Albemarle Co. (NYSE:ALB) Announces Quarterly Dividend of $0.39
Albemarle Co. (NYSE:ALB) announced a quarterly dividend on Tuesday, July 14th, RTT News reports. Investors of record on Friday, September 18th will be paid a dividend of 0.385 per share by the specialty chemicals company on Thursday, October 1st. This represents a $1.54 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Thursday, September 17th.
Albemarle has raised its dividend by 20.5% over the last three years and has raised its dividend every year for the last 15 years. Albemarle has a payout ratio of 43.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Albemarle to earn $4.09 per share next year, which means the company should continue to be able to cover its $1.54 annual dividend with an expected future payout ratio of 37.7%.
NYSE:ALB opened at $98.39 on Wednesday. Albemarle has a 1-year low of $48.89 and a 1-year high of $100.31. The company has a current ratio of 1.61, a quick ratio of 1.01 and a debt-to-equity ratio of 0.74. The firm has a fifty day simple moving average of $90.45 and a 200 day simple moving average of $75.73. The stock has a market capitalization of $10.44 billion, a PE ratio of 23.88, a P/E/G ratio of 3.51 and a beta of 1.41.
Several equities research analysts have issued reports on ALB shares. Citigroup raised their price target on Albemarle from $78.00 to $87.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Royal Bank of Canada lifted their target price on Albemarle from $70.00 to $80.00 and gave the stock a “sector perform” rating in a report on Monday, August 10th. ValuEngine raised Albemarle from a “sell” rating to a “hold” rating in a report on Monday, August 3rd. Jefferies Financial Group lifted their target price on Albemarle from $81.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Truist Financial lifted their target price on Albemarle from $65.00 to $87.00 and gave the stock a “hold” rating in a report on Monday, August 10th. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $78.91.
In related news, Director Luther C. Iv Kissam sold 150,001 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $90.71, for a total value of $13,606,590.71. Following the sale, the director now directly owns 225,812 shares in the company, valued at $20,483,406.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Luther C. Iv Kissam sold 59,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $100.03, for a total value of $5,901,770.00. The disclosure for this sale can be found here. Insiders own 1.07% of the company’s stock.
Albemarle Company Profile
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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