Bank of Nova Scotia Has $249,000 Stock Position in Alcoa Co. (NYSE:AA)

Posted by on May 26th, 2023

Bank of Nova Scotia lowered its position in shares of Alcoa Co. (NYSE:AA – Get Rating) by 68.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,473 shares of the industrial products company’s stock after selling 11,986 shares during the quarter. Bank of Nova Scotia’s holdings in Alcoa were worth $249,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. State Street Corp increased its position in Alcoa by 5.6% in the 1st quarter. State Street Corp now owns 6,740,470 shares of the industrial products company’s stock valued at $606,845,000 after acquiring an additional 356,919 shares in the last quarter. Bank of New York Mellon Corp increased its position in Alcoa by 5.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,106,620 shares of the industrial products company’s stock valued at $205,549,000 after acquiring an additional 330,779 shares in the last quarter. Renaissance Technologies LLC increased its position in Alcoa by 26.4% in the 3rd quarter. Renaissance Technologies LLC now owns 4,176,396 shares of the industrial products company’s stock valued at $140,577,000 after acquiring an additional 871,861 shares in the last quarter. Theleme Partners LLP increased its position in Alcoa by 5.6% in the 3rd quarter. Theleme Partners LLP now owns 3,401,530 shares of the industrial products company’s stock valued at $114,495,000 after acquiring an additional 180,000 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Alcoa by 5.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,341,953 shares of the industrial products company’s stock valued at $151,967,000 after acquiring an additional 168,293 shares in the last quarter.

Alcoa Stock Performance

Shares of AA stock opened at $33.79 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.92 and a current ratio of 1.78. The company has a market capitalization of $6.03 billion, a P/E ratio of -7.28, a price-to-earnings-growth ratio of 4.35 and a beta of 2.43. The company’s 50 day moving average price is $38.31 and its two-hundred day moving average price is $44.77. Alcoa Co. has a 52 week low of $33.51 and a 52 week high of $67.52.

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

Alcoa Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 2nd. Shareholders 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 yield of 1.18%. Alcoa’s dividend payout ratio (DPR) is currently -8.62%.

Analysts Set New Price Targets

Several research firms have weighed in on AA. StockNews.com began coverage on shares of Alcoa in a research report on Thursday, May 18th. They issued a “sell” rating for the company. B. Riley Financial reduced their target price on shares of Alcoa from $44.00 to $43.00 and set a “neutral” rating on the stock in a research note on Friday, April 21st. B. Riley reduced their target price on shares of Alcoa from $44.00 to $43.00 and set a “neutral” rating on the stock in a research note on Friday, April 21st. Credit Suisse Group raised shares of Alcoa from a “neutral” rating to an “outperform” rating and set a $50.00 target price on the stock in a research note on Thursday, May 11th. Finally, Morgan Stanley reduced their target price on shares of Alcoa from $47.00 to $43.00 in a research note on Tuesday, April 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $48.78.

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.

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Institutional Ownership by Quarter for Alcoa (NYSE:AA)

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