In this article, we will discuss the 10 Best Aluminum and Aluminum Mining Stocks To Buy.
Aluminum is one of the most crucial raw materials in the world. The modern transportation industry heavily relies on this shiny metal due to its lightweight and high strength, making it ideal for cost-efficient applications like aircraft.
Sector Performance
Industrial metals, including aluminum, have been swept up in global stock market turmoil due to fears of a deeper U.S. economic slowdown and rising bets on an emergency rate cut by the Federal Reserve, after a weaker-than-expected July jobs report. Concerns over China’s economic performance, particularly its sluggish factory activity, have further dampened sentiment. China’s ongoing property market crisis continues to weigh heavily on aluminum demand, with no clear signs of a turnaround. The combination of weak factory output and a struggling property sector has led to muted GDP growth expectations for the third quarter of 2024, putting additional downward pressure on global aluminum prices.
That said, China’s aluminum production is hitting record highs, with output expected to grow by 2% in 2024, reaching 42 million tons due to the recovery of power supply in Yunnan. While this boosts global supply, it risks worsening the oversupply issue in a market with weak demand. Rising inventories on the London Metal Exchange, now at their highest since 2021, underscore this imbalance, as spot demand remains soft.
Despite these challenges, there is optimism for a recovery in Q4 2024, with aluminum prices expected to rise to $2,550/t if the U.S. Federal Reserve cuts rates, which could ease borrowing costs. However, inflation and high interest rates remain potential risks that could dampen demand further.
Aluminum Market
The U.S. Aluminum market was valued at $12.47 billion in 2023 and is forecasted to surge to $17.94 billion by 2030, reflecting a CAGR of 4.6% from 2024 to 2030.
The 2023 Ducker Carlisle survey highlights a significant increase in aluminum content in vehicles, driven by the push for sustainable transportation. From 2020 to 2030, aluminum content per light vehicle is expected to rise by nearly 100 pounds, reaching 556 pounds. This growth is fueled by aluminum’s use in electric vehicles to extend range and offset battery weight, with electric light trucks like the Ford F-150 Lightning projected to have over 644 pounds of aluminum content. Leading manufacturers are investing in R&D to support these developments.
As discussed previously in one of our articles 11 Best Aluminum and Aluminum Mining Stocks To Buy, China ranks first in aluminum production with an annual output of 41 million tons, which is ten times greater than the second-largest producer, India, with an annual production of 4.1 million tons.
Making Aluminum Production Sustainable
Decarbonization efforts are critical to the aluminum industry, just like they are to the rest of the global sectors. The best-performing producers emit around 4 tons of CO2 per ton of aluminum, far below the global average of 16 tons. Achieving such low emissions requires access to zero-carbon electricity and further technological innovations to push these numbers even lower.
Decarbonization efforts are central to the First Movers Coalition (FMC), which encourages the use of low-carbon primary aluminum. The industry is also exploring two pathways for reducing emissions in refining: quick deployment of innovative technologies or a more gradual approach that addresses barriers. Key technologies include electric boilers, hydrogen calcination, and inert anodes for smelting, all of which aim to significantly reduce emissions when paired with renewable energy sources.
If you check out our article Aluminum Consumption By Country: Top 15, you’ll find that while China was the largest producer, South Korea led in consumption, with nearly 43 kg consumption of aluminum per person in 2022. An interesting fact to note is that, although China produced the most aluminum, Canada was the world’s largest aluminum supplier, with Canadian aluminum exports reaching $9.37 billion in 2022, according to a report by the Observatory of Economic Complexity.
With this, let’s now move on to our list of 10 Best Aluminum and Aluminum Mining Stocks to Buy Now.
A shipping container filled with freshly-produced aluminum cans ready for distribution.
Methodology
For this list, we scanned Insider Monkey’s database of 912 hedge funds and identified companies that are involved in the production, extraction, processing, or sale of aluminum and aluminum-related products. From that group, we picked the top 10 companies with the highest number of hedge fund investors having stakes in them, as of Q2 2024.
