Albemarle Corporation (NYSE:ALB) to Issue Quarterly Dividend of $0.41

Albemarle Corporation (NYSE:ALB) announced a quarterly dividend on Thursday, February 26th. Investors of record on Friday, March 13th will be paid a dividend of 0.405 per share by the specialty chemicals company on Wednesday, April 1st. This represents a c) annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, March 13th.

Albemarle has raised its dividend payment by an average of 0.0%per year over the last three years and has increased its dividend every year for the last 30 years. Albemarle has a dividend payout ratio of 216.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Albemarle to earn $1.91 per share next year, which means the company should continue to be able to cover its $1.62 annual dividend with an expected future payout ratio of 84.8%.

Albemarle Stock Down 2.6%

Shares of NYSE:ALB traded down $4.72 during trading on Friday, hitting $180.21. The stock had a trading volume of 694,420 shares, compared to its average volume of 3,222,875. The company has a quick ratio of 1.57, a current ratio of 2.23 and a debt-to-equity ratio of 0.41. Albemarle has a 12 month low of $49.43 and a 12 month high of $206.00. The company has a market capitalization of $21.24 billion, a PE ratio of -31.38, a PEG ratio of 1.75 and a beta of 1.44. The firm’s fifty day moving average is $166.00 and its 200 day moving average is $121.71.

Albemarle (NYSE:ALB) last issued its quarterly earnings results on Wednesday, February 11th. The specialty chemicals company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.13). The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a positive return on equity of 0.41% and a negative net margin of 10.74%.The firm’s revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.09) earnings per share. Analysts anticipate that Albemarle will post -0.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Rothschild & Co Redburn lifted their price target on shares of Albemarle from $158.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. Wells Fargo & Company set a $165.00 price objective on shares of Albemarle in a report on Monday, February 16th. JPMorgan Chase & Co. decreased their price target on shares of Albemarle from $195.00 to $145.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Bank of America raised Albemarle from a “neutral” rating to a “buy” rating and boosted their price target for the company from $167.00 to $190.00 in a report on Tuesday, February 17th. Finally, Citigroup lifted their price objective on Albemarle from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, February 13th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Albemarle currently has an average rating of “Moderate Buy” and a consensus price target of $170.04.

Albemarle Company Profile

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.