FY2024 Earnings Forecast for Albemarle Issued By Scotiabank

Albemarle Co. (NYSE:ALB) – Stock analysts at Scotiabank decreased their FY2024 earnings per share estimates for Albemarle in a research note issued on Monday, November 11th. Scotiabank analyst B. Isaacson now expects that the specialty chemicals company will post earnings of ($2.11) per share for the year, down from their prior estimate of $3.10. Scotiabank currently has a “Sector Perform” rating and a $85.00 target price on the stock. The consensus estimate for Albemarle’s current full-year earnings is ($1.10) per share. Scotiabank also issued estimates for Albemarle’s FY2025 earnings at $2.74 EPS.

A number of other equities research analysts have also commented on the company. Robert W. Baird dropped their target price on Albemarle from $85.00 to $79.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Evercore ISI reduced their price objective on Albemarle from $190.00 to $170.00 and set an “outperform” rating for the company in a research note on Wednesday, August 28th. Berenberg Bank downgraded Albemarle from a “buy” rating to a “hold” rating and reduced their price objective for the company from $160.00 to $83.00 in a research note on Wednesday, July 31st. Wells Fargo & Company increased their price objective on Albemarle from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Finally, Oppenheimer dropped their target price on Albemarle from $171.00 to $170.00 and set an “outperform” rating for the company in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $114.47.

Albemarle Price Performance

Shares of NYSE ALB opened at $103.53 on Thursday. The business’s 50 day moving average price is $95.52 and its 200 day moving average price is $100.06. The firm has a market cap of $12.17 billion, a P/E ratio of -6.18 and a beta of 1.55. Albemarle has a 52 week low of $71.97 and a 52 week high of $153.54. The company has a quick ratio of 1.58, a current ratio of 2.44 and a debt-to-equity ratio of 0.43.

Albemarle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Friday, December 13th. Albemarle’s dividend payout ratio (DPR) is presently -9.67%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ALB. First Community Trust NA purchased a new stake in Albemarle during the second quarter worth $25,000. Quarry LP lifted its position in shares of Albemarle by 1,400.0% in the third quarter. Quarry LP now owns 270 shares of the specialty chemicals company’s stock valued at $26,000 after acquiring an additional 252 shares in the last quarter. CVA Family Office LLC lifted its position in shares of Albemarle by 610.0% in the second quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock valued at $27,000 after acquiring an additional 244 shares in the last quarter. Eastern Bank purchased a new position in Albemarle during the third quarter worth about $31,000. Finally, Cromwell Holdings LLC lifted its position in Albemarle by 61.9% during the third quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock worth $37,000 after buying an additional 148 shares during the period. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

About Albemarle

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.