Moreover, we also individually researched these stocks to collect analysts’ consensus over the respective stocks’ upside potential. The stocks are ranked in ascending order of the number of hedge funds investing in them as of Q2 2024. For the stocks with equal hedge fund investors’ holders, we ranked them according to their respective upside potential.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
10. Kaiser Aluminum Corporation (NASDAQ:KALU)
Number of Hedge Fund Holders: 19
On our list of the 10 best aluminum stocks to buy, we have Kaiser Aluminum Corporation (NASDAQ:KALU), which is a prominent producer of semi-fabricated aluminum products, serving manufacturers and suppliers worldwide. Kaiser Aluminum, with 13 production facilities across North America, produces a diverse range of value-added products, including plate, sheet, coil, and extrusions such as rod, bar, tube, and wire.
In Q2 2024, Kaiser Aluminum Corporation (NASDAQ:KALU) experienced a net sales drop to $773 million from $814 million a year ago, driven by a 6% reduction in shipments. Despite this, aerospace/high strength and automotive extrusions segments showed growth, with aerospace/high strength sales at $226 million and automotive extrusions rising 9% to $70 million. Net income fell to $3 million from $18 million in the prior year, largely impacted by a $9 million non-cash LIFO charge and costs associated with closing the Sherman, Texas facility.
On the liquidity front, Kaiser Aluminum is well-positioned with $70 million in cash and a credit facility of $548 million, providing total liquidity of $618 million. Considering the company’s performance, a quarterly cash dividend of $0.77 per share was announced. Looking ahead, Kaiser Aluminum Corporation’s (NASDAQ:KALU) strategic investments, including the roll coat #4 project, are expected to enhance profitability by converting capacity to higher value-added products.
On June 11, 2024, Kaiser Aluminum announced it would close its Sherman facility, which experienced a furnace explosion two years ago, by summer. The plant’s 75 employees will receive termination benefits, and a job fair will be held to assist displaced workers.
In terms of stock performance, the company has experienced a 0.45% increase over the past month but a 1.18% year-to-date decline. This drop is due to decreased net sales in the packaging and aerospace sectors, along with concerns over the Sherman facility closure and restructuring costs impacting future profitability and operational efficiency.
Nevertheless, analysts remain positive about future growth, projecting an upside potential of 18.6%. As of Q2 2024, 19 hedge funds, with a combined investment of $57 million, are bullish on the stock, as per Insider Monkey’s database.
9. Century Aluminum Company (NASDAQ:CENX)
Number of Hedge Fund Holders: 27
Century Aluminum Company (NASDAQ:CENX) is next on our list of the best aluminum stocks to buy. With its corporate headquarters located in Chicago, IL, Century Aluminum owns and operates primary aluminum smelting facilities in the United States and Iceland. It is also the majority owner and managing partner of the Jamalco alumina refinery in Jamaica.
In Q2 2024, Century Aluminum Company (NASDAQ:CENX) reported a revenue increase of $71.3 million sequentially, primarily due to higher LME aluminum prices and increased value-added product premiums. However, it suffered a loss in earnings of $249.3 million compared to the last quarter. This drop was largely due to the recognition of a $245.9 million bargain purchase gain from the Jamalco acquisition in Q1 2024. Adjusted EBITDA for Q2 2024 increased by $9.2 million to $34.2 million, driven by favorable realized LME and regional price premiums.
Century’s liquidity at June 30, 2024, was $342.6 million, up $40.6 million from the prior quarter, with $41.3 million in cash and $301.3 million in borrowing availability. Looking ahead, the company anticipates third-quarter Adjusted EBITDA to range between $65 and $75 million, boosted by higher LME and regional premium prices, as well as favorable shipment timing.
On July 12, Century Aluminum Company (NASDAQ:CENX) announced the continued operations of the Jamalco bauxite mining and alumina production joint venture, following the impact of Hurricane Beryl in Jamaica. However, this event is not expected to have a material effect on its financial results.
Regarding price movement, the company saw a 3.88% dip over the past month but, in the past six months, its share price surged 23% due to strong financial performance. However, a quiet movement over the past month could be attributable to the stopped operations of Jamalco bauxite mining and alumina production.
Analysts have predicted a 28.83% upside price surge. Moreover, 27 hedge funds have invested a total of $179 million in the company, as of Q2 2024, as per Insider Monkey’s database. Thus, Century Aluminum Company earns its spot on our list of the best aluminum stocks to buy based on its strong performance, and healthy growth prospects in the future.
