5 Best Material Stocks To Buy Now

3. Alcoa Corporation (NYSE:AA)

Number of Hedge Fund Holders: 44

Alcoa Corporation (NYSE:AA) is a Pennsylvania-based aluminum producer. In the second quarter of 2021, more hedge funds were long on the metal stock with 44 hedge funds in the database of Insider Monkey holding stakes worth $1.16 billion, up from 38 in the previous quarter worth $1 billion. The stock returned 173% gains to investors in the previous year. 

Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Alcoa Corporation (NYSE:AA) with 6.43 million shares worth more than $315 million at the end of the September quarter. 

Wolfe Research analyst Timna Tanners initiated an Outperform rating on Alcoa Corporation (NYSE:AA) on November 16. The analyst sees a bullish view on aluminum fundamentals and high prices until 2023. Tanners set a price target of $63 for the metal stock. 

Alcoa Corporation (NYSE:AA) pays its shareholders an annual dividend of $0.40 per share.