8 Best Rare Earth Stocks and ETFs

4. Alcoa Corporation (NYSE:AA)

Number of Hedge Fund Holders: 35

Alcoa Corporation (NYSE:AA) is a leader in bauxite and alumina (aluminum oxide) production. It is pushing green tech with a focus on low-carbon production.

The company’s roadmap features innovations like ASTRAEA, which purifies recycled aluminum scrap, and the “Refinery of the Future” project, aiming for zero-emission alumina refining. For 2024, Alcoa Corporation (NYSE:AA) anticipates alumina production of 9.8 – 10 million metric tons and expects to ship 12.7 – 12.9 million metric tons.

Alcoa Corporation (NYSE:AA) reported its financial results for the first quarter of 2024, revealing an adjusted EBITDA of $132 million, up slightly from $89 million reported last quarter. The company also made significant progress on its strategic initiatives, including the acquisition of Alumina Limited.

Analysts have a positive outlook for the company’s future, setting an average 12-month price target of $39.21, with estimates ranging from $31 to $50. This suggests a potential increase of over 4% from the current price levels.

Of the 919 hedge funds tracked by Insider Monkey at the end of Q1 2024, Alcoa Corporation (NYSE:AA) was held by 35 hedge funds, making it one of the best rare earth stocks to buy now.