Brokerages Anticipate Albemarle Corporation (ALB) Will Announce Quarterly Sales of $733.32 Million
Wall Street analysts expect that Albemarle Corporation (NYSE:ALB) will report sales of $733.32 million for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Albemarle Corporation’s earnings. The highest sales estimate is $745.10 million and the lowest is $715.14 million. Albemarle Corporation posted sales of $654.01 million during the same quarter last year, which would indicate a positive year over year growth rate of 12.1%. The firm is expected to issue its next earnings results after the market closes on Wednesday, November 8th.
On average, analysts expect that Albemarle Corporation will report full year sales of $733.32 million for the current fiscal year, with estimates ranging from $2.92 billion to $3.00 billion. For the next fiscal year, analysts expect that the business will report sales of $3.20 billion per share, with estimates ranging from $3.09 billion to $3.42 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Albemarle Corporation.
Albemarle Corporation (NYSE:ALB) last announced its quarterly earnings results on Monday, August 7th. The specialty chemicals company reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.02. Albemarle Corporation had a return on equity of 11.59% and a net margin of 31.49%. The firm had revenue of $737.25 million for the quarter, compared to analysts’ expectations of $735.50 million. During the same period in the prior year, the business posted $0.93 earnings per share. The company’s revenue was up 10.1% on a year-over-year basis.
A number of research analysts have recently weighed in on the company. Jefferies Group LLC reaffirmed a “buy” rating on shares of Albemarle Corporation in a research report on Tuesday. KeyCorp lifted their price objective on Albemarle Corporation from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, October 16th. Vertical Research reaffirmed a “hold” rating and set a $109.00 price objective (up from $108.00) on shares of Albemarle Corporation in a research report on Thursday, August 10th. SunTrust Banks, Inc. cut Albemarle Corporation from a “buy” rating to a “hold” rating and set a $121.00 price objective on the stock. in a research report on Wednesday, August 9th. Finally, BidaskClub cut Albemarle Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. Eight analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Albemarle Corporation has a consensus rating of “Buy” and a consensus price target of $123.63.
In other Albemarle Corporation news, EVP Karen G. Narwold sold 11,500 shares of Albemarle Corporation stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $115.95, for a total value of $1,333,425.00. Following the sale, the executive vice president now owns 36,620 shares of the company’s stock, valued at approximately $4,246,089. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Matthew Juneau sold 5,397 shares of Albemarle Corporation stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $115.77, for a total value of $624,810.69. Following the completion of the sale, the executive vice president now directly owns 360 shares in the company, valued at approximately $41,677.20. The disclosure for this sale can be found here. Insiders own 0.74% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. increased its stake in Albemarle Corporation by 2.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the specialty chemicals company’s stock worth $102,000 after acquiring an additional 20 shares during the last quarter. Carroll Financial Associates Inc. increased its stake in Albemarle Corporation by 0.3% in the 2nd quarter. Carroll Financial Associates Inc. now owns 982 shares of the specialty chemicals company’s stock worth $103,000 after acquiring an additional 3 shares during the last quarter. Smithfield Trust Co. increased its stake in Albemarle Corporation by 16.1% in the 2nd quarter. Smithfield Trust Co. now owns 1,008 shares of the specialty chemicals company’s stock worth $106,000 after acquiring an additional 140 shares during the last quarter. Highlander Capital Management LLC bought a new stake in Albemarle Corporation in the 2nd quarter worth approximately $106,000. Finally, Advisory Services Network LLC increased its stake in Albemarle Corporation by 43.7% in the 2nd quarter. Advisory Services Network LLC now owns 1,273 shares of the specialty chemicals company’s stock worth $134,000 after acquiring an additional 387 shares during the last quarter. 83.67% of the stock is currently owned by institutional investors and hedge funds.
Albemarle Corporation (NYSE ALB) opened at 138.53 on Tuesday. Albemarle Corporation has a 52-week low of $76.32 and a 52-week high of $141.40. The company has a market capitalization of $15.30 billion, a PE ratio of 17.72 and a beta of 1.67. The company has a 50 day moving average of $132.60 and a 200 day moving average of $116.92.
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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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