5 Most Undervalued EV Stocks To Buy According To Hedge Funds

3. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 46

Albemarle Corporation (NYSE:ALB) is one of the obvious names to profit from the EV boom in the world, thanks to its dominance in the lithium production space. Over the past 12 months, Albemarle Corporation (NYSE:ALB) has gained about 36%. Still, its PE ratio stands at 11, making it a relatively undervalued stock. Of the 943 hedge funds tracked by Insider Monkey, 46 hedge funds reported owning stakes in Albemarle Corporation (NYSE:ALB). The biggest stakeholder of Albemarle Corporation (NYSE:ALB) during this period was Ken Griffin’s Citadel Investment Group which had a $115 million stake in the company.

Last month, Wells Fargo added Albemarle Corporation (NYSE:ALB) to its Signature Picks. The bank said that its “materials sector reshuffling is driven by relative attractiveness and upside potential.”

Albemarle Corporation (NYSE:ALB) recently declared a quarterly dividend of $0.40 per share, which was a 1.3% increase from the previous dividend. The dividend is payable on April 3 to shareholders of record as of March 17.

Carillon Tower Advisors made the following comment about Albemarle Corporation (NYSE:ALB) in its Q4 2022 investor letter:

“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.”