What is Scotiabank’s Estimate for Albemarle FY2024 Earnings?

Albemarle Co. (NYSE:ALB) – Equities research analysts at Scotiabank decreased their FY2024 EPS 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 per share of ($2.11) for the year, down from their prior estimate of $3.10. Scotiabank currently 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.

A number of other research analysts have also weighed in on ALB. Royal Bank of Canada raised their target price on Albemarle from $108.00 to $133.00 and gave the company an “outperform” rating in a report on Tuesday. Bank of America dropped their price objective on Albemarle from $135.00 to $126.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Albemarle from $105.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 16th. KeyCorp lowered their target price on shares of Albemarle from $132.00 to $127.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Berenberg Bank cut shares of Albemarle from a “buy” rating to a “hold” rating and cut their price target for the stock from $160.00 to $83.00 in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Albemarle presently has a consensus rating of “Hold” and a consensus price target of $114.47.

Albemarle Price Performance

Shares of NYSE ALB opened at $102.11 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.58 and a current ratio of 2.44. The firm’s 50-day simple moving average is $94.99 and its 200 day simple moving average is $100.22. The stock has a market cap of $12.00 billion, a price-to-earnings ratio of -6.10 and a beta of 1.55. Albemarle has a fifty-two week low of $71.97 and a fifty-two week high of $153.54.

Albemarle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.62 annualized dividend and a dividend yield of 1.59%. Albemarle’s payout ratio is -9.67%.

Institutional Investors Weigh In On Albemarle

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALB. SG Americas Securities LLC increased its stake in shares of Albemarle by 239.7% in the second quarter. SG Americas Securities LLC now owns 53,793 shares of the specialty chemicals company’s stock worth $5,138,000 after purchasing an additional 37,958 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Albemarle by 22.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 190,526 shares of the specialty chemicals company’s stock valued at $25,100,000 after buying an additional 35,003 shares in the last quarter. MBB Public Markets I LLC raised its holdings in Albemarle by 392.6% during the 2nd quarter. MBB Public Markets I LLC now owns 7,916 shares of the specialty chemicals company’s stock valued at $756,000 after acquiring an additional 6,309 shares during the period. Vest Financial LLC lifted its position in shares of Albemarle by 32.4% during the third quarter. Vest Financial LLC now owns 521,537 shares of the specialty chemicals company’s stock worth $49,395,000 after acquiring an additional 127,549 shares in the last quarter. Finally, Empower Advisory Group LLC boosted its holdings in shares of Albemarle by 28.7% in the third quarter. Empower Advisory Group LLC now owns 705,719 shares of the specialty chemicals company’s stock worth $66,839,000 after acquiring an additional 157,319 shares during the period. 92.87% of the stock is currently owned by institutional investors.

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.