Amundi Acquires 649,693 Shares of Alcoa $AA

Key Points

• Amundi increased its Alcoa stake by 47.8% in the first quarter, purchasing 649,693 additional shares to hold 2.01 million shares valued at approximately $133.3 million. Institutional investors collectively own 82.39% of Alcoa.
• Analyst sentiment remains mixed, with six Buy, four Hold, and two Sell ratings; the consensus rating is Hold with an average price target of $61.09.
• Alcoa reported quarterly EPS of $2.12, below the $2.25 consensus estimate, while revenue of $3.97 billion also slightly missed forecasts. The company declared a quarterly dividend of $0.10 per share, equating to a 0.9% annual yield.

Amundi lifted its position in shares of Alcoa (NYSE:AA - Free Report) by 47.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,009,013 shares of the industrial products company's stock after purchasing an additional 649,693 shares during the quarter. Amundi owned approximately 0.76% of Alcoa worth $133,258,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Basepoint Wealth LLC acquired a new stake in shares of Alcoa during the fourth quarter worth about $25,000. Raleigh Capital Management Inc. lifted its holdings in shares of Alcoa by 52,500.0% during the 4th quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company's stock worth $28,000 after acquiring an additional 525 shares during the period. CoreCap Advisors LLC boosted its position in Alcoa by 74.1% in the fourth quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company's stock valued at $30,000 after buying an additional 237 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its stake 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 worth $31,000 after purchasing an additional 581 shares during the last quarter. Finally, Quarry LP lifted its stake in shares of Alcoa by 96.0% in the fourth quarter. Quarry LP now owns 694 shares of the industrial products company's stock worth $37,000 after acquiring an additional 340 shares during the period. Institutional investors and hedge funds own 82.39% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on AA shares. JPMorgan Chase & Co. reduced their price objective on Alcoa from $55.00 to $52.00 and set a "neutral" rating for the company in a research note on Friday, July 17th. Wall Street Zen upgraded shares of Alcoa from a "hold" rating to a "buy" rating in a report on Saturday. UBS Group reduced their target price on Alcoa from $80.00 to $68.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Zacks Research cut Alcoa from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 8th. Finally, Morgan Stanley reissued an "equal weight" rating and set a $53.00 price objective (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. Six investment 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. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $61.09.

Alcoa Stock Performance

NYSE:AA opened at $45.31 on Friday. The company has a 50 day moving average price of $57.44 and a 200 day moving average price of $61.49. 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 fifty-two week low of $28.11 and a fifty-two week high of $84.38. The stock has a market capitalization of $11.96 billion, a P/E ratio of 9.32, a PEG ratio of 0.51 and a beta of 1.63.

Alcoa (NYSE:AA - Get Free Report) last posted its quarterly 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 company had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.99 billion. Alcoa had a net margin of 9.48% and a return on equity of 18.90%. During the same period in the prior year, the business earned $0.39 EPS. Equities research analysts forecast that Alcoa will post 6.55 EPS for the current year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, August 11th. Alcoa's dividend payout ratio (DPR) is presently 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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