Albemarle (NYSE:ALB) Issues FY23 Earnings Guidance

Albemarle (NYSE:ALBGet Rating) issued an update on its FY23 earnings guidance on Monday morning. The company provided EPS guidance of $26.00-33.00 for the period, compared to the consensus EPS estimate of $28.23. The company issued revenue guidance of $11.30-12.90 billion, compared to the consensus revenue estimate of $10.02 billion. Albemarle also updated its FY 2022 guidance to $21.65-$22.05 EPS.

Albemarle Trading Up 4.9 %

ALB opened at $260.64 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.73 and a quick ratio of 1.08. The company has a market cap of $30.53 billion, a price-to-earnings ratio of 19.76, a price-to-earnings-growth ratio of 0.57 and a beta of 1.45. The firm has a 50 day simple moving average of $248.89 and a 200 day simple moving average of $258.97. Albemarle has a fifty-two week low of $169.93 and a fifty-two week high of $334.55.

Albemarle (NYSE:ALBGet Rating) last posted its quarterly earnings results on Wednesday, November 2nd. The specialty chemicals company reported $7.50 earnings per share for the quarter, topping analysts’ consensus estimates of $6.84 by $0.66. The business had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.21 billion. Albemarle had a net margin of 27.77% and a return on equity of 26.84%. Albemarle’s revenue for the quarter was up 151.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.05 earnings per share. On average, sell-side analysts anticipate that Albemarle will post 20.95 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on ALB shares. Oppenheimer restated an outperform rating and set a $440.00 price objective on shares of Albemarle in a report on Wednesday, October 26th. Credit Suisse Group boosted their price objective on shares of Albemarle from $196.00 to $200.00 and gave the company an underperform rating in a report on Thursday, November 3rd. Berenberg Bank cut shares of Albemarle from a buy rating to a hold rating and boosted their price objective for the company from $260.00 to $270.00 in a report on Thursday, October 13th. Citigroup decreased their price objective on shares of Albemarle from $345.00 to $295.00 and set a buy rating for the company in a report on Thursday, December 15th. Finally, Morgan Stanley boosted their price objective on shares of Albemarle from $145.00 to $155.00 and gave the company an underweight rating in a report on Monday, November 28th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $287.47.

Insiders Place Their Bets

In other Albemarle news, CFO Scott Tozier sold 1,719 shares of the company’s stock in a transaction on Friday, January 6th. The shares were sold at an average price of $220.00, for a total transaction of $378,180.00. Following the sale, the chief financial officer now directly owns 63,384 shares of the company’s stock, valued at $13,944,480. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Albemarle news, CFO Scott Tozier sold 1,719 shares of the company’s stock in a transaction on Friday, January 6th. The shares were sold at an average price of $220.00, for a total transaction of $378,180.00. Following the sale, the chief financial officer now directly owns 63,384 shares of the company’s stock, valued at $13,944,480. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Karen G. Narwold sold 2,250 shares of the company’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $285.66, for a total transaction of $642,735.00. Following the sale, the executive vice president now directly owns 11,444 shares in the company, valued at $3,269,093.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,681 shares of company stock valued at $5,310,662. 0.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Albemarle

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Albemarle by 0.6% in the first quarter. Vanguard Group Inc. now owns 13,661,001 shares of the specialty chemicals company’s stock valued at $3,021,130,000 after acquiring an additional 75,867 shares in the last quarter. State Street Corp grew its stake in shares of Albemarle by 0.3% in the first quarter. State Street Corp now owns 5,364,655 shares of the specialty chemicals company’s stock valued at $1,188,408,000 after acquiring an additional 16,968 shares in the last quarter. Invesco Ltd. grew its stake in shares of Albemarle by 14.3% in the first quarter. Invesco Ltd. now owns 1,247,801 shares of the specialty chemicals company’s stock valued at $275,952,000 after acquiring an additional 155,848 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Albemarle by 33.6% in the first quarter. Wellington Management Group LLP now owns 865,408 shares of the specialty chemicals company’s stock valued at $191,386,000 after acquiring an additional 217,538 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Albemarle by 2.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 560,536 shares of the specialty chemicals company’s stock valued at $123,963,000 after acquiring an additional 15,227 shares in the last quarter. 82.24% of the stock is owned by institutional investors.

About Albemarle

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Albemarle Corp. engages in the development, manufacture, and marketing of chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food-safety, and custom chemistry services. It operates through the following segments: Lithium, Bromine, Catalysts, and All Other.

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Earnings History and Estimates for Albemarle (NYSE:ALB)

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