Jefferies Financial Group Comments on Albemarle Co.’s Q2 2022 Earnings (NYSE:ALB)

Albemarle Co. (NYSE:ALBGet Rating) – Equities researchers at Jefferies Financial Group raised their Q2 2022 earnings per share estimates for Albemarle in a report issued on Tuesday, May 10th. Jefferies Financial Group analyst L. Alexander now anticipates that the specialty chemicals company will post earnings of $2.64 per share for the quarter, up from their prior estimate of $1.42. Jefferies Financial Group also issued estimates for Albemarle’s Q3 2022 earnings at $2.73 EPS, Q4 2022 earnings at $2.86 EPS, FY2022 earnings at $10.70 EPS and FY2023 earnings at $14.25 EPS.

Albemarle (NYSE:ALBGet Rating) last posted its earnings results on Wednesday, May 4th. The specialty chemicals company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.65. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.03 billion. Albemarle had a return on equity of 10.35% and a net margin of 7.76%. The firm’s revenue was up 36.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.10 EPS.

Other research analysts have also issued reports about the company. Zacks Investment Research lowered Albemarle from a “strong-buy” rating to a “hold” rating and set a $200.00 target price on the stock. in a report on Monday, February 21st. Wells Fargo & Company raised Albemarle from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $215.00 to $285.00 in a report on Wednesday. HSBC upgraded Albemarle from a “hold” rating to a “buy” rating and boosted their price target for the company from $250.00 to $280.00 in a research note on Wednesday, January 26th. TheStreet upgraded Albemarle from a “c+” rating to a “b” rating in a research note on Wednesday, May 4th. Finally, StockNews.com upgraded Albemarle from a “sell” rating to a “hold” rating in a research note on Friday, May 6th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Albemarle has a consensus rating of “Buy” and an average price target of $272.89.

ALB stock opened at $228.82 on Thursday. The company has a current ratio of 1.11, a quick ratio of 0.63 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $26.80 billion, a PE ratio of 96.14, a PEG ratio of 0.78 and a beta of 1.55. Albemarle has a 1-year low of $152.58 and a 1-year high of $291.48. The business’s 50 day simple moving average is $207.15 and its 200 day simple moving average is $225.86.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Albemarle by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 13,661,001 shares of the specialty chemicals company’s stock worth $3,021,130,000 after purchasing an additional 75,867 shares in the last quarter. BlackRock Inc. increased its holdings in Albemarle by 8.8% in the 1st quarter. BlackRock Inc. now owns 9,924,312 shares of the specialty chemicals company’s stock worth $2,194,761,000 after purchasing an additional 803,134 shares in the last quarter. Geode Capital Management LLC increased its holdings in Albemarle by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 2,145,611 shares of the specialty chemicals company’s stock worth $500,283,000 after purchasing an additional 71,109 shares in the last quarter. Capital Research Global Investors increased its holdings in Albemarle by 1.8% in the 4th quarter. Capital Research Global Investors now owns 1,241,023 shares of the specialty chemicals company’s stock worth $290,114,000 after purchasing an additional 21,735 shares in the last quarter. Finally, Pictet Asset Management SA increased its holdings in Albemarle by 6.0% in the 4th quarter. Pictet Asset Management SA now owns 1,192,093 shares of the specialty chemicals company’s stock worth $278,676,000 after purchasing an additional 67,297 shares in the last quarter. 80.03% of the stock is owned by institutional investors and hedge funds.

In other Albemarle news, insider Netha N. Johnson acquired 1,060 shares of the company’s stock in a transaction that occurred on Friday, February 18th. The stock was acquired at an average cost of $187.81 per share, for a total transaction of $199,078.60. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO J Kent Masters acquired 5,241 shares of the company’s stock in a transaction that occurred on Friday, February 18th. The shares were acquired at an average price of $190.80 per share, with a total value of $999,982.80. The disclosure for this purchase can be found here. 0.25% of the stock is owned by corporate insiders.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Friday, June 10th will be given a dividend of $0.395 per share. The ex-dividend date is Thursday, June 9th. This represents a $1.58 annualized dividend and a dividend yield of 0.69%. Albemarle’s dividend payout ratio is currently 66.39%.

Albemarle Company Profile (Get Rating)

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Lithium, Bromine, and Catalysts. The Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties; and reagents, such as butyllithium and lithium aluminum hydride for use 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 in the areas of steroid chemistry and vitamins, life sciences, pharmaceutical industry, and other markets.

Further Reading

Earnings History and Estimates for Albemarle (NYSE:ALB)

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