5 Best Commodity Stocks To Invest In

4. Alcoa Corporation (NYSE:AA)

Number of Hedge Fund Holders: 39  

Alcoa Corporation (NYSE:AA) produces and sells bauxite, alumina, and aluminium products. It is one of the top commodity stocks to invest in. On August 30, the company announced that it would be cutting one third of the production capacity at the Lista smelter in Norway because of high energy costs for the site. The Lista smelter has three potlines with an annual nameplate capacity of 94,000 metric tons/year. The Lista site is currently exposed to spot energy pricing, which has increased to more than $600/MWh.

On September 21, Credit Suisse analyst Curt Woodworth maintained a Neutral rating on Alcoa Corporation (NYSE:AA) stock and lowered the price target to $50 from $63, noting that lower commodity prices and operational and energy cost pressures were weighing on the stock. 

At the end of the second quarter of 2022, 39 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in Alcoa Corporation (NYSE:AA), compared to 50 in the preceding quarter worth $2.8 billion.