Janney Montgomery Scott LLC bought a new position in shares of Alcoa Co. (NYSE:AA – Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 24,330 shares of the industrial products company’s stock, valued at approximately $826,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in AA. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Alcoa by 98,060.4% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 26,012,519 shares of the industrial products company’s stock worth $882,605,000 after buying an additional 25,986,019 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Alcoa by 72.4% in the 1st quarter. Bank of New York Mellon Corp now owns 10,299,263 shares of the industrial products company’s stock worth $438,337,000 after buying an additional 4,325,754 shares during the last quarter. State Street Corp grew its stake in shares of Alcoa by 3.4% in the 1st quarter. State Street Corp now owns 8,273,477 shares of the industrial products company’s stock worth $352,119,000 after buying an additional 271,387 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Alcoa by 4,737.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,578,275 shares of the industrial products company’s stock worth $208,174,000 after buying an additional 4,483,625 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Alcoa by 11.5% in the 1st quarter. Franklin Resources Inc. now owns 4,416,699 shares of the industrial products company’s stock worth $187,975,000 after buying an additional 455,750 shares during the last quarter.
Analysts Set New Price Targets
Several research firms recently issued reports on AA. Wolfe Research cut Alcoa from a “market perform” rating to an “underperform” rating and set a $25.00 price objective on the stock. in a research report on Tuesday, July 11th. BMO Capital Markets lowered their price objective on Alcoa from $30.00 to $28.00 and set a “market perform” rating on the stock in a research report on Thursday, October 19th. JPMorgan Chase & Co. lowered their price objective on Alcoa from $28.00 to $26.00 and set a “neutral” rating on the stock in a research report on Thursday, October 19th. B. Riley Financial lowered their price objective on Alcoa from $34.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, October 20th. Finally, Bank of America cut Alcoa from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $35.00 to $25.00 in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Alcoa presently has an average rating of “Hold” and a consensus price target of $31.59.
Alcoa Price Performance
Shares of Alcoa stock opened at $23.50 on Friday. Alcoa Co. has a one year low of $23.07 and a one year high of $57.61. The stock’s fifty day moving average is $27.80 and its 200 day moving average is $32.64. The stock has a market cap of $4.19 billion, a P/E ratio of -4.77 and a beta of 2.43. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.83 and a current ratio of 1.66.
Alcoa (NYSE:AA – Get Free Report) last announced its earnings results on Wednesday, October 18th. The industrial products company reported ($1.14) EPS for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.01). Alcoa had a negative return on equity of 6.73% and a negative net margin of 8.24%. The company had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the prior year, the business posted ($0.33) earnings per share. Alcoa’s revenue for the quarter was down 8.7% compared to the same quarter last year. Sell-side analysts anticipate that Alcoa Co. will post -2.39 earnings per share for the current year.
Alcoa Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, November 17th. Investors of record on Tuesday, October 31st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.40 dividend on an annualized basis and a yield of 1.70%. Alcoa’s dividend payout ratio is currently -8.11%.
Alcoa Company Profile
Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through three segments: Bauxite, Alumina, and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.
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