FY2024 Earnings Forecast for Albemarle Issued By Scotiabank

Albemarle Co. (NYSE:ALB) – Investment analysts at Scotiabank dropped their FY2024 EPS estimates for Albemarle in a research note issued to investors on Monday, November 11th. Scotiabank analyst B. Isaacson now expects that the specialty chemicals company will post earnings per share of ($2.11) for the year, down from their previous estimate of $3.10. Scotiabank currently has a “Sector Perform” rating and a $85.00 target price on the stock. The consensus estimate for Albemarle’s current full-year earnings is ($0.52) per share. Scotiabank also issued estimates for Albemarle’s FY2025 earnings at $2.74 EPS.

A number of other research analysts have also issued reports on the company. Mizuho decreased their target price on Albemarle from $128.00 to $103.00 in a report on Wednesday, July 31st. Baird R W lowered shares of Albemarle from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 5th. Berenberg Bank downgraded shares of Albemarle from a “buy” rating to a “hold” rating and decreased their price target for the stock from $160.00 to $83.00 in a research note on Wednesday, July 31st. Wells Fargo & Company increased their price objective on shares of Albemarle from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Albemarle from $115.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, August 19th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $114.47.

Albemarle Stock Performance

Shares of ALB stock opened at $108.19 on Thursday. Albemarle has a 52 week low of $71.97 and a 52 week high of $153.54. The firm has a 50 day moving average of $94.60 and a two-hundred day moving average of $100.20. The company has a quick ratio of 1.58, a current ratio of 2.44 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $12.72 billion, a PE ratio of -6.46 and a beta of 1.55.

Institutional Investors Weigh In On Albemarle

Several hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC grew its position in Albemarle by 3.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,832 shares of the specialty chemicals company’s stock valued at $268,000 after buying an additional 102 shares during the last quarter. Dorsey & Whitney Trust CO LLC increased its stake in shares of Albemarle by 4.6% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 2,655 shares of the specialty chemicals company’s stock worth $350,000 after acquiring an additional 116 shares during the period. Foster Group Inc. raised its holdings in Albemarle by 4.1% during the second quarter. Foster Group Inc. now owns 3,047 shares of the specialty chemicals company’s stock worth $291,000 after purchasing an additional 120 shares in the last quarter. abrdn plc increased its position in Albemarle by 0.3% during the 3rd quarter. abrdn plc now owns 42,529 shares of the specialty chemicals company’s stock worth $4,031,000 after purchasing an additional 146 shares during the period. Finally, Moser Wealth Advisors LLC raised its stake in shares of Albemarle by 5.3% during the 3rd quarter. Moser Wealth Advisors LLC now owns 2,925 shares of the specialty chemicals company’s stock worth $277,000 after buying an additional 146 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.405 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.62 dividend on an annualized basis and a yield of 1.50%. Albemarle’s dividend payout ratio is presently -9.67%.

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.