Albemarle (NYSE:ALB) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Albemarle (NYSE:ALB) issued its quarterly earnings results on Wednesday. The specialty chemicals company reported ($0.53) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.09, FiscalAI reports. Albemarle had a negative net margin of 0.43% and a positive return on equity of 0.10%. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion.

Albemarle Trading Up 4.2%

Shares of ALB stock traded up $7.00 on Wednesday, hitting $175.56. 3,728,624 shares of the stock traded hands, compared to its average volume of 3,524,033. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.51 and a current ratio of 2.27. Albemarle has a twelve month low of $49.43 and a twelve month high of $195.68. The firm’s 50-day moving average price is $155.57 and its two-hundred day moving average price is $113.65. The stock has a market capitalization of $20.66 billion, a PE ratio of -110.41, a PEG ratio of 2.39 and a beta of 1.44.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ALB. Berenberg Bank raised their target price on Albemarle from $75.00 to $135.00 and gave the company a “hold” rating in a research report on Tuesday, January 6th. Zacks Research upgraded Albemarle from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Wells Fargo & Company raised their price objective on Albemarle from $135.00 to $174.00 and gave the company an “equal weight” rating in a report on Monday, January 26th. JPMorgan Chase & Co. lifted their target price on shares of Albemarle from $80.00 to $195.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. Finally, Evercore upped their target price on shares of Albemarle from $88.00 to $100.00 and gave the stock an “in-line” rating in a report on Tuesday, November 11th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $162.24.

Hedge Funds Weigh In On Albemarle

Institutional investors and hedge funds have recently bought and sold shares of the company. Zions Bancorporation National Association UT raised its position in shares of Albemarle by 7.6% during the 4th quarter. Zions Bancorporation National Association UT now owns 2,697 shares of the specialty chemicals company’s stock valued at $381,000 after buying an additional 191 shares during the period. Focus Partners Advisor Solutions LLC purchased a new stake in Albemarle in the fourth quarter valued at $409,000. Cerity Partners LLC raised its position in Albemarle by 51.2% in the fourth quarter. Cerity Partners LLC now owns 26,952 shares of the specialty chemicals company’s stock valued at $3,813,000 after purchasing an additional 9,124 shares during the period. O Shaughnessy Asset Management LLC lifted its stake in shares of Albemarle by 87.0% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 15,263 shares of the specialty chemicals company’s stock valued at $2,159,000 after purchasing an additional 7,099 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Albemarle during the 4th quarter worth $65,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

About Albemarle

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.