Analysts Offer Predictions for Albemarle Co.’s FY2024 Earnings (NYSE:ALB)

Albemarle Co. (NYSE:ALB) – Equities researchers at Oppenheimer issued their FY2024 earnings per share (EPS) estimates for shares of Albemarle in a report issued on Monday, September 13th. Oppenheimer analyst C. Rusch anticipates that the specialty chemicals company will post earnings of $7.69 per share for the year. Oppenheimer has a “Outperform” rating and a $296.00 price objective on the stock. Oppenheimer also issued estimates for Albemarle’s FY2025 earnings at $9.33 EPS.

Albemarle (NYSE:ALB) last issued its quarterly earnings data on Tuesday, August 3rd. The specialty chemicals company reported $0.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.06. Albemarle had a net margin of 21.78% and a return on equity of 8.92%. The company had revenue of $773.90 million during the quarter, compared to the consensus estimate of $787.72 million. During the same quarter last year, the company earned $0.86 earnings per share. Albemarle’s revenue for the quarter was up 1.3% on a year-over-year basis.

A number of other research firms also recently weighed in on ALB. Zacks Investment Research raised shares of Albemarle from a “hold” rating to a “buy” rating and set a $197.00 price target for the company in a research report on Tuesday, July 13th. Loop Capital raised their price target on shares of Albemarle from $208.00 to $253.00 and gave the stock a “buy” rating in a research report on Monday, August 23rd. UBS Group raised their price target on shares of Albemarle from $240.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday. Cowen raised their price objective on Albemarle from $180.00 to $260.00 and gave the stock an “outperform” rating in a research note on Monday, August 30th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Albemarle from $245.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $199.95.

ALB stock opened at $230.47 on Tuesday. Albemarle has a twelve month low of $79.06 and a twelve month high of $253.10. The company has a current ratio of 2.18, a quick ratio of 1.44 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $26.95 billion, a P/E ratio of 37.35, a PEG ratio of 4.50 and a beta of 1.57. The firm has a 50 day simple moving average of $214.39 and a 200-day simple moving average of $178.41.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Friday, September 17th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend is Thursday, September 16th. Albemarle’s payout ratio is 37.86%.

In related news, EVP Karen G. Narwold sold 1,337 shares of Albemarle stock in a transaction dated Wednesday, September 8th. The shares were sold at an average price of $243.75, for a total transaction of $325,893.75. Following the sale, the executive vice president now directly owns 19,533 shares in the company, valued at $4,761,168.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Raphael Goszcz Crawford sold 9,521 shares of Albemarle stock in a transaction dated Tuesday, August 10th. The stock was sold at an average price of $240.41, for a total value of $2,288,943.61. Following the transaction, the insider now directly owns 22,340 shares in the company, valued at $5,370,759.40. The disclosure for this sale can be found here. Insiders sold 23,534 shares of company stock worth $5,298,393 over the last quarter. 0.63% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Albemarle by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 13,391,991 shares of the specialty chemicals company’s stock worth $2,256,016,000 after purchasing an additional 133,942 shares in the last quarter. BlackRock Inc. boosted its position in Albemarle by 10.5% during the 2nd quarter. BlackRock Inc. now owns 9,754,228 shares of the specialty chemicals company’s stock worth $1,643,197,000 after acquiring an additional 928,984 shares during the period. Franklin Resources Inc. boosted its position in Albemarle by 3.7% during the 2nd quarter. Franklin Resources Inc. now owns 7,530,429 shares of the specialty chemicals company’s stock worth $1,268,576,000 after acquiring an additional 271,845 shares during the period. State Street Corp boosted its position in Albemarle by 9.3% during the 2nd quarter. State Street Corp now owns 5,783,084 shares of the specialty chemicals company’s stock worth $976,445,000 after acquiring an additional 490,201 shares during the period. Finally, Baillie Gifford & Co. boosted its position in Albemarle by 10.3% during the 1st quarter. Baillie Gifford & Co. now owns 4,627,283 shares of the specialty chemicals company’s stock worth $676,092,000 after acquiring an additional 431,127 shares during the period. 81.13% of the stock is currently owned by hedge funds and other institutional investors.

About Albemarle

Albemarle Corp. engages in developing, manufacturing, 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 Specialties, and Catalysts.

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Earnings History and Estimates for Albemarle (NYSE:ALB)

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