Allspring Global Investments Holdings LLC lifted its holdings in shares of Alcoa (NYSE:AA - Free Report) by 167.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,307 shares of the industrial products company's stock after purchasing an additional 35,280 shares during the period. Allspring Global Investments Holdings LLC's holdings in Alcoa were worth $4,057,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Moran Wealth Management LLC purchased a new position in Alcoa in the 4th quarter valued at about $2,631,000. Merit Financial Group LLC raised its position in shares of Alcoa by 114.2% in the fourth quarter. Merit Financial Group LLC now owns 28,945 shares of the industrial products company's stock valued at $1,538,000 after buying an additional 15,432 shares during the last quarter. Drummond Knight Asset Management Pty Ltd raised its position in shares of Alcoa by 14.1% in the fourth quarter. Drummond Knight Asset Management Pty Ltd now owns 1,060,523 shares of the industrial products company's stock valued at $56,356,000 after buying an additional 130,915 shares during the last quarter. Evergreen Capital Management LLC purchased a new position in shares of Alcoa during the fourth quarter valued at approximately $1,399,000. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Alcoa by 278.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 67,093 shares of the industrial products company's stock valued at $3,565,000 after buying an additional 49,354 shares during the period.
Wall Street Analyst Weigh In
AA has been the topic of a number of recent analyst reports. UBS Group reduced their price target on Alcoa from $80.00 to $68.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Bank of America dropped their target price on Alcoa from $57.00 to $51.00 and set an "underperform" rating for the company in a research note on Thursday, July 9th. Wells Fargo & Company reduced their target price on Alcoa from $72.00 to $71.00 and set an "overweight" rating on the stock in a research report on Friday, July 17th. Wall Street Zen lowered Alcoa from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, Morgan Stanley restated an "equal weight" rating and issued a $53.00 price target (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $61.09.
Check Out Our Latest Research Report on Alcoa
Alcoa Stock Performance
Shares of AA stock opened at $44.20 on Friday. The company has a market cap of $11.66 billion, a P/E ratio of 9.10, a PEG ratio of 0.51 and a beta of 1.63. The business has a 50 day moving average of $59.57 and a two-hundred day moving average of $62.13. Alcoa has a 52 week low of $28.11 and a 52 week high of $84.38. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30.
Alcoa (NYSE:AA - Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing analysts' consensus estimates of $2.25 by ($0.13). The business had revenue of $3.97 billion for 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 period last year, the firm posted $0.39 EPS. As a group, analysts anticipate that Alcoa will post 6.55 EPS for the current year.
Alcoa Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Tuesday, May 19th were given a $0.10 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $0.40 annualized dividend and a yield of 0.9%. Alcoa's payout ratio is 8.23%.
Alcoa Profile
(
Free Report)
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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