5 Most Profitable Lithium Stocks Now

4. Albemarle Corporation (NYSE:ALB)

Latest TTM Net Income: $3.32 billion

Number of Hedge Fund Holders: 37

Headquartered in Charlotte, North Carolina, Albemarle Corporation (NYSE:ALB) is a specialty chemicals manufacturing company. The company is structured into three primary divisions: lithium, bromine specialties, and catalysts. Albemarle achieved prominence as the primary supplier of lithium for electric vehicle batteries by the year 2020.

On December 12, investment advisory Bank of America upgraded Albemarle Corporation (NYSE:ALB) stock to Neutral from Underperform and lowered the price target to $149 from $154.

As of the conclusion of Q3 2023, 37 hedge funds expressed optimism about Albemarle Corporation (NYSE: ALB), disclosing holdings with a total value of $274.3 million. Philippe Laffont’s Coatue Management is notably one of the leading investors in Albemarle Corporation (NYSE:ALB), holding stakes valued at $100.5 million in the third quarter.

In its Q3 2023 investor letter, The London Company, an asset management firm, highlighted a few stocks and Albemarle Corporation (NYSE:ALB) was one of them. Here is what the fund said:

“Albemarle Corporation (NYSE:ALB) – ALB underperformed due to declining lithium spot prices in the quarter. We remain attracted to ALB, reflecting its low cost position in two consolidated industries (lithium & bromine). However, we recognize quarterly results can be volatile, driven by short-term supply-demand dynamics for the underlying commodities. It is important to note that ALB’s favorable position on the cost curve means the company can likely maintain healthy profitability even at trough prices.”