Aigen Investment Management LP Has $2.18 Million Holdings in Alcoa (NYSE:AA)

Key Points

• Aigen Investment Management LP significantly increased its stake in Alcoa by 254%, now holding 71,379 shares valued at approximately $2.18 million.
• Alcoa reported a higher-than-expected quarterly earnings of $0.39 per share, surpassing the consensus estimate of $0.29, alongside a revenue of $3.02 billion.
• The company declared a $0.10 quarterly dividend, with an annualized yield of 1.3%, reflecting a dividend payout ratio of 10.44%.

Aigen Investment Management LP increased its position in shares of Alcoa (NYSE:AA - Free Report) by 254.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 71,379 shares of the industrial products company's stock after acquiring an additional 51,216 shares during the quarter. Aigen Investment Management LP's holdings in Alcoa were worth $2,177,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Bessemer Group Inc. boosted its position in Alcoa by 77.1% during the fourth quarter. Bessemer Group Inc. now owns 680 shares of the industrial products company's stock worth $26,000 after acquiring an additional 296 shares during the last quarter. Versant Capital Management Inc raised its stake in Alcoa by 134.7% during the first quarter. Versant Capital Management Inc now owns 906 shares of the industrial products company's stock worth $28,000 after purchasing an additional 520 shares during the period. Point72 Hong Kong Ltd purchased a new position in Alcoa during the fourth quarter worth approximately $36,000. Montag A & Associates Inc. purchased a new position in Alcoa during the first quarter worth approximately $40,000. Finally, Continuum Advisory LLC raised its stake in Alcoa by 30.7% during the fourth quarter. Continuum Advisory LLC now owns 1,470 shares of the industrial products company's stock worth $56,000 after purchasing an additional 345 shares during the period.

Alcoa Stock Performance

Shares of NYSE AA traded up $0.35 during midday trading on Wednesday, hitting $31.73. The company's stock had a trading volume of 4,154,307 shares, compared to its average volume of 5,988,060. Alcoa has a 1-year low of $21.53 and a 1-year high of $47.77. The firm's fifty day moving average price is $29.67 and its 200-day moving average price is $30.00. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 1.65. The firm has a market cap of $8.21 billion, a P/E ratio of 8.28, a P/E/G ratio of 0.17 and a beta of 2.24.

Alcoa (NYSE:AA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The industrial products company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.10. The firm had revenue of $3.02 billion for the quarter, compared to the consensus estimate of $2.96 billion. Alcoa had a net margin of 7.86% and a return on equity of 19.18%. Alcoa's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the firm posted $0.16 EPS. On average, sell-side analysts forecast that Alcoa will post 4.43 EPS for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Tuesday, August 12th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Tuesday, August 12th. Alcoa's payout ratio is presently 10.44%.

Analysts Set New Price Targets

AA has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their price target on shares of Alcoa from $28.00 to $27.00 and set a "neutral" rating on the stock in a research note on Thursday, July 17th. Bank of America increased their price target on shares of Alcoa from $26.00 to $27.00 and gave the stock an "underperform" rating in a research note on Thursday, July 17th. UBS Group reaffirmed a "neutral" rating and set a $31.00 price target on shares of Alcoa in a research note on Thursday, May 15th. Morgan Stanley cut their target price on shares of Alcoa from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. Finally, Citigroup raised shares of Alcoa to a "buy" rating and set a $42.00 target price on the stock in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $41.23.

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 two segments, 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.