5 Best Aluminum Stocks To Buy

4. Arconic Corporation (NYSE:ARNC)

Number of Hedge Fund Holders: 26

Pennsylvania-based Arconic Corporation (NYSE:ARNC) produces aluminum sheets and related materials that are used in lucrative markets like automotive, aerospace, commercial transportation, industrial, packaging and building and construction markets. In 2020, the company became one of the leaders in the aluminum sheets market.

In November 2022, Arconic Corporation (NYSE:ARNC) said its board approved a two-year share buyback program of up to $200 million. Analysts believe Arconic Corporation (NYSE:ARNC) could benefit in the future from the auto sector since car companies are striving to use aluminum in their production to produce lightweight products. Arconic Corporation (NYSE:ARNC)’s rolled and extruded products have a bright future, according to market analysts.

Hedge funds upped theirs stakes in Arconic during the third quarter. A total of 26 funds in our database had stakes in Arconic Corporation (NYSE:ARNC), compared to 19 funds in the previous quarter.