In the latest market close, Albemarle (ALB) reached $72.02, with a -0.24% movement compared to the previous day. This change lagged the S&P 500's daily gain of 0.55%. Meanwhile, the Dow experienced a rise of 1.01%, and the technology-dominated Nasdaq saw a decrease of 0.14%.
Shares of the specialty chemicals company witnessed a loss of 6.28% over the previous month, trailing the performance of the Basic Materials sector with its gain of 0.34% and the S&P 500's loss of 6.22%.
The investment community will be closely monitoring the performance of Albemarle in its forthcoming earnings report. The company is predicted to post an EPS of -$0.37, indicating a 242.31% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $1.2 billion, indicating a 11.86% decline compared to the corresponding quarter of the prior year.
ALB's full-year Zacks Consensus Estimates are calling for earnings of -$0.04 per share and revenue of $5.13 billion. These results would represent year-over-year changes of +98.29% and -4.55%, respectively.
Investors should also take note of any recent adjustments to analyst estimates for Albemarle. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Currently, Albemarle is carrying a Zacks Rank of #3 (Hold).
The Chemical - Diversified industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 208, putting it in the bottom 18% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Albemarle Corporation (ALB): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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