FY2019 Earnings Estimate for Albemarle Co. (NYSE:ALB) Issued By Seaport Global Securities
Albemarle Co. (NYSE:ALB) – Equities researchers at Seaport Global Securities decreased their FY2019 earnings estimates for Albemarle in a report released on Thursday, November 14th. Seaport Global Securities analyst M. Harrison now expects that the specialty chemicals company will earn $6.06 per share for the year, down from their prior forecast of $6.08. Seaport Global Securities currently has a “Neutral” rating on the stock. Seaport Global Securities also issued estimates for Albemarle’s Q4 2019 earnings at $1.75 EPS, Q1 2020 earnings at $1.08 EPS, Q2 2020 earnings at $1.15 EPS, Q3 2020 earnings at $1.17 EPS, Q4 2020 earnings at $1.46 EPS and FY2021 earnings at $5.52 EPS.
Other analysts have also recently issued research reports about the company. Bank of America cut Albemarle from a “buy” rating to an “underperform” rating in a report on Monday, October 28th. G.Research restated a “buy” rating on shares of Albemarle in a report on Thursday, September 12th. BMO Capital Markets decreased their price target on Albemarle from $95.00 to $80.00 and set an “outperform” rating for the company in a report on Friday, October 25th. They noted that the move was a valuation call. Wells Fargo & Co decreased their price target on Albemarle from $75.00 to $65.00 and set a “market perform” rating for the company in a report on Friday, October 25th. Finally, Royal Bank of Canada cut Albemarle from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $77.00 to $71.00 in a report on Tuesday. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $83.70.
Albemarle (NYSE:ALB) last issued its earnings results on Wednesday, November 6th. The specialty chemicals company reported $1.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.49 by $0.04. Albemarle had a return on equity of 15.94% and a net margin of 16.27%. The business had revenue of $879.70 million during the quarter, compared to analysts’ expectations of $883.67 million. During the same quarter in the previous year, the business earned $1.31 EPS. The company’s revenue for the quarter was up 13.1% on a year-over-year basis.
Several institutional investors have recently added to or reduced their stakes in the company. Cetera Advisor Networks LLC boosted its stake in shares of Albemarle by 12.3% during the 3rd quarter. Cetera Advisor Networks LLC now owns 7,956 shares of the specialty chemicals company’s stock valued at $553,000 after buying an additional 872 shares during the last quarter. Meridian Management Co. raised its position in shares of Albemarle by 35.5% during the 3rd quarter. Meridian Management Co. now owns 43,302 shares of the specialty chemicals company’s stock valued at $3,010,000 after acquiring an additional 11,346 shares in the last quarter. BBVA USA Bancshares Inc. raised its position in shares of Albemarle by 14.8% during the 3rd quarter. BBVA USA Bancshares Inc. now owns 12,444 shares of the specialty chemicals company’s stock valued at $864,000 after acquiring an additional 1,607 shares in the last quarter. Griffin Asset Management Inc. raised its position in shares of Albemarle by 113,633.3% during the 3rd quarter. Griffin Asset Management Inc. now owns 17,060 shares of the specialty chemicals company’s stock valued at $1,186,000 after acquiring an additional 17,045 shares in the last quarter. Finally, Vestmark Advisory Solutions Inc. raised its position in shares of Albemarle by 13.7% during the 3rd quarter. Vestmark Advisory Solutions Inc. now owns 3,833 shares of the specialty chemicals company’s stock valued at $266,000 after acquiring an additional 461 shares in the last quarter. Institutional investors own 90.46% of the company’s stock.
In other Albemarle news, insider Eric Norris bought 3,090 shares of Albemarle stock in a transaction dated Tuesday, August 20th. The stock was bought at an average cost of $64.66 per share, for a total transaction of $199,799.40. Following the purchase, the insider now owns 164 shares in the company, valued at approximately $10,604.24. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Luther C. Iv Kissam sold 36,000 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.00, for a total value of $2,520,000.00. Following the transaction, the chief executive officer now owns 334,046 shares of the company’s stock, valued at $23,383,220. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.368 per share. This is a boost from Albemarle’s previous quarterly dividend of $0.37. This represents a $1.47 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend is Thursday, December 12th. Albemarle’s dividend payout ratio is 26.82%.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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