Alcoa $AA Shares Sold by Amundi

Key Points

• Amundi reduced its Alcoa stake by 4.3% in the second quarter, selling 86,160 shares and retaining 1.92 million shares valued at approximately $100.3 million. Other institutions, including BlackRock and California State Teachers Retirement System, made significant purchases.
• Analyst sentiment remains mixed, with six Buy, four Hold, and two Sell ratings. Alcoa has a consensus rating of Hold and an average price target of $61.09, although several firms recently lowered their targets.
• Alcoa shares opened at $50.68, while the company’s latest quarterly earnings of $2.12 per share fell short of the $2.25 consensus estimate. Alcoa also paid a quarterly dividend of $0.10 per share, equivalent to a 0.8% annualized yield.

Amundi lessened its stake in Alcoa (NYSE:AA - Free Report) by 4.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,922,853 shares of the industrial products company's stock after selling 86,160 shares during the period. Amundi owned about 0.73% of Alcoa worth $100,258,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AA. BlackRock Inc. acquired a new position in shares of Alcoa in the 2nd quarter worth approximately $1,528,523,000. California State Teachers Retirement System lifted its stake in Alcoa by 5,246.0% during the second quarter. California State Teachers Retirement System now owns 15,966,936 shares of the industrial products company's stock worth $832,516,000 after purchasing an additional 15,668,264 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Alcoa by 211.7% in the fourth quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company's stock worth $332,338,000 after purchasing an additional 4,247,559 shares during the period. Castle Hook Partners LP acquired a new position in Alcoa in the fourth quarter worth $210,874,000. Finally, Maple Rock Capital Partners Inc. bought a new stake in Alcoa during the fourth quarter valued at $173,412,000.

Analyst Ratings Changes

A number of analysts have weighed in on AA shares. Argus dropped their target price on shares of Alcoa from $73.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, July 22nd. Wall Street Zen raised shares of Alcoa from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Weiss Ratings raised shares of Alcoa from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, June 17th. BMO Capital Markets dropped their price objective on shares of Alcoa from $60.00 to $55.00 and set a "market perform" rating on the stock in a research note on Friday, July 17th. Finally, Morgan Stanley reissued an "equal weight" rating and issued a $53.00 target price (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $61.09.

Alcoa Stock Down 2.0%

Alcoa stock opened at $50.68 on Thursday. The company has a 50-day simple moving average of $48.63 and a 200-day simple moving average of $59.41. The firm has a market capitalization of $13.38 billion, a P/E ratio of 10.43, a P/E/G ratio of 0.58 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.92 and a current ratio of 1.53. Alcoa has a one year low of $30.71 and a one year high of $84.38.

Alcoa (NYSE:AA - Get Free Report) last issued its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.13). The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.99 billion. Alcoa had a net margin of 9.48% and a return on equity of 18.90%. During the same quarter in the prior year, the business earned $0.39 earnings per share. As a group, equities analysts expect that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, August 11th. Alcoa's payout ratio is 8.23%.

Insider Buying and Selling

In other news, EVP Tammi Jones sold 15,628 shares of the business's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $50.60, for a total transaction of $790,776.80. Following the completion of the transaction, the executive vice president directly owned 39,819 shares in the company, valued at approximately $2,014,841.40. The trade was a 28.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Renato Bacchi sold 700 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $51.02, for a total value of $35,714.00. Following the completion of the transaction, the executive vice president directly owned 74,930 shares of the company's stock, valued at $3,822,928.60. This trade represents a 0.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

About Alcoa

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company's operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa's product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.

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