Alcoa $AA Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Alcoa stake by 90.9% in the second quarter, selling 448,857 shares and retaining 44,899 shares valued at approximately $2.34 million.
• Analyst sentiment is mixed but leans toward “Hold”: six analysts rate Alcoa a Buy, four a Hold and two a Sell, with a consensus price target of $61.09. Several firms recently lowered their price targets, while Zacks downgraded the stock to Strong Sell.
• Alcoa reported quarterly EPS of $2.12, below the $2.25 consensus estimate, and revenue of $3.97 billion versus expectations of $3.99 billion. The company declared a quarterly dividend of $0.10 per share, equal to a 0.8% annualized yield.

Assenagon Asset Management S.A. lessened its holdings in Alcoa (NYSE:AA - Free Report) by 90.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,899 shares of the industrial products company's stock after selling 448,857 shares during the period. Assenagon Asset Management S.A.'s holdings in Alcoa were worth $2,341,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Basepoint Wealth LLC purchased a new stake in Alcoa in the 4th quarter valued at approximately $25,000. Advisory Services Network LLC acquired a new position in shares of Alcoa in the third quarter worth $27,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Alcoa by 5,281.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company's stock valued at $31,000 after acquiring an additional 581 shares in the last quarter. Western Wealth Management LLC acquired a new stake in shares of Alcoa during the first quarter valued at $35,000. Finally, Quarry LP raised its stake in Alcoa by 96.0% in the 4th quarter. Quarry LP now owns 694 shares of the industrial products company's stock valued at $37,000 after purchasing an additional 340 shares during the last quarter.

Analyst Ratings Changes

A number of research analysts have issued reports on AA shares. BMO Capital Markets reduced their target price on shares of Alcoa from $60.00 to $55.00 and set a "market perform" rating on the stock in a report on Friday, July 17th. B. Riley Financial cut their price objective on shares of Alcoa from $92.00 to $80.00 and set a "buy" rating for the company in a research report on Tuesday, July 7th. Bank of America reduced their price objective on shares of Alcoa from $57.00 to $51.00 and set an "underperform" rating on the stock in a research note on Thursday, July 9th. Weiss Ratings upgraded shares of Alcoa from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, June 17th. Finally, Zacks Research cut shares of Alcoa from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Alcoa has a consensus rating of "Hold" and an average price target of $61.09.

Alcoa Price Performance

Shares of Alcoa stock opened at $49.57 on Friday. The stock has a market capitalization of $13.08 billion, a P/E ratio of 10.20, a PEG ratio of 0.58 and a beta of 1.63. Alcoa has a twelve month low of $28.92 and a twelve month high of $84.38. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. The business's fifty day moving average price is $52.45 and its 200 day moving average price is $60.61.

Alcoa (NYSE:AA - Get Free Report) last issued its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.25 by ($0.13). The firm had revenue of $3.97 billion for the quarter, compared to analysts' expectations of $3.99 billion. Alcoa had a return on equity of 18.90% and a net margin of 9.48%.During the same quarter in the previous year, the firm posted $0.39 EPS. As a group, research analysts anticipate that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.8%. The ex-dividend date is Tuesday, August 11th. Alcoa's dividend payout ratio is currently 8.23%.

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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