Albemarle (ALB) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Albemarle (NYSE:ALB) issued its earnings results on Wednesday. The specialty chemicals company reported $1.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.06, Bloomberg Earnings reports. Albemarle had a return on equity of 15.39% and a net margin of 10.44%. The company had revenue of $921.70 million during the quarter, compared to the consensus estimate of $894.45 million. During the same quarter in the prior year, the business earned $1.34 earnings per share. The company’s revenue was up 7.4% compared to the same quarter last year. Albemarle updated its FY 2019 guidance to $6.10-6.50 EPS and its FY19 guidance to $6.10-6.50 EPS.

ALB traded down $0.32 on Wednesday, reaching $82.81. The company’s stock had a trading volume of 1,765,236 shares, compared to its average volume of 1,521,320. The company has a market capitalization of $8.83 billion, a P/E ratio of 18.04, a P/E/G ratio of 0.82 and a beta of 1.60. Albemarle has a 1 year low of $71.89 and a 1 year high of $118.83. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.18 and a current ratio of 1.83.

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ALB has been the subject of several analyst reports. reaffirmed a “buy” rating and issued a $157.00 target price on shares of Albemarle in a research report on Thursday, February 14th. KeyCorp reaffirmed an “overweight” rating and issued a $120.00 target price (down previously from $140.00) on shares of Albemarle in a research report on Tuesday, December 18th. Zacks Investment Research raised Albemarle from a “hold” rating to a “buy” rating and set a $107.00 target price for the company in a research report on Monday, November 26th. HSBC raised Albemarle from a “hold” rating to a “buy” rating and set a $112.50 target price for the company in a research report on Monday, December 10th. Finally, Berenberg Bank downgraded Albemarle from a “buy” rating to a “hold” rating and decreased their target price for the stock from $120.00 to $78.11 in a research report on Thursday, January 3rd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Albemarle has a consensus rating of “Hold” and an average price target of $108.76.

In related news, EVP Karen G. Narwold sold 1,295 shares of the stock in a transaction dated Friday, January 4th. The stock was sold at an average price of $74.76, for a total value of $96,814.20. Following the completion of the transaction, the executive vice president now owns 31,028 shares of the company’s stock, valued at $2,319,653.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Karen G. Narwold sold 3,100 shares of the stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $96.54, for a total value of $299,274.00. Following the completion of the transaction, the executive vice president now directly owns 27,142 shares of the company’s stock, valued at approximately $2,620,288.68. The disclosure for this sale can be found here. Insiders sold 7,738 shares of company stock valued at $645,309 in the last three months. 0.80% of the stock is currently owned by company insiders.

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About Albemarle

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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