$733.32 Million in Sales Expected for Albemarle Corporation (ALB) This Quarter
Analysts expect Albemarle Corporation (NYSE:ALB) to post sales of $733.32 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for Albemarle Corporation’s earnings, with estimates ranging from $715.14 million to $745.10 million. Albemarle Corporation reported sales of $654.01 million in the same quarter last year, which would suggest a positive year over year growth rate of 12.1%. The firm is expected to issue its next quarterly earnings results on Monday, November 6th.
According to Zacks, analysts expect that Albemarle Corporation will report full-year sales of $733.32 million for the current financial year, with estimates ranging from $2.92 billion to $3.00 billion. For the next financial year, analysts forecast that the firm will report sales of $3.20 billion per share, with estimates ranging from $3.09 billion to $3.42 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Albemarle Corporation.
Albemarle Corporation (NYSE:ALB) last released its earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.02. The firm had revenue of $737.25 million during the quarter, compared to analyst estimates of $735.50 million. Albemarle Corporation had a net margin of 31.49% and a return on equity of 11.59%. The business’s revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the business earned $0.93 EPS.
Several research analysts have recently weighed in on the stock. Goldman Sachs Group, Inc. (The) cut shares of Albemarle Corporation from a “buy” rating to a “neutral” rating and boosted their price target for the company from $139.66 to $142.00 in a research report on Friday. CIBC assumed coverage on shares of Albemarle Corporation in a research report on Thursday, August 17th. They set an “outperform” rating and a $133.00 price target on the stock. Piper Jaffray Companies reissued an “overweight” rating and set a $47.00 price target on shares of Albemarle Corporation in a research report on Thursday, June 29th. SunTrust Banks, Inc. cut shares of Albemarle Corporation from a “buy” rating to a “hold” rating and set a $121.00 price target on the stock. in a research report on Wednesday, August 9th. Finally, KeyCorp upped their target price on shares of Albemarle Corporation from $120.00 to $125.00 and gave the company an “overweight” rating in a research report on Monday, June 12th. Nine equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Albemarle Corporation presently has an average rating of “Buy” and an average price target of $116.47.
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Albemarle Corporation (NYSE ALB) traded down 2.69% during midday trading on Friday, hitting $135.91. 926,090 shares of the stock traded hands. The firm has a market cap of $15.01 billion, a PE ratio of 17.38 and a beta of 1.67. The stock has a 50-day moving average of $124.49 and a 200 day moving average of $113.88. Albemarle Corporation has a 52-week low of $76.32 and a 52-week high of $140.10.
The company also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.92%. Albemarle Corporation’s payout ratio is 16.41%.
In related news, EVP Karen G. Narwold sold 11,500 shares of the company’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 36,620 shares in the company, valued at $4,246,089. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Matthew Juneau sold 5,397 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $115.77, for a total transaction of $624,810.69. Following the sale, 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. 0.74% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Albemarle Corporation by 1.7% in the second quarter. Vanguard Group Inc. now owns 12,501,329 shares of the specialty chemicals company’s stock valued at $1,319,389,000 after purchasing an additional 213,530 shares during the last quarter. BlackRock Inc. increased its stake in Albemarle Corporation by 2,805.3% in the first quarter. BlackRock Inc. now owns 8,310,717 shares of the specialty chemicals company’s stock valued at $877,947,000 after purchasing an additional 8,024,668 shares during the last quarter. Jennison Associates LLC increased its stake in Albemarle Corporation by 12.0% in the second quarter. Jennison Associates LLC now owns 6,421,530 shares of the specialty chemicals company’s stock valued at $677,728,000 after purchasing an additional 689,054 shares during the last quarter. State Street Corp increased its stake in Albemarle Corporation by 0.5% in the first quarter. State Street Corp now owns 6,356,839 shares of the specialty chemicals company’s stock valued at $671,675,000 after purchasing an additional 30,662 shares during the last quarter. Finally, FMR LLC increased its stake in Albemarle Corporation by 3.9% in the first quarter. FMR LLC now owns 2,269,067 shares of the specialty chemicals company’s stock valued at $239,703,000 after purchasing an additional 84,189 shares during the last quarter. Institutional investors own 83.77% 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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