Alcoa (NYSE: AA) just opened up the earnings seasons, beating the estimates of the Wall Street analyst community. But while the stock market has soared in a record first quarter, Alcoa, a member of the Dow Jones Industrial Index, is down 9.10%. That naturally raises the question of is it time to go bottom fishing with Alcoa, an industrial metals heavyweight?

For value investors, Alcoa is certainly appealing. The price-to-book ratio is just 0.68. The price-to-sales ratio is only 0.38.  Legendary value investor Ben Graham, the inspiration for Warren Buffett, wanted his stocks to be undervalued by at least one-third.  Alcoa certainly meets that standard.

Growth investors should like what Alcoa is showing, too. The price-to-earnings ratio is projected to fall from 52.44 to 9.76.  Earnings-per-share for Alcoa is expected to surge by 65.38% next year. On a quarterly basis, earnings have soared by more than 200% on a quarterly basis for Alcoa.

Alcoa does have a lot of debt. The cash flow is poor, too. Margins are thin: the profit margin is just 0.68%

Like so many companies in the resources sector, Alcoa needs China to boom, again. Economic growth is starting to return to China. The People’s Republic just reported higher quarterly economic growth. Carl Weinberg, Chief Economist for High Frequency Economics, predicts that China will be growing in double digits soon. He is not a starry-eyed optimist as he stated in an interview in Barron’s that Europe is in a recession and Japan is headed that way.

Alcoa, at under $8.40 a share, might be worth a look, especially with China starting to stir again. There is a dividend yield of 1.43% that pays you to wait.