Albemarle Co. (NYSE:ALB) – Research analysts at Seaport Global Securities cut their Q3 2018 earnings estimates for shares of Albemarle in a note issued to investors on Wednesday, October 17th. Seaport Global Securities analyst M. Harrison now expects that the specialty chemicals company will earn $1.20 per share for the quarter, down from their prior estimate of $1.21. Seaport Global Securities also issued estimates for Albemarle’s Q4 2018 earnings at $1.43 EPS, FY2018 earnings at $5.28 EPS, Q1 2019 earnings at $1.41 EPS, Q2 2019 earnings at $1.53 EPS, Q3 2019 earnings at $1.43 EPS, Q4 2019 earnings at $1.62 EPS and FY2019 earnings at $5.99 EPS.
Several other equities analysts have also recently issued reports on the stock. Goldman Sachs Group raised shares of Albemarle from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a research note on Tuesday, July 3rd. SunTrust Banks raised shares of Albemarle from a “hold” rating to a “buy” rating and upped their price target for the stock from $110.00 to $115.00 in a research note on Tuesday, September 4th. Zacks Investment Research raised shares of Albemarle from a “hold” rating to a “buy” rating and set a $104.00 price target on the stock in a research note on Tuesday, August 7th. ValuEngine cut shares of Albemarle from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. Finally, Loop Capital set a $130.00 price target on shares of Albemarle and gave the stock a “buy” rating in a research note on Monday, October 8th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and eighteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $124.55.
Albemarle (NYSE:ALB) last announced its quarterly earnings data on Tuesday, August 7th. The specialty chemicals company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.08. The company had revenue of $853.87 million for the quarter, compared to analysts’ expectations of $799.49 million. Albemarle had a net margin of 10.17% and a return on equity of 14.51%.
The business also recently declared a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 14th were paid a dividend of $0.335 per share. The ex-dividend date was Thursday, September 13th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 1.40%. Albemarle’s dividend payout ratio (DPR) is presently 29.19%.
In related news, EVP Karen G. Narwold sold 3,100 shares of the stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $97.11, for a total value of $301,041.00. Following the sale, the executive vice president now directly owns 30,242 shares of the company’s stock, valued at approximately $2,936,800.62. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.80% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Stoneridge Investment Partners LLC grew its stake in Albemarle by 29.2% in the 2nd quarter. Stoneridge Investment Partners LLC now owns 51,930 shares of the specialty chemicals company’s stock valued at $4,899,000 after acquiring an additional 11,728 shares during the last quarter. Neuburgh Advisers LLC grew its stake in Albemarle by 24.7% in the 2nd quarter. Neuburgh Advisers LLC now owns 13,736 shares of the specialty chemicals company’s stock valued at $1,296,000 after acquiring an additional 2,720 shares during the last quarter. Grandfield & Dodd LLC grew its stake in Albemarle by 7.0% in the 2nd quarter. Grandfield & Dodd LLC now owns 92,785 shares of the specialty chemicals company’s stock valued at $8,752,000 after acquiring an additional 6,030 shares during the last quarter. Wolverine Asset Management LLC acquired a new stake in Albemarle in the 2nd quarter valued at about $943,000. Finally, GSA Capital Partners LLP acquired a new stake in Albemarle in the 2nd quarter valued at about $212,000. 90.69% of the stock is currently owned by hedge funds and other institutional investors.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium and Advanced Materials segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and automobiles, 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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