5 Quality Undervalued Non-Cyclical Stocks to Buy Now

4. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 37    

PE Ratio: 5.17

Albemarle Corporation (NYSE:ALB) develops, manufactures, and markets engineered specialty chemicals worldwide. 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. 

At the end of the third quarter of 2023, 37 hedge funds in the database of Insider Monkey held stakes worth $274 million in Albemarle Corporation (NYSE:ALB), compared to 41 the preceding quarter worth $436 million.

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.”