8. Ardagh Metal Packaging SA. (NYSE:AMBP)
Number of Hedge Fund Holders: 29
Ardagh Metal Packaging SA. (NYSE:AMBP) is a prominent global provider of infinitely recyclable aluminum beverage cans and ends, catering to a wide range of end-use categories including beer, carbonated soft drinks, and energy drinks, to name a few. As a subsidiary of the sustainable packaging giant, Ardagh Group, AMP stands out in Europe and the Americas with its advanced production capabilities focused on aluminum due to its sustainability. The company runs 23 production facilities across nine countries and employs around 6,300 people.
In Q2 2024, Ardagh Metal Packaging SA. (NYSE:AMBP) reported a revenue of over $1.25 billion, showing a marginal increase of 0.32% compared to the same quarter last year. This is attributable to a 3% rise in global beverage can shipments, with Europe leading at 5% growth and the Americas at 1%. Adjusted EBITDA surged 18% year-over-year to $178 million, driven by favorable volume/mix, reduced operating costs in the Americas, and stronger input cost recovery in Europe.
Total liquidity also improved to $405 million, with further enhancement. Additionally, cash flow from operating activities stood at $234 million in Q2, and full-year 2024 adjusted free cash flow is expected to align with prior expectations.
On August 21, Ardagh Metal Packaging SA. (NYSE:AMBP) earned ISO 14001 certification for its environmental management system across all production facilities. This internationally recognized standard helps companies enhance environmental performance through efficient resource management and waste reduction.
However, the company’s share price has experienced a 1.65% dip over the past month and a 6.04% dip year-to-date. This decline can be attributed to Fitch’s downgrade of Ardagh Group S.A. from ‘B’ to ‘CCC,’ which triggered a similar downgrade for Ardagh, leading to a drop in stock prices. This downgrade is due to the company’s underperformance, compared with Fitch’s expectations. This raises concerns about the the company’s deleveraging strategies, as its debt maturities are around the corner.
Nevertheless, analysts find Ardagh Metal Packaging SA. (NYSE:AMBP) to be a compelling investment opportunity based on the company’s continued growth efforts. Analysts are optimistic about the stock, projecting an upside potential of 2.51%. As of Q2 2024, 29 hedge funds are bullish on the stock, holding a combined investment of $108 million, as per Insider Monkey’s database.
7. Rio Tinto Group (NYSE:RIO)
Number of Hedge Fund Holders: 29
Rio Tinto Group (NYSE:RIO) is a global leader in aluminum production, managing a fully integrated supply chain from bauxite mining to aluminum smelting. Their aluminum is responsibly produced, and through their Matalco JV, they offer fully recycled products.
In the first half of 2024, Rio Tinto Group (NYSE:RIO) reported net sales of $26.8 billion, an increase of 1% compared to the first half of 2023. Underlying earnings increased from $5.1 billion in H1 2023 to $5.8 billion in H1 2024. Moreover, underlying EBITDA rose 3% to $12.1 billion. This favorable financial performance is attributed to significant operational efficiencies in the Aluminum and Copper divisions and the absence of one-time operational disruptions from 2023.
Moreover, cash flow from operations was maintained at $7.1 billion, and free cash flow was $2.8 billion, reflecting consistent operational performance. Regarding liquidity, Rio Tinto Group (NYSE:RIO) maintains a net debt of $5.1 billion and a return on capital employed (ROCE) of 19%, providing ample liquidity for future investments. Looking ahead, Rio Tinto plans a disciplined dividend policy with a 50% interim payout and remains focused on growth through decarbonization efforts and sustainable production technologies.
Rio Tinto Group (NYSE:RIO) has collaborated with Canada’s government, investing $179 million, as announced in July 2024. The JV plans to install the first carbon-free aluminum smelting cells at its Arvida smelter in Quebec, Canada, using ELYSIS technology to launch greenhouse gas-free aluminum production. The plant will boast ten pots running at 10 kA (kiloamperes), providing a push towards sustainable aluminum production.
In addition to the developments in aluminum sector, Rio Tinto and BYD, among other companies, are developing a lithium project in Chile, as part of the country’s push to boost lithium production. This initiative, announced in August 2024, is part of Chile’s broader strategy to enhance its position as the world’s second-largest lithium producer.
Rio Tinto’s share price experienced a decline of 2.77% over the past month and 18.39% year-to-date, due to production issues. These include a 2% decrease in iron ore production due to a train collision in Pilbara, lower copper production due to conveyor belt problems, and reduced alumina output forecasts due to gas supply issues.
