Albemarle (NYSE:ALB) Releases Earnings Results, Misses Expectations By $1.24 EPS

Albemarle (NYSE:ALB) announced its quarterly earnings data on Wednesday. The specialty chemicals company reported ($1.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($1.24), reports. Albemarle had a negative net margin of 6.72% and a positive return on equity of 6.38%. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.39 billion. Albemarle updated its FY 2024 guidance to EPS.

Albemarle Stock Performance

ALB stock traded down $2.52 during trading on Friday, reaching $97.41. 697,892 shares of the stock were exchanged, compared to its average volume of 2,960,437. The company has a market capitalization of $11.45 billion, a P/E ratio of -20.79 and a beta of 1.55. The company has a current ratio of 2.67, a quick ratio of 1.75 and a debt-to-equity ratio of 0.38. Albemarle has a twelve month low of $71.97 and a twelve month high of $153.54. The stock has a 50 day simple moving average of $93.14 and a 200-day simple moving average of $100.56.

Albemarle Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Friday, December 13th. Albemarle’s dividend payout ratio (DPR) is presently -34.25%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. HSBC lowered Albemarle from a “buy” rating to a “hold” rating and set a $95.00 target price for the company. in a report on Wednesday, July 17th. Evercore ISI reduced their target price on Albemarle from $190.00 to $170.00 and set an “outperform” rating for the company in a report on Wednesday, August 28th. KeyCorp cut their price objective on Albemarle from $151.00 to $132.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Citigroup cut their price objective on Albemarle from $137.00 to $100.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Finally, Scotiabank cut their price objective on Albemarle from $135.00 to $85.00 and set a “sector perform” rating for the company in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $113.58.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Community Trust NA bought a new position in Albemarle during the second quarter worth about $25,000. CVA Family Office LLC raised its stake in shares of Albemarle by 610.0% in the second quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after acquiring an additional 244 shares during the last quarter. Eastern Bank bought a new position in shares of Albemarle in the third quarter valued at approximately $31,000. Eagle Bay Advisors LLC raised its stake in shares of Albemarle by 45.0% in the first quarter. Eagle Bay Advisors LLC now owns 332 shares of the specialty chemicals company’s stock valued at $44,000 after acquiring an additional 103 shares during the last quarter. Finally, Cromwell Holdings LLC raised its stake in shares of Albemarle by 61.9% in the third quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock valued at $37,000 after acquiring an additional 148 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

Albemarle Company Profile

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.