Albemarle Corporation (ALB - Free Report) is slated to join the S&P 500 index after the market closes on Jun 30, 2016. The company is currently part of the S&P MidCap 400 index. Albemarle will be replacing TECO Energy Inc. in the S&P 500 index as the latter is set to be acquired by Emera Inc., a Canadian electric utility company.
The Baton Rouge, LA-based specialty chemical maker, Albemarle will be added to the S&P 500 Global Industry Classification Standard (“GICS”) Specialty Chemicals Sub-Industry index. Other changes are also being made to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices.
Earlier this month, Albemarle agreed to divest its Chemetall Surface Treatment unit. The unit will be sold to German Chemical giant, BASF (BASFY - Free Report) in an all-cash transaction worth $3.2 billion. The Chemetall business was acquired by Albemarle in Jan 2015 as part of its $6.2 billion acquisition of Rockwood Holdings Inc.
Albemarle is selling the unit to concentrate on maximizing shareholder returns by investing for growth in its high-priority businesses. The deal is subject to closing conditions but is expected to conclude by end 2016.
This month, Albemarle along with its partner Chicago Bridge & Iron Company N.V. was presented the 2016 Presidential Green Chemistry Challenge Award, by the U.S. Environmental Protection Agency, in collaboration with the American Chemical Society. The companies received this award for the development of the green AlkyClean process technology.
In first-quarter 2016, Albemarle’s adjusted earnings of $1.12 per share surged 40% from the year-ago quarter figure. However, sales of $865.4 million for the quarter dropped 2.1% year over year due to divestures and currency headwinds. Both figures beat the Zacks Consensus Estimate by a wide margin. The company expects full-year 2016 sales in the range of $3.3−$3.8 billion and adjusted earnings in the band of $3.90−$4.25 per share.
Albemarle currently sports a Zacks Rank #1 (Strong Buy).
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From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Albemarle Corporation (ALB - Free Report) is slated to join the S&P 500 index after the market closes on Jun 30, 2016. The company is currently part of the S&P MidCap 400 index. Albemarle will be replacing TECO Energy Inc. in the S&P 500 index as the latter is set to be acquired by Emera Inc., a Canadian electric utility company.
The Baton Rouge, LA-based specialty chemical maker, Albemarle will be added to the S&P 500 Global Industry Classification Standard (“GICS”) Specialty Chemicals Sub-Industry index. Other changes are also being made to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices.
Earlier this month, Albemarle agreed to divest its Chemetall Surface Treatment unit. The unit will be sold to German Chemical giant, BASF (BASFY - Free Report) in an all-cash transaction worth $3.2 billion. The Chemetall business was acquired by Albemarle in Jan 2015 as part of its $6.2 billion acquisition of Rockwood Holdings Inc.
Albemarle is selling the unit to concentrate on maximizing shareholder returns by investing for growth in its high-priority businesses. The deal is subject to closing conditions but is expected to conclude by end 2016.
This month, Albemarle along with its partner Chicago Bridge & Iron Company N.V. was presented the 2016 Presidential Green Chemistry Challenge Award, by the U.S. Environmental Protection Agency, in collaboration with the American Chemical Society. The companies received this award for the development of the green AlkyClean process technology.
In first-quarter 2016, Albemarle’s adjusted earnings of $1.12 per share surged 40% from the year-ago quarter figure. However, sales of $865.4 million for the quarter dropped 2.1% year over year due to divestures and currency headwinds. Both figures beat the Zacks Consensus Estimate by a wide margin. The company expects full-year 2016 sales in the range of $3.3−$3.8 billion and adjusted earnings in the band of $3.90−$4.25 per share.
Albemarle currently sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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