Despite these setbacks, analysts remain positive about future growth, projecting an upside potential of 35.6%. As of Q2 2024, 29 hedge funds, with a combined investment of $1.3 billion, are bullish on the stock, as per Insider Monkey’s database.
6. Reliance, Inc. (NYSE:RS)
Number of Hedge Fund Holders: 31
Reliance, Inc. (NYSE:RS) is next on our list of the best aluminum stocks to buy. It is a leading global provider of diversified metal solutions and the largest metals service center company in North America, as well as a key supplier of aluminum products, among other metals. The company operates over 320 locations across 40 U.S. states and 12 countries. It provides value-added metals processing services and distributes more than 100,000 metal products, including aluminum, carbon steel, and stainless steel, to over 125,000 customers across various industries.
In Q2 2024, Reliance, Inc. (NYSE:RS) reported a 4% increase in tons sold compared to Q1 2024, driven by three acquisitions made this year and organic growth. This performance showcased the effectiveness of Reliance’s diversification strategy. EPS fell to $4.67, mainly due to declining carbon steel prices. Nevertheless, Reliance maintained a robust gross profit margin of 29.8%, thanks to its strategic investments in value-added processing capabilities.
On the financial front, Reliance generated $366.3 million in cash flow from operations in Q2 2024, which supported the acquisitions of American Alloy Steel, Inc. and Mid-West Materials, Inc. Additionally, Reliance has paid quarterly cash dividends for 65 consecutive years, underscoring its strong cash position.
Notably, despite witnessing positive net income growth, the increase is lower than expected due to declining carbon steel prices impacting margins. Moreover, while the company completed strategic acquisitions, the overall profitability remains under pressure from a challenging pricing environment.
Having already made three acquisitions in the year, on July 15, Reliance, Inc. (NYSE:RS) announced its agreement to acquire certain assets of Ferragon Corporation (“FerrouSouth”), a leading toll processing operation based in Mississippi. This acquisition is expected to enhance Feralloy’s capacity by integrating these assets into its existing operations.
The stock has seen a 5.66% decline over the past month, mainly due to integration risks associated with the Ferragon acquisition. However, year-to-date, Reliance’s stock has risen by 2.83%, reflecting its strong market position and diversified portfolio.
Analysts project a 22.10% upside potential for Reliance Inc. Additionally, 31 hedge funds at the end of Q2 2024 invested $509 million in the company, as per Insider Monkey’s database, indicating strong confidence in its prospects. This positions Reliance Inc. as a favorable stock to consider, which is why it has made it to our list of the best aluminum stocks.
5. Avery Dennison Corporation (NYSE:AVY)
Number of Hedge Fund Holders: 33
We now have Avery Dennison Corporation (NYSE:AVY) on our list of the best aluminum stocks. It is a global leader in labeling and packaging materials, operating through two main segments: Materials and Solutions Group. Avery Dennison offers a range of products, including pressure-sensitive materials, RFID tags, plastic films, metal foils, fabrics, and performance tapes. It also offers a wide range of aluminum foil (Al-foil) based multi-laminates, designed to extend the durability of VIP envelopes that require a complete barrier for long-term applications.
In Q2 2024, Avery Dennison Corporation (NYSE:AVY) reported an EPS of $2.42, marking a 26% YoY growth. The Materials segment saw a 6% organic sales growth, rebounding from last year’s inventory destocking, with double-digit volume increases in Europe and Asia. The adjusted EBITDA margin improved to 17.9%, up over two percentage points from last year, due to higher productivity and volume. Meanwhile, the Solutions Group saw an 11% rise in organic sales and a 16.8% adjusted EBITDA margin, supported by increased volumes and productivity in the apparel sector and intelligent labels.
Financially, Avery Dennison Corporation (NYSE:AVY) maintained strong performance with a free cash flow of $201 million in the first half of the year and a net debt-to-adjusted EBITDA ratio of 2.2x at the quarter’s end. The company’s strategic investments in intelligent labels and new customer rollouts in high-value categories, like logistics and food, are expected to sustain growth.
Despite Avery Dennison’s strong EPS growth YoY, the modest 7% increase in sales points to slower revenue growth. The company’s focus on achieving $36 million in pretax savings highlights efforts to improve efficiency, while its 2.2x net debt to EBITDA ratio indicates a need to carefully manage debt levels moving forward.
