5 Best Mining Stocks To Buy Now

3. Alcoa Corporation (NYSE:AA)

Number of Hedge Fund Holders: 44

Alcoa Corporation (NYSE:AA) is one of the largest global bauxite miners in the world. The Pennsylvania-based company sells its aluminum, alumina, and bauxite products internationally. The company supplies metals to manufacturers in different industries including aerospace and EV. The mining company grew its revenue in the third quarter by 10% to $3.11 billion, beating estimates by $194 million. 

Alcoa Corporation (NYSE:AA) recently introduced a technology roadmap to decarbonize the aluminum supply chain. This will also assist the company in meeting its goal of achieving net-zero greenhouse gas emissions across its global operations by 2050. The stock gained 105% year to date.

Jefferies analyst Christopher LaFemina upgraded Alcoa Corporation (NYSE:AA) to Buy from Hold rating on November 2. LaFemina believes that the global decarbonization initiative can help Alcoa grow even more. The analyst raised his price target for the stock to $60 from $52. 

Meanwhile, The metal company announced plans to restart 268,000 mt/year of aluminum capacity at the Alumar smelter in São Luís, Brazil, in September. The first molten metal is expected in the second quarter of 2022, with the full capacity of 268,000 mt/year operational in the fourth quarter of 2022.

At the end of the second quarter of 2021, 44 hedge funds in the database of Insider Monkey held stakes worth $1.16 billion in Alcoa Corporation (NYSE:AA), up from 38 in the previous quarter worth $1 billion.