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Albemarle (ALB) Announces 5% Hike in Quarterly Dividend
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Albemarle Corporation’s (ALB - Free Report) board has announced a roughly 5% increase in its quarterly dividend from 32 cents to 33.5 cents per share of common stock. This equates to a new annualized dividend rate of $1.34, which is payable on Apr 2 to stockholders on record as of Mar 15. Notably, this is the 24th straight year that the company has hiked its quarterly dividend.
Albemarle ended the third quarter with cash and cash equivalents of roughly $1,045.3 million, a nearly five-fold year-over-year increase. During the first nine months of 2017, the company returned roughly $355 million to shareholders, including dividends of around $105.2 million and share repurchase worth $250. Albemarle also lowered its long-term debt around 54% year over year to $1,407.2 million at the end of third quarter.
Moreover, Albemarle raised its guidance for full-year 2017 in November 2017 and expects full-year net sales between $3 billion and $3.05 billion compared with the prior view of $2.90-$3.05 billion. The company expects adjusted earnings per share between $4.40 and $4.50 (up from prior view of $4.20 and $4.40) and adjusted EBITDA of $860-$875 million (compared with $835-$875 million expected earlier).
Albemarle’s shares have moved up 28.5% over the last three months, outperforming 19.8% growth recorded by its industry.
Zacks Rank & Key Picks
Albemarle currently carries a Zacks Rank #3 (Hold).
Steel Dynamics has an expected long-term earnings growth rate of 12%. Its shares have soared 37.7% over the last six months.
Mosaic has an expected long-term earnings growth rate of 9.5%. Its shares have moved up 43.2% over the past six months.
U.S. Steel has an expected long-term earnings growth rate of 8%. Its shares have rallied 72.2% over the last six months.
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Albemarle (ALB) Announces 5% Hike in Quarterly Dividend
Albemarle Corporation’s (ALB - Free Report) board has announced a roughly 5% increase in its quarterly dividend from 32 cents to 33.5 cents per share of common stock. This equates to a new annualized dividend rate of $1.34, which is payable on Apr 2 to stockholders on record as of Mar 15. Notably, this is the 24th straight year that the company has hiked its quarterly dividend.
Albemarle ended the third quarter with cash and cash equivalents of roughly $1,045.3 million, a nearly five-fold year-over-year increase. During the first nine months of 2017, the company returned roughly $355 million to shareholders, including dividends of around $105.2 million and share repurchase worth $250. Albemarle also lowered its long-term debt around 54% year over year to $1,407.2 million at the end of third quarter.
Moreover, Albemarle raised its guidance for full-year 2017 in November 2017 and expects full-year net sales between $3 billion and $3.05 billion compared with the prior view of $2.90-$3.05 billion. The company expects adjusted earnings per share between $4.40 and $4.50 (up from prior view of $4.20 and $4.40) and adjusted EBITDA of $860-$875 million (compared with $835-$875 million expected earlier).
Albemarle’s shares have moved up 28.5% over the last three months, outperforming 19.8% growth recorded by its industry.
Zacks Rank & Key Picks
Albemarle currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Steel Dynamics, Inc. (STLD - Free Report) , The Mosaic Company (MOS - Free Report) and United States Steel Corporation (X - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Steel Dynamics has an expected long-term earnings growth rate of 12%. Its shares have soared 37.7% over the last six months.
Mosaic has an expected long-term earnings growth rate of 9.5%. Its shares have moved up 43.2% over the past six months.
U.S. Steel has an expected long-term earnings growth rate of 8%. Its shares have rallied 72.2% over the last six months.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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