5 Best Specialty Chemical Stocks To Buy Now

4. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 41

Albemarle Corporation (NYSE:ALB) is a global company involved in the development, production, and distribution of specialty chemicals. It is one of the best chemical stocks to buy now. The company’s operations are divided into three segments – Lithium, Bromine, and Catalysts. Albemarle Corporation (NYSE:ALB)’s products cater to different industries including energy storage, petroleum refining, automotive, consumer electronics, construction, crop protection, lubricants, and pharmaceuticals. 

On September 12, Albemarle Corporation (NYSE:ALB) announced that it has received approval from the U.S. Department of Defense for a $90 million grant for the expansion of domestic mining and lithium production for the U.S. battery supply chain. The company plans to utilize the grant to acquire mining equipment as part of its plan to reopen its lithium mine in North Carolina.

According to Insider Monkey’s second quarter database, 41 hedge funds were bullish on Albemarle Corporation (NYSE:ALB), same as the preceding quarter. Philippe Laffont’s Coatue Management held a significant position in the company, with 691,853 shares worth $154.35 million.

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.”