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Albemarle (ALB) Rises Higher Than Market: Key Facts
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In the latest market close, Albemarle (ALB - Free Report) reached $99.15, with a +0.81% movement compared to the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.1%. Meanwhile, the Dow lost 0.08%, and the Nasdaq, a tech-heavy index, added 0.28%.
The specialty chemicals company's shares have seen a decrease of 14.43% over the last month, not keeping up with the Basic Materials sector's loss of 0.98% and the S&P 500's gain of 4.08%.
Market participants will be closely following the financial results of Albemarle in its upcoming release. The company plans to announce its earnings on July 31, 2024. On that day, Albemarle is projected to report earnings of $0.74 per share, which would represent a year-over-year decline of 89.9%. Alongside, our most recent consensus estimate is anticipating revenue of $1.41 billion, indicating a 40.48% downward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.07 per share and revenue of $5.83 billion, indicating changes of -90.7% and -39.37%, respectively, compared to the previous year.
Investors should also pay attention to any latest changes in analyst estimates for Albemarle. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.78% lower. Albemarle is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Albemarle is presently being traded at a Forward P/E ratio of 47.48. This denotes a premium relative to the industry's average Forward P/E of 16.87.
Meanwhile, ALB's PEG ratio is currently 2.97. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Chemical - Diversified was holding an average PEG ratio of 1.03 at yesterday's closing price.
The Chemical - Diversified industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 169, this industry ranks in the bottom 33% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Albemarle (ALB) Rises Higher Than Market: Key Facts
In the latest market close, Albemarle (ALB - Free Report) reached $99.15, with a +0.81% movement compared to the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.1%. Meanwhile, the Dow lost 0.08%, and the Nasdaq, a tech-heavy index, added 0.28%.
The specialty chemicals company's shares have seen a decrease of 14.43% over the last month, not keeping up with the Basic Materials sector's loss of 0.98% and the S&P 500's gain of 4.08%.
Market participants will be closely following the financial results of Albemarle in its upcoming release. The company plans to announce its earnings on July 31, 2024. On that day, Albemarle is projected to report earnings of $0.74 per share, which would represent a year-over-year decline of 89.9%. Alongside, our most recent consensus estimate is anticipating revenue of $1.41 billion, indicating a 40.48% downward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.07 per share and revenue of $5.83 billion, indicating changes of -90.7% and -39.37%, respectively, compared to the previous year.
Investors should also pay attention to any latest changes in analyst estimates for Albemarle. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.78% lower. Albemarle is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Albemarle is presently being traded at a Forward P/E ratio of 47.48. This denotes a premium relative to the industry's average Forward P/E of 16.87.
Meanwhile, ALB's PEG ratio is currently 2.97. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Chemical - Diversified was holding an average PEG ratio of 1.03 at yesterday's closing price.
The Chemical - Diversified industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 169, this industry ranks in the bottom 33% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.