On April 9, Avery Dennison Corporation (NYSE:AVY) added new electrode fixing tapes to their portfolio for electric vehicle (EV) battery assembly. These tapes are designed to enhance the safety, efficiency, and ease of assembling EV batteries. The company aims to improve its sluggish sales growth with this new product installation.
Now, moving on to the price movement, we find that the company’s share price has experienced a 2.41% increase over the past month and an 11.65% year-to-date rise. This positive price movement is attributed to Avery Dennison’s strong performance and strategic play.
Analysts project a 7.34% upside price surge. Moreover, 33 hedge funds have invested $204 million collectively in the company, as of Q2 2024, as per Insider Monkey’s database, earning Avery Dennison a spot on our list of the best aluminum stocks.
4. Constellium SE (NYSE:CSTM)
Number of Hedge Fund Holders: 34
Constellium SE (NYSE:CSTM) is a global leader, covering the entire value chain from raw material production to advanced fabrication and recycling. The company specializes in aluminum processing and operates through three segments: Packaging & Automotive Rolled Products, Aerospace & Transportation, and Automotive Structures & Industry. It serves key markets such as aerospace, automotive, packaging, and industrial applications
In Q2 2024, Constellium SE (NYSE:CSTM) reported net sales of $2.0 billion, an 8% decrease from $2.2 billion in Q2 2023, due to a 5% drop in shipments. Despite this decline, net income improved significantly to $79 million from $35 million a year ago. However, segment EBITDA decreased due to lower shipments and a major maintenance outage at the Muscle Shoals facility. Additionally, the sale of the German extrusion business and reduced demand in Europe affected performance.
However, Constellium SE (NYSE:CSTM) showed a strong financial position, reporting a free cash flow of $83 million for the quarter. Leverage at the end of the second quarter remained at 2.5 times, within the target leverage range.
Looking ahead, Constellium SE (NYSE:CSTM) is investing $65 million in a new casting center at Muscle Shoals to boost internal capacity, supporting defense and aerospace markets. The company has also partnered with Lotte Infracell to expand the production of aluminum foil stock for electric vehicle batteries.
On July 15, Constellium SE (NYSE:CSTM) announced the successful completion of its first industrial-scale hydrogen casting. This marks a significant step towards decarbonizing industrial activities and paves the way for greener technologies.
Constellium reported an EPS of $0.52, exceeding analysts’ expectations of $0.43. This, along with the factors discussed above, has compelled analysts to be optimistic about the stock. As of Q2 2024, 34 hedge funds, holding a combined investment of $430 million, are bullish on the stock, as per Insider Monkey’s database.
3. Alcoa Corporation (NYSE:AA)
Number of Hedge Fund Holders: 40
Alcoa Corporation (NYSE:AA) is a global leader in bauxite, alumina, and aluminum products that are sold internationally. Established in 1888 and headquartered in Pittsburgh, Pennsylvania, Alcoa operates across the aluminum value chain, including mining, refining, and smelting. The Alumina segment involves mining bauxite, which is then refined into alumina to produce aluminum metal. The Aluminum segment comprises the smelting and casthouse systems.
In Q2 2024, Alcoa Corporation (NYSE:AA) achieved a revenue upsurge of 8.3% compared to the same quarter last year, driven by higher alumina and aluminum prices. Revenue in the Alumina segment rose by 5%, while the Aluminum segment saw a 16% surge, driven by higher third-party prices.
Consequently, the company turned around its previous loss to achieve a positive net profit this quarter. Adjusted EBITDA increased by $193 million. Alcoa Corporation (NYSE:AA) ended the quarter with a positive cash balance of $1.4 billion, with cash from operations of $287 million and free cash flow of $123 million. Working capital also improved.
Looking ahead, Alcoa Corporation (NYSE:AA) is making significant strides in its strategic initiatives. On June 28, the company, in collaboration with Rio Tinto, advanced its ELYSIS technology to eliminate all greenhouse gas emissions from the smelting process. Additionally, Alcoa’s profitability improvement programs are on track to achieve $645 million in cost savings by the end of 2025
If we look at the price movement, the stock has experienced a negative 1-month movement of 2.10% and a negative YTD movement of 4.6%. This decline is attributed to the uncertainty surrounding its proposed acquisition of Alumina Limited, which has raised concerns about stock dilution and integration risks. Moreover, China’s slow economic recovery and Alcoa’s decision to shut down its Kwinana alumina refinery have further impacted investor confidence.
