FY2024 Earnings Forecast for Albemarle Issued By Scotiabank

Albemarle Co. (NYSE:ALB) – Scotiabank reduced their FY2024 EPS estimates for Albemarle in a research report issued to clients and investors on Monday, November 11th. Scotiabank analyst B. Isaacson now anticipates that the specialty chemicals company will earn ($2.11) per share for the year, down from their previous estimate of $3.10. Scotiabank has a “Sector Perform” rating and a $85.00 price objective on the stock. The consensus estimate for Albemarle’s current full-year earnings is ($0.52) per share. Scotiabank also issued estimates for Albemarle’s FY2025 earnings at $2.74 EPS.

ALB has been the subject of a number of other research reports. Baird R W cut Albemarle from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Albemarle from $105.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 16th. Berenberg Bank downgraded shares of Albemarle from a “buy” rating to a “hold” rating and reduced their price target for the company from $160.00 to $83.00 in a report on Wednesday, July 31st. Oppenheimer dropped their price objective on shares of Albemarle from $171.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Finally, Robert W. Baird reduced their target price on Albemarle from $85.00 to $79.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Albemarle currently has an average rating of “Hold” and a consensus target price of $114.47.

Albemarle Stock Performance

ALB opened at $108.19 on Thursday. The stock’s 50 day simple moving average is $94.60 and its 200 day simple moving average is $100.20. The stock has a market cap of $12.72 billion, a P/E ratio of -6.46 and a beta of 1.55. Albemarle has a 1-year low of $71.97 and a 1-year high of $153.54. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.44 and a quick ratio of 1.58.

Albemarle Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend is Friday, December 13th. Albemarle’s payout ratio is currently -9.67%.

Institutional Investors Weigh In On Albemarle

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Community Trust NA acquired a new stake in shares of Albemarle in the second quarter worth $25,000. CVA Family Office LLC raised its position in 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 purchasing an additional 244 shares during the period. Eastern Bank acquired a new position in shares of Albemarle during the third quarter worth about $31,000. Cromwell Holdings LLC boosted its position in shares of Albemarle by 61.9% in 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. Finally, Cornerstone Advisors LLC raised its holdings in shares of Albemarle by 100.0% during the 3rd quarter. Cornerstone Advisors LLC now owns 400 shares of the specialty chemicals company’s stock valued at $38,000 after buying an additional 200 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Albemarle Company Profile

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.