Albemarle Co. (NYSE:ALB) - Investment analysts at Truist Securiti lowered their FY2021 earnings per share estimates for Albemarle in a research report issued to clients and investors on Monday, October 19th. Truist Securiti analyst J. Sheehan now forecasts that the specialty chemicals company will post earnings of $3.71 per share for the year, down from their previous forecast of $4.00. Truist Securiti also issued estimates for Albemarle's FY2022 earnings at $4.47 EPS.
Other research analysts have also issued reports about the stock. Truist lifted their price objective on shares of Albemarle from $87.00 to $95.00 in a research note on Monday. Wells Fargo & Company lifted their price objective on shares of Albemarle from $85.00 to $100.00 and gave the company an "equal weight" rating in a research note on Thursday, October 15th. ValuEngine upgraded shares of Albemarle from a "sell" rating to a "hold" rating in a research note on Monday, August 3rd. Evercore ISI initiated coverage on shares of Albemarle in a research note on Tuesday, September 22nd. They issued an "underperform" rating and a $86.00 price objective on the stock. Finally, Royal Bank of Canada lowered shares of Albemarle from a "sector perform" rating to an "underperform" rating and dropped their price objective for the company from $80.00 to $78.00 in a research note on Wednesday, October 14th. Eight investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of "Hold" and a consensus target price of $83.20.
Shares of NYSE:ALB opened at $92.57 on Tuesday. The company's fifty day moving average price is $93.22 and its 200 day moving average price is $79.69. Albemarle has a 12 month low of $48.89 and a 12 month high of $101.00. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.61 and a quick ratio of 1.01. The firm has a market capitalization of $9.85 billion, a P/E ratio of 22.47, a P/E/G ratio of 3.08 and a beta of 1.40. Albemarle (NYSE:ALB) last announced its quarterly earnings results on Wednesday, August 5th. The specialty chemicals company reported $0.86 EPS for the quarter, topping the Thomson Reuters' consensus estimate of $0.72 by $0.14. Albemarle had a net margin of 12.99% and a return on equity of 13.33%. The firm had revenue of $764.05 million for the quarter, compared to analyst estimates of $704.31 million.
In other news, Director Luther C. Iv Kissam sold 150,001 shares of the firm's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $90.71, for a total transaction of $13,606,590.71. Following the sale, the director now owns 225,812 shares in the company, valued at $20,483,406.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Luther C. Iv Kissam sold 59,000 shares of the firm's stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $100.03, for a total value of $5,901,770.00. Following the sale, the director now owns 243,065 shares in the company, valued at approximately $24,313,791.95. The disclosure for this sale can be found here. 1.07% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Ellevest Inc. increased its position in shares of Albemarle by 133.2% during the second quarter. Ellevest Inc. now owns 492 shares of the specialty chemicals company's stock worth $38,000 after acquiring an additional 281 shares during the last quarter. CWM LLC increased its stake in shares of Albemarle by 300.0% in the third quarter. CWM LLC now owns 464 shares of the specialty chemicals company's stock worth $41,000 after acquiring an additional 348 shares during the last quarter. Captrust Financial Advisors acquired a new position in shares of Albemarle in the second quarter worth $48,000. Reitz Capital Advisors LLC acquired a new position in shares of Albemarle in the second quarter worth $53,000. Finally, Canton Hathaway LLC acquired a new position in shares of Albemarle in the second quarter worth $73,000. Hedge funds and other institutional investors own 89.77% of the company's stock.
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.
Read More: What are different types of coverage ratios?
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
The Next 5 Retailers on the Edge of Bankruptcy
Through no fault of theirs, the novel coronavirus has put some retailers on the edge of bankruptcy. And as you’ve seen, many have fallen over that edge including iconic names like Nieman Marcus, J.C. Penney and J.Crew.
In fact, according to the American Bankruptcy Institute, there were 560 commercial Chapter 11 filings in April. That was a 26% increase over last year. And executive director, Amy Quakenboss, suggests that there are more to come.
“As financial challenges continue to escalate amid this crisis,” observes Quakenboss, “bankruptcy is sure to offer a financial safe harbor from the economic storm.”
With no revenue walking through the door, many retailers are seeing a semblance of revenue from e-commerce sales. But for some retailers, the shutdown is more impactful because they didn’t have a strong e-commerce structure. That means that they rely more than others on brick-and-mortar sales.
The real question now is will there really be the pent-up demand that some analysts still swear is just waiting to be unleashed. It may indeed exist. Time will tell. But time is not a commodity many of these retailers have. And we’ve identified five retailers for which the clock is not in their favor.
View the "The Next 5 Retailers on the Edge of Bankruptcy".