5 Best Commodity Stocks To Buy Now

2. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 49   

Albemarle Corporation (NYSE:ALB) develops, manufactures, and markets engineered specialty chemicals worldwide. On November 20, Albemarle said that it has planned to spend up to $540 million to expand and modernize its bromine facilities in Magnolia, Arkansas. This project will run through 2027. The company’s third-quarter sales of bromine products were up 28% from the year-earlier period.

On November 8, RBC Capital analyst Arun Viswanathan maintained an Outperform rating on Albemarle Corporation (NYSE:ALB) stock and raised the price target to $380 from $371, noting that the advisory remains favorable on the firm due to a tight lithium supply-demand, although there was caution on the potential for large price swings in the lithium spot market.

At the end of the third quarter of 2022, 49 hedge funds in the database of Insider Monkey held stakes worth $621.5 million in Albemarle Corporation (NYSE:ALB), compared to 39 in the preceding quarter worth $600.6 million.

In its Q3 2022 investor letter, Carillon Tower Advisers, 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) is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The company’s shares outperformed meaningfully in the quarter, driven largely by robust demand for lithium used to manufacture electric vehicle batteries. Albemarle is well-positioned for the accelerating adoption of electric vehicles and could benefit from the Inflation Reduction Act.”