What is Scotiabank’s Forecast for Albemarle FY2024 Earnings?

Albemarle Co. (NYSE:ALB) – Analysts at Scotiabank dropped their FY2024 EPS estimates for shares of Albemarle in a research report issued on Monday, November 11th. Scotiabank analyst B. Isaacson now forecasts that the specialty chemicals company will earn ($2.11) per share for the year, down from their prior estimate of $3.10. Scotiabank has a “Sector Perform” rating and a $85.00 price target 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.

Several other equities analysts have also recently commented on ALB. Royal Bank of Canada boosted their target price on Albemarle from $108.00 to $133.00 and gave the stock an “outperform” rating in a research report on Tuesday. Baird R W cut shares of Albemarle from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 5th. Robert W. Baird dropped their target price on shares of Albemarle from $85.00 to $79.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Wells Fargo & Company increased their price target on shares of Albemarle from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Finally, Berenberg Bank downgraded shares of Albemarle from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $160.00 to $83.00 in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $114.47.

Albemarle Stock Down 5.6 %

ALB opened at $102.11 on Thursday. 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 has a one year low of $71.97 and a one year high of $153.54. The firm has a market capitalization of $12.00 billion, a P/E ratio of -6.10 and a beta of 1.55. The company has a fifty day moving average price of $94.99 and a 200-day moving average price of $100.22.

Institutional Trading of Albemarle

Institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC raised its holdings in Albemarle by 239.7% during the 2nd quarter. SG Americas Securities LLC now owns 53,793 shares of the specialty chemicals company’s stock valued at $5,138,000 after buying an additional 37,958 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Albemarle by 22.5% in the first 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 acquiring an additional 35,003 shares during the period. MBB Public Markets I LLC raised its stake in shares of Albemarle by 392.6% during the second 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 last quarter. Vest Financial LLC boosted its holdings 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 purchasing an additional 127,549 shares during the period. Finally, Empower Advisory Group LLC grew its stake 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 purchasing an additional 157,319 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Albemarle Dividend Announcement

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

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.