2. Ball Corporation (NYSE:BALL)
Number of Hedge Fund Holders: 42
Ball Corporation (NYSE:BALL) is next on our list of the best aluminum stocks to buy now. It is a global provider of sustainable packaging solutions, primarily focusing on aluminum cans and bottles. Established in 1880 and headquartered in Westminster, Colorado, Ball Corporation operates across several key sectors, including beverage packaging, aerosol packaging, and aerospace technology.
Revenue for Q2 2024 was $2.96 billion, showcasing a reduction of 3.5% compared to Q2 2023. This decline is largely due to the absence of the aerospace business post-sale, which had contributed to the revenue figures in the previous year. However, the company’s core beverage packaging segments performed well, with Beverage Packaging in North and Central America seeing an uptick in operating earnings, driven by higher volumes and lower aluminum costs. The same upward trend in operating income was observed in the EMEA and South America segments.
Ball Corporation’s (NYSE:BALL) future outlook is quite promising, as it is on track to return over $1.6 billion to shareholders in 2024. The company also expects mid-single-digit EPS growth, strong free cash flow, and ongoing improvements in its operations.
On August 23, Ball Corporation (NYSE:BALL) joined hands with global beverage giants to boost sustainability in aluminum packaging, responding to rising environmental concerns. The company is deploying innovative strategies to reduce carbon emissions in the aluminum industry. They have launched their most sustainable aluminum aerosol can to date, which boasts a carbon footprint that is 50% lower than that of standard cans.
Ball Corporation reported an EPS of $0.74, exceeding analysts’ expectations of $0.73. The company has seen a surge in 1-month and YTD price movements of 0.89% and 13.34%, respectively. This is due to several factors, including the dividend announcement of 20 cents per share, the overall trend towards sustainability, and the increasing demand for aluminum packaging.
However, Ball Corporation (NYSE:BALL) faced challenges with a decline in total sales, missing estimates at $2.96 billion. The Beverage Packaging EMEA segment also saw a 4.3% drop in sales, and lower volumes in South America, driven by economic issues in Argentina, weighed on results. Additionally, operating earnings in South America fell short of expectations.
Nevertheless, analysts have put their faith in the stock, projecting an upside potential of 6.69% from the current price of $63.81. As of Q2 2024, 42 hedge funds are holding a combined investment of $515 million in the company, as per Insider Monkey’s database.
1. Crown Holdings, Inc. (NYSE:CCK)
Number of Hedge Fund Holders: 48
Crown Holdings, Inc. (NYSE:CCK) is a leading global supplier of packaging products, with a strong presence in over 40 countries. The company specializes in manufacturing and selling aluminum beverage cans, aluminum caps, non-beverage cans, aerosol cans, glass bottles, and steel crowns.
In Q2 2024, Crown Holdings, Inc. (NYSE:CCK) reported a 2.2% YoY dip in net sales to $3 billion. Net sales for the first six months also declined to $5.82 billion from $6.08 billion in the same period last year. Operating income followed a similar downward trend.
The decrease in net sales and operating income was driven by lower raw material costs and unfavorable foreign currency impacts, which offset gains from global beverage can shipments. Notably, global beverage can volumes grew by 6%, with North America experiencing a substantial 9% increase, driving a 5.6% rise in segment income for Q2.
Crown Holdings, Inc. (NYSE:CCK) generated $178 million in free cash flow for the first half of 2024, and net leverage improved from 4.0 to 3.2 times, reflecting stronger financial health and operational efficiency. Looking ahead, Crown Holdings has updated its full-year earnings guidance, projecting adjusted EPS between $6 and $6.25, up from the previous $5.80 to $6.20 range.
Over the past month, the stock has surged by 3.34%, while YTD declined by 0.93%, largely due to unexpected negative impacts and lower material costs.
On August 29, Crown Holdings, Inc. (NYSE:CCK) obtained Aluminum Stewardship Initiative (ASI) certification, demonstrating its commitment to responsible production and management of aluminum.
Considering the overall performance of the company, analysts find the stock to be a compelling investment opportunity. They are optimistic about the stock, projecting an upside potential of 10.70% from the current price of $90.41. As of Q2 2024, 48 hedge funds are bullish on the stock, as per Insider Monkey’s database.
CCK is the Best Aluminum and Aluminum Mining Stocks to Buy Now based on hedge fund sentiment. But our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than CCK but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.
Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
