5 Best Solar Energy and Battery Stocks To Buy Now

4. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 41

Albemarle Corporation (NYSE:ALB) has a core expertise in synthesizing specialty chemicals, and the company’s operations are divided into three segments – Lithium, Bromine, and Catalysts. The Lithium segment aims to supply chemical solutions for usage in the electric vehicle and battery sector. Many of these are used in consumer electronics, be it smartphones or innovative EV applications across the world. Albemarle Corporation (NYSE:ALB) is one of the premier solar energy stocks to buy. 

On July 20, the company announced changes to its joint venture with Mineral Resources. The restructuring of the deal gives more control to Albemarle Corporation (NYSE:ALB) over a jointly owned plant in Australia, while the company is expected to pay around $380 million to Mineral Resources. In addition, the company also declared a quarterly dividend of $0.40 per share on July 18. The dividend is distributable on October 2, to shareholders of record on September 15.

According to Insider Monkey’s database for the first quarter of 2023, 41 hedge funds were bullish on Albemarle Corporation (NYSE:ALB), as opposed to 46 in the previous quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP is a significant shareholder, with 222,209 shares valued at over $49.1 million. 

Carillon Tower Advisors had this to say about Albemarle Corporation (NYSE:ALB) in its investor letter from the last quarter of 2022:

“Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The stock gave back some of its recent gains amid investor concerns about how the future price of lithium could be affected by a potential decelerating rate of growth in overall electric vehicle (EV) production and demand, primarily in China. Despite these potential near-term headwinds, longer-term the global lithium market remains tight, and Albemarle plays a critical role in the battery value chain and remains well-positioned for the overall continued global adoption of EVs.”