Bayforest Capital Ltd Increases Position in Alcoa $AA

Key Points

• Bayforest Capital Ltd increased its stake in Alcoa by 181.1% during the second quarter, bringing its total holdings to 17,418 shares valued at approximately $514,000.
• Alcoa recently reported quarterly earnings of $0.39 EPS, exceeding analysts' expectations of $0.29, along with a revenue of $3.02 billion for the quarter.
• Following several analyst reviews, Alcoa's consensus rating is currently a "Hold" with a price target of $43.04, reflecting mixed sentiments among experts.

Bayforest Capital Ltd increased its stake in Alcoa (NYSE:AA - Free Report) by 181.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,418 shares of the industrial products company's stock after acquiring an additional 11,221 shares during the period. Bayforest Capital Ltd's holdings in Alcoa were worth $514,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. MGO One Seven LLC purchased a new stake in Alcoa during the second quarter valued at about $212,000. CWM LLC boosted its position in Alcoa by 1.9% during the second quarter. CWM LLC now owns 18,628 shares of the industrial products company's stock valued at $550,000 after buying an additional 354 shares during the period. Aberdeen Group plc purchased a new stake in Alcoa during the second quarter valued at about $315,000. IFP Advisors Inc boosted its position in Alcoa by 1,096.0% during the second quarter. IFP Advisors Inc now owns 897 shares of the industrial products company's stock valued at $26,000 after buying an additional 822 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in Alcoa by 0.6% during the second quarter. Louisiana State Employees Retirement System now owns 72,800 shares of the industrial products company's stock valued at $2,148,000 after buying an additional 400 shares during the period. 82.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wall Street Zen lowered shares of Alcoa from a "buy" rating to a "hold" rating in a research report on Sunday, June 22nd. UBS Group upped their price objective on shares of Alcoa from $31.00 to $34.00 and gave the company a "neutral" rating in a research note on Friday, September 19th. Morgan Stanley upped their price objective on shares of Alcoa from $38.00 to $42.50 and gave the company an "overweight" rating in a research note on Wednesday, October 8th. Weiss Ratings raised shares of Alcoa from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, October 8th. Finally, Citigroup raised shares of Alcoa to a "buy" rating and set a $42.00 price objective for the company in a research note on Tuesday, July 8th. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Alcoa currently has a consensus rating of "Hold" and a consensus price target of $43.04.

Alcoa Price Performance

AA stock opened at $35.77 on Wednesday. Alcoa has a 1 year low of $21.53 and a 1 year high of $47.77. The company has a market cap of $9.26 billion, a P/E ratio of 9.34, a PEG ratio of 0.22 and a beta of 2.20. The firm has a 50-day moving average of $32.33 and a 200 day moving average of $29.45. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.65 and a quick ratio of 0.97.

Alcoa (NYSE:AA - Get Free Report) last released its quarterly earnings results 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 net margin of 7.86% and a return on equity of 19.18%. The company had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the prior year, the firm earned $0.16 earnings per share. Alcoa's revenue was up 3.9% on a year-over-year basis. On average, sell-side analysts forecast that Alcoa will post 4.43 EPS for the current year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Tuesday, August 12th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, August 12th. Alcoa's dividend payout ratio 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.

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