State Board of Administration of Florida Retirement System Has $8.43 Million Holdings in Alcoa Co. (NYSE:AA)

Posted by on May 10th, 2023

State Board of Administration of Florida Retirement System cut its stake in Alcoa Co. (NYSE:AA – Get Rating) by 2.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 185,411 shares of the industrial products company’s stock after selling 4,100 shares during the period. State Board of Administration of Florida Retirement System owned about 0.10% of Alcoa worth $8,431,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AA. Fairfield Bush & CO. acquired a new stake in Alcoa during the 1st quarter valued at $29,000. US Bancorp DE increased its holdings in Alcoa by 4.9% during the 1st quarter. US Bancorp DE now owns 9,359 shares of the industrial products company’s stock valued at $842,000 after purchasing an additional 434 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in Alcoa during the 1st quarter valued at $435,000. Great West Life Assurance Co. Can increased its holdings in Alcoa by 8.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 108,717 shares of the industrial products company’s stock valued at $10,089,000 after purchasing an additional 8,028 shares in the last quarter. Finally, Blair William & Co. IL bought a new position in Alcoa in the 1st quarter valued at $242,000.

Alcoa Trading Down 0.8 %

Shares of NYSE:AA opened at $36.51 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 1.78 and a debt-to-equity ratio of 0.29. The stock has a market cap of $6.51 billion, a PE ratio of -7.87, a P/E/G ratio of 4.40 and a beta of 2.43. The business has a 50 day moving average of $41.29 and a 200-day moving average of $45.21. Alcoa Co. has a 12-month low of $33.55 and a 12-month high of $67.52.

Alcoa (NYSE:AA – Get Rating) last issued its quarterly earnings results on Wednesday, April 19th. The industrial products company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.18). The company had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.77 billion. Alcoa had a negative net margin of 6.78% and a positive return on equity of 4.02%. The company’s quarterly revenue was down 18.9% on a year-over-year basis. During the same quarter last year, the firm posted $3.06 earnings per share. As a group, equities research analysts forecast that Alcoa Co. will post 0.79 earnings per share for the current year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 2nd. Stockholders of record on Tuesday, May 16th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, May 15th. This represents a $0.40 annualized dividend and a dividend yield of 1.10%. Alcoa’s dividend payout ratio (DPR) is presently -8.62%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. B. Riley Financial decreased their price objective on Alcoa from $44.00 to $43.00 and set a “neutral” rating on the stock in a research report on Friday, April 21st. JPMorgan Chase & Co. assumed coverage on Alcoa in a research report on Monday. They issued an “overweight” rating and a $54.00 price objective on the stock. BMO Capital Markets decreased their price objective on Alcoa from $45.00 to $40.00 and set a “market perform” rating on the stock in a research report on Thursday, April 20th. Citigroup upgraded Alcoa from a “neutral” rating to a “buy” rating and increased their price objective for the company from $55.00 to $65.00 in a research report on Tuesday, February 21st. Finally, B. Riley decreased their price objective on Alcoa from $44.00 to $43.00 and set a “neutral” rating on the stock in a research report on Friday, April 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $48.22.

About Alcoa

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Alcoa Corp. engages in the production of bauxite, alumina, and aluminum products. It operates through the following segments: Bauxite, Alumina, and Aluminum. The Bauxite segment represents the company’ global bauxite mining operations. The Alumina segment includes the company’s worldwide refining system, which processes bauxite into alumina.

Further Reading

Institutional Ownership by Quarter for Alcoa (NYSE:AA)

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