Albemarle (NYSE:ALB) Updates FY 2023 Earnings Guidance

Albemarle (NYSE:ALB – Get Rating) updated its FY 2023 earnings guidance on Monday. The company provided earnings per share guidance of $26.00-$33.00 for the period, compared to the consensus earnings per share estimate of $28.08. The company issued revenue guidance of $11.30 billion-$12.90 billion, compared to the consensus revenue estimate of $10.18 billion. Albemarle also updated its FY 2022 guidance to $21.65-$22.05 EPS.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Oppenheimer restated an outperform rating and issued a $440.00 price objective on shares of Albemarle in a report on Wednesday, October 26th. Citigroup cut their price target on shares of Albemarle from $345.00 to $295.00 and set a buy rating on the stock in a research report on Thursday, December 15th. Bank of America upped their price target on shares of Albemarle from $262.00 to $332.00 and gave the company a neutral rating in a research report on Monday, October 3rd. StockNews.com initiated coverage on shares of Albemarle in a research report on Wednesday, October 12th. They set a hold rating on the stock. Finally, Credit Suisse Group upped their price target on shares of Albemarle from $196.00 to $200.00 and gave the company an underperform rating in a research report on Thursday, November 3rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $287.47.

Albemarle Trading Up 4.9 %

NYSE:ALB opened at $260.64 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.08 and a current ratio of 1.73. The firm 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. Albemarle has a 52 week low of $169.93 and a 52 week high of $334.55. The firm has a 50-day moving average price of $248.89 and a two-hundred day moving average price of $258.97.

Albemarle (NYSE:ALB – Get Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The specialty chemicals company reported $7.50 EPS for the quarter, beating the consensus estimate of $6.84 by $0.66. The firm had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.21 billion. Albemarle had a net margin of 27.77% and a return on equity of 26.84%. The company’s revenue for the quarter was up 151.9% on a year-over-year basis. During the same quarter last year, the business posted $1.05 EPS. On average, equities analysts expect that Albemarle will post 20.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Albemarle

In other news, EVP Karen G. Narwold sold 9,072 shares of the firm’s stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $322.26, for a total transaction of $2,923,542.72. Following the completion of the sale, the executive vice president now owns 8,507 shares in the company, valued at approximately $2,741,465.82. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Scott Tozier sold 1,719 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 63,384 shares in the company, valued at approximately $13,944,480. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Karen G. Narwold sold 9,072 shares of the firm’s stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $322.26, for a total transaction of $2,923,542.72. Following the sale, the executive vice president now owns 8,507 shares of the company’s stock, valued at approximately $2,741,465.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,681 shares of company stock worth $5,310,662. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On Albemarle

Large investors have recently modified their holdings of the stock. Covestor Ltd grew its stake in Albemarle by 51.2% in the 1st quarter. Covestor Ltd now owns 130 shares of the specialty chemicals company’s stock valued at $29,000 after buying an additional 44 shares in the last quarter. Global Wealth Management Investment Advisory Inc. grew its stake in Albemarle by 49.2% in the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 267 shares of the specialty chemicals company’s stock valued at $59,000 after buying an additional 88 shares in the last quarter. Stonebridge Capital Advisors LLC purchased a new position in Albemarle in the 1st quarter valued at approximately $95,000. Centaurus Financial Inc. bought a new position in Albemarle in the 1st quarter valued at $117,000. Finally, Geneos Wealth Management Inc. boosted its holdings in Albemarle by 9.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 792 shares of the specialty chemicals company’s stock valued at $175,000 after purchasing an additional 66 shares during the period. Hedge funds and other institutional investors own 82.24% of the company’s stock.

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.