Albemarle Corporation (ALB) Fell on Decline in Lithium Spot Market Prices

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, mid-cap stocks had negative returns, reversing their positive returns in the first half of the year. The Russell Midcap Growth Index was down 5.22% slightly trailing the Russell Midcap Value Index which was down 4.46%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like Albemarle Corporation (NYSE:ALB) in the third quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Albemarle Corporation (NYSE:ALB) develops and markets engineered specialty chemicals. On October 26, 2023, Albemarle Corporation (NYSE:ALB) stock closed at $135.21 per share. One-month return of Albemarle Corporation (NYSE:ALB) was -20.48%, and its shares lost 51.74% of their value over the last 52 weeks. Albemarle Corporation (NYSE:ALB) has a market capitalization of $15.866 billion.

Carillon Eagle Mid Cap Growth Fund made the following comment about Albemarle Corporation (NYSE:ALB) in its Q3 2023 investor letter:

Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The stock’s underperformance in the quarter was largely driven by the decline in lithium spot market prices, primarily in China. Despite these nearterm headwinds, the global lithium market remains tight in the long term. Albemarle plays a critical role in the electric vehicle (EV) battery value chain and is well-positioned for the overall growing global adoption of EVs.”

Albemarle Corporation (NYSE:ALB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Albemarle Corporation (NYSE:ALB) at the end of second quarter which was 41 in the previous quarter.

We discussed Albemarle Corporation (NYSE:ALB) in another article and shared the list of best battery stocks to buy heading into 2024. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.