5 Precious Metals Stocks to Buy According to Ken Fisher

2. Alcoa Corporation (NYSE:AA)

Number of Hedge Fund Holders: 41

Alcoa Corporation (NYSE:AA) is a Pennsylvania-based company that produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, and Canada. Ken Fisher’s fund owns 6.3 million Alcoa Corporation (NYSE:AA) shares, worth $378.5 million, representing 0.21% of the total 13F securities. 

Argus analyst David Coleman raised the price target on Alcoa Corporation (NYSE:AA) to $95 from $68 and kept a Buy rating on the shares on March 21. The analyst noted that Alcoa Corporation (NYSE:AA) has a strong track record in its industry given its improving balance sheet, soaring aluminum prices, and the latest developments in the Chinese and Russian markets. He also told investors that Alcoa Corporation (NYSE:AA) recently initiated a dividend and a $500 million share buyback program. He elevated his FY22 EPS view by $2.00 to $9.30 and his FY23 estimate by 95c to $8. 

On February 24, Alcoa Corporation (NYSE:AA) declared a quarterly dividend of $0.10 per share. The dividend is payable on March 24, to shareholders of record on March 8. 

According to the fourth quarter database of Insider Monkey, 41 hedge funds were bullish on Alcoa Corporation (NYSE:AA), compared to 44 funds in the last quarter. Theleme Partners is a significant shareholder of Alcoa Corporation (NYSE:AA), with 4.90 million shares worth $292.4 million.