Albemarle Slips 1.71% as Shares Extend Monthly Loss
The specialty chemicals company's shares fell more than the broader market, while consensus forecasts point to higher quarterly sales and earnings.
Albemarle shares closed at $105.78, down 1.71% in the latest session, while the S&P 500 fell 0.25%. The Dow lost 0.86%, and the Nasdaq rose 0.24%.
The decline added to a weaker month for the specialty chemicals company. Its shares fell 20.6% over the past month, compared with an 8.47% drop in the Basic Materials sector and a 0.42% decline in the S&P 500.
Investors are watching for Albemarle’s upcoming results. Zacks Consensus Estimates call for quarterly earnings of $2.55 per share and revenue of $1.52 billion, up 1,442.11% and 16.07%, respectively, from the year-earlier quarter.
For the full year, Zacks estimates earnings of $11.39 per share and revenue of $6.1 billion. Those forecasts represent increases of 1,541.77% and 18.69%, respectively, from the previous year.
Zacks said its consensus earnings estimate had remained unchanged over the past month. The publisher also reported Albemarle’s forward price-to-earnings ratio at 9.45, below the industry average of 15.9. Its PEG ratio was 0.63, compared with an industry average of 1.18.
This article was produced with the help of AI technology.
Source: Yahoo Finance
