5 Best Basic Material Stocks to Buy Now

3. Alcoa Corporation (NYSE:AA)

Number of Hedge Fund Holders: 44

Alcoa Corporation (NYSE:AA) is a Pittsburgh-based aluminum producer that ranks third on the list of 10 best material stocks to buy now. The company mines bauxite and iron ore, as well as smelts, processes, and fabricates aluminum. 

On September 28, investment bank Morgan Stanley kept an Overweight rating on Alcoa Corporation (NYSE:AA) and raised its price target for the stock to $62 from $51. 

Israel Englander’s Millennium Management recently upped their stake in Alcoa Corporation (NYSE:AA) by 1,095% at the end of the second quarter to 3.59 million shares worth $133 million. Overall, 44 funds were bullish on Alcoa Corporation (NYSE:AA) by the end of the June quarter, compared to 38 in the previous quarter.

In the second quarter of 2021, Alcoa Corporation (NYSE:AA) reported an EPS of $1.49, beating estimates by $0.18. The company’s revenue in the second quarter grew 32% year over year to $2.83 billion and beat revenue estimates by $196 million. Shares of Alcoa Corporation (NYSE:AA) increased 262% in the past twelve months.