Is Albemarle Corporation (ALB) an Attractive Investment?
Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund delivered negative returns. The portfolio recorded impressive gains at the beginning of the quarter. In contrast, there was a disappointing selloff at the end of the quarter. The Russell Midcap Growth Index was 0.65% down compared to a 4.92% decline for its counterpart, the Russell Midcap Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
In the third-quarter letter, Carillon Tower Advisers discussed stocks like Albemarle Corporation (NYSE:ALB). Headquartered in Charlotte, North Carolina, Albemarle Corporation (NYSE:ALB) is a global chemical manufacturing company. On October 27, 2022, Albemarle Corporation (NYSE:ALB) stock closed at $282.17 per share. One-month return of Albemarle Corporation (NYSE:ALB) was 6.70% and its shares gained 12.66% of their value over the last 52 weeks. Albemarle Corporation (NYSE:ALB) has a market capitalization of $33.05 billion.
Carillon Tower Advisers made the following comment about Albemarle Corporation (NYSE:ALB) in its Q3 2022 investor letter:
"Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The company’s shares outperformed meaningfully in the quarter, driven largely by robust demand for lithium used to manufacture electric vehicle batteries. Albemarle is well-positioned for the accelerating adoption of electric vehicles and could benefit from the Inflation Reduction Act."
Albemarle Corporation (NYSE:ALB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Albemarle Corporation (NYSE:ALB) at the end of the second quarter, which was 44 in the previous quarter.
We discussed Albemarle Corporation (NYSE:ALB) in another article and shared the best manufacturing stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 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.
