1. Albemarle Corporation (NYSE:ALB)
Number of Hedge Fund Holders: 48
Albemarle Corporation (NYSE:ALB) develops, manufactures, and markets engineered specialty chemicals worldwide. The company operates through three business segments: Lithium, Bromine, and Catalysts. This January, Albemarle Corporation (NYSE:ALB) announced that it has entered into a strategic partnership with 6K, a microwave-controlled plasma technology company, to develop novel lithium battery materials through potentially disruptive manufacturing processes.
Moreover, on February 9, Albemarle Corporation (NYSE:ALB) announced plans to expand its lithium joint venture with Mineral Resources, the MARBL Joint Venture. The agreement between the two gives 50% interest in the Wodgina mine to Albemarle Corporation (NYSE:ALB), and 50% interest in the Kemerton lithium plant. Albemarle Corporation (NYSE:ALB) will remain the exclusive marketer of lithium products for the ventures.
On February 16, Albemarle Corporation (NYSE:ALB) reported market-beating earnings for the fiscal fourth quarter of 2021. The company reported an EPS of $1.01, beating estimates by $0.02. The company generated revenues of $894.20 million and outperformed market consensus by $2.65 million. Albemarle Corporation (NYSE:ALB) is a prominent name in the lithium space and is also exhibiting high momentum. As of April 26, 2022, the stock has gained 13.34% over the past twelve months.
On April 5, KeyBanc analyst Aleksey Yefremov raised his price target on Albemarle Corporation (NYSE:ALB) to $198 from $163 and maintained an Underweight rating on the shares. The stock is attracting bullish views from analysts and investors and is the best lithium stock to buy in 2022. Insider Monkey found that by the end of the fourth quarter of 2021, 48 hedge funds were long Albemarle Corporation (NYSE:ALB) with stakes of $505.75 million. This is compared to 38 hedge funds in the previous quarter with stakes of $317.87 million. The hedge fund sentiment for the stock is positive.
As of December 31, 2021, Marshall Wace LLP is the lead shareholder in Albemarle Corporation (NYSE:ALB), having stakes of over $94 million which represents 0.17% of Marshall Wace LLP’s Q4 2021 investment portfolio.
Carillon Tower Advisers, an investment management firm, published its third-quarter 2021 investor letter in which it mentioned Albemarle Corporation (NYSE:ALB). Here is what the firm said:
“Albemarle is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The firm’s shares outperformed in the quarter, driven largely by the current robust demand environment for lithium used in the manufacturing of electric vehicle batteries. As the global push towards the reduction of carbon emissions continues to gain steam, Albemarle is well positioned to benefit from the accelerating adoption of electric vehicles.”
You can also take a look at 11 Best Battery Stocks to Buy Now and 10 Cheap Lithium and Battery Stocks to Invest In.
