately $41,677.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,897 shares of company stock valued at $10,215,486. 0.74% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. Perigon Wealth Management LLC raised its holdings in shares of Albemarle Corporation by 6.4% during the second quarter. Perigon Wealth Management LLC now owns 7,046 shares of the specialty chemicals company’s stock valued at $746,000 after acquiring an additional 426 shares in the last quarter. W. E. Donoghue & Co. LLC bought a new position in shares of Albemarle Corporation during the second quarter valued at approximately $2,173,000. Lord Abbett & CO. LLC bought a new position in shares of Albemarle Corporation during the second quarter valued at approximately $11,681,000. USA Financial Portformulas Corp raised its holdings in shares of Albemarle Corporation by 9.6% during the second quarter. USA Financial Portformulas Corp now owns 30,985 shares of the specialty chemicals company’s stock valued at $3,270,000 after acquiring an additional 2,725 shares in the last quarter. Finally, Toronto Dominion Bank raised its holdings in shares of Albemarle Corporation by 23.6% during the second quarter. Toronto Dominion Bank now owns 37,565 shares of the specialty chemicals company’s stock valued at $3,964,000 after acquiring an additional 7,165 shares in the last quarter. Institutional investors own 83.73% of the company’s stock.
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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