Russell Investments Group Ltd. Lowers Position in Alcoa $AA

Key Points

• Russell Investments Group Ltd. reduced its holdings in Alcoa by 18.6%, now owning approximately 0.29% of the company valued at $23.2 million.
• Alcoa recently reported earnings of $0.39 per share, surpassing analyst estimates, with a revenue of $3.02 billion, up 3.9% year-over-year.
• The company declared a quarterly dividend of $0.10 per share, resulting in a 1.3% yield, scheduled for payment on August 28th.

Russell Investments Group Ltd. reduced its stake in shares of Alcoa (NYSE:AA - Free Report) by 18.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 760,618 shares of the industrial products company's stock after selling 174,246 shares during the quarter. Russell Investments Group Ltd. owned about 0.29% of Alcoa worth $23,199,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of AA. Bessemer Group Inc. raised its stake in shares of Alcoa by 77.1% during the 4th quarter. Bessemer Group Inc. now owns 680 shares of the industrial products company's stock worth $26,000 after purchasing an additional 296 shares in the last quarter. Versant Capital Management Inc raised its position in Alcoa by 134.7% in the first quarter. Versant Capital Management Inc now owns 906 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 520 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Alcoa in the fourth quarter valued at about $36,000. Montag A & Associates Inc. bought a new position in Alcoa in the first quarter valued at about $40,000. Finally, Continuum Advisory LLC raised its position in Alcoa by 30.7% in the fourth quarter. Continuum Advisory LLC now owns 1,470 shares of the industrial products company's stock valued at $56,000 after purchasing an additional 345 shares during the last quarter.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Bank of America increased their target price on Alcoa from $26.00 to $27.00 and gave the company an "underperform" rating in a research report on Thursday, July 17th. Wall Street Zen downgraded Alcoa from a "buy" rating to a "hold" rating in a research report on Sunday, June 22nd. Barclays raised their price objective on Alcoa to $31.00 and gave the stock a "hold" rating in a research report on Friday, May 16th. UBS Group restated a "neutral" rating and set a $31.00 price objective on shares of Alcoa in a research report on Thursday, May 15th. Finally, Morgan Stanley lowered their price objective on Alcoa from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Alcoa currently has an average rating of "Hold" and an average price target of $41.23.

Alcoa Stock Performance

Shares of NYSE AA traded down $0.4530 during trading on Wednesday, reaching $29.3970. 1,725,270 shares of the stock traded hands, compared to its average volume of 5,945,801. The stock has a market capitalization of $7.61 billion, a P/E ratio of 7.68, a price-to-earnings-growth ratio of 0.17 and a beta of 2.24. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.65 and a quick ratio of 0.97. The company has a 50-day moving average of $29.94 and a 200-day moving average of $29.85. Alcoa has a 52-week low of $21.53 and a 52-week high of $47.77.

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

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Tuesday, August 12th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Tuesday, August 12th. Alcoa's dividend payout ratio (DPR) is presently 10.44%.

About Alcoa

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.