Cookson Peirce & Co. Inc. Trims Stake in Alcoa $AA

Key Points

• Cookson Peirce & Co. reduced its Alcoa stake by 5.1% in the second quarter, selling 28,531 shares and ending with 531,143 shares worth approximately $27.7 million.
• Analyst sentiment is mixed: Zacks Research downgraded Alcoa to “strong sell,” while UBS, Argus, and JPMorgan adjusted price targets; overall, the stock carries a consensus “Hold” rating with a $61.09 target.
• Alcoa shares opened at $49.57 after declining 3.2%. The company’s latest quarterly EPS of $2.12 missed estimates, while it declared a quarterly dividend of $0.10, implying a 0.8% annual yield.

Cookson Peirce & Co. Inc. lowered its position in Alcoa (NYSE:AA - Free Report) by 5.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 531,143 shares of the industrial products company's stock after selling 28,531 shares during the quarter. Cookson Peirce & Co. Inc. owned about 0.20% of Alcoa worth $27,694,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Basepoint Wealth LLC purchased a new position in Alcoa during the fourth quarter worth about $25,000. Western Wealth Management LLC purchased a new stake in shares of Alcoa in the 1st quarter valued at about $35,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Alcoa by 5,281.8% in the 4th 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. Quarry LP boosted its position in shares of Alcoa by 96.0% during the 4th quarter. Quarry LP now owns 694 shares of the industrial products company's stock valued at $37,000 after acquiring an additional 340 shares during the last quarter. Finally, Clearstead Trust LLC boosted its position in shares of Alcoa by 431.7% during the 4th quarter. Clearstead Trust LLC now owns 755 shares of the industrial products company's stock valued at $40,000 after acquiring an additional 613 shares during the last quarter.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Zacks Research cut shares of Alcoa from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 8th. UBS Group cut their price target on shares of Alcoa from $80.00 to $68.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Argus lowered their price objective on shares of Alcoa from $73.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Alcoa from $55.00 to $52.00 and set a "neutral" rating for the company in a report on Friday, July 17th. Finally, Weiss Ratings upgraded shares of Alcoa from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, June 17th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $61.09.

Alcoa Trading Down 3.2%

AA stock opened at $49.57 on Friday. The company has a market capitalization of $13.08 billion, a PE ratio of 10.20, a price-to-earnings-growth ratio of 0.58 and a beta of 1.63. 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 one year low of $28.92 and a one year high of $84.38. The company's 50 day moving average price is $52.45 and its two-hundred day moving average price is $60.61.

Alcoa (NYSE:AA - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $3.97 billion during the quarter, compared to analysts' expectations 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 company posted $0.39 EPS. As a group, analysts predict that Alcoa will post 6.55 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

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