5 Best Rare Earth Stocks and ETFs

3. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 41

Albemarle Corporation (NYSE:ALB) shares in August jumped after the company posted strong Q2 results and also upped its full-year earnings guidance, citing rising prices and volumes for lithium. Net income in the quarter jumped to $650 million from $406.8 million in the same quarter last year.

A total of 41 hedge funds out of the 910 hedge funds tracked by Insider Monkey were long Albemarle Corporation (NYSE:ALB). The most significant stakeholder of Albemarle Corporation (NYSE:ALB) during this period was Philippe Laffont’s Coatue Management which owns a $154 million stake in the company.

Aristotle Small/Mid Cap Equity Composite made the following comment about Albemarle Corporation (NYSE:ALB) in its second quarter 2023 investor letter:

“Albemarle Corporation (NYSE:ALB), the world’s largest lithium producer was sold from the portfolio amidst the announcement from Chile’s president that he would nationalize the country’s lithium industry and in time transfer control from SQM and Albemarle to a separate state-owned company effectively changing long-term risk/reward ratio of the stock, in our view.”