Corient Private Wealth LP Purchases 33,131 Shares of Alcoa $AA

Key Points

• Corient Private Wealth LP increased its Alcoa stake by 301.8% in the second quarter, adding 33,131 shares to own 44,110 shares valued at approximately $2.3 million. Other major institutions, including BlackRock and Bank of New York Mellon, also expanded or initiated positions.
• Alcoa reported quarterly EPS of $2.12, below the $2.25 consensus estimate, while revenue of $3.97 billion also slightly missed expectations. The company maintains a quarterly dividend of $0.10 per share, or a 0.9% annualized yield.
• Analyst sentiment remains mixed: seven analysts rate Alcoa a Buy, five a Hold and one a Sell, producing a consensus Hold rating and an average price target of $61.42.

Corient Private Wealth LP boosted its holdings in Alcoa (NYSE:AA - Free Report) by 301.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 44,110 shares of the industrial products company's stock after purchasing an additional 33,131 shares during the quarter. Corient Private Wealth LP's holdings in Alcoa were worth $2,300,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of AA. BlackRock Inc. purchased a new stake in shares of Alcoa during the second quarter worth $1,528,523,000. Bank of New York Mellon Corp lifted its stake in Alcoa by 211.7% in the 4th quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company's stock worth $332,338,000 after purchasing an additional 4,247,559 shares in the last quarter. Castle Hook Partners LP bought a new position in Alcoa in the 4th quarter valued at $210,874,000. Nykredit A S purchased a new position in shares of Alcoa during the 2nd quarter valued at $74,407,000. Finally, Norges Bank bought a new position in shares of Alcoa in the fourth quarter worth $67,582,000.

Alcoa Stock Performance

Shares of AA opened at $44.61 on Wednesday. The company has a market cap of $11.77 billion, a price-to-earnings ratio of 9.18, a P/E/G ratio of 0.51 and a beta of 1.63. The business's fifty day simple moving average is $48.17 and its two-hundred day simple moving average is $58.39. Alcoa has a 12 month low of $30.81 and a 12 month high of $84.38. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30.

Alcoa (NYSE:AA - Get Free Report) last announced 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). Alcoa had a net margin of 9.48% and a return on equity of 18.90%. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $3.99 billion. During the same period in the previous year, the company earned $0.39 earnings per share. Research analysts anticipate that Alcoa will post 6.53 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were issued a $0.10 dividend. The ex-dividend date was Tuesday, August 11th. This represents a $0.40 annualized dividend and a yield of 0.9%. Alcoa's dividend payout ratio (DPR) is currently 8.23%.

Analyst Ratings Changes

A number of brokerages have commented on AA. Freedom Broker lifted their price target on Alcoa from $64.00 to $76.00 and gave the stock a "buy" rating in a research note on Tuesday. Argus cut their target price on shares of Alcoa from $73.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, July 22nd. Wall Street Zen raised shares of Alcoa from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Wells Fargo & Company lowered their price target on shares of Alcoa from $71.00 to $60.00 and set an "overweight" rating for the company in a report on Friday, September 18th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Alcoa from $55.00 to $52.00 and set a "neutral" rating for the company in a research note on Friday, July 17th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $61.42.

Insider Buying and Selling

In other news, EVP Renato Bacchi sold 700 shares of the firm's stock in a transaction on Monday, August 31st. The stock was sold at an average price of $51.02, for a total value of $35,714.00. Following the transaction, the executive vice president directly owned 74,930 shares in the company, valued at $3,822,928.60. This trade represents a 0.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Tammi A. Jones sold 15,628 shares of Alcoa stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $50.60, for a total value of $790,776.80. Following the completion of the sale, the executive vice president directly owned 39,819 shares of the company's stock, valued at $2,014,841.40. The trade was a 28.19% decrease in their position. The disclosure for this sale is available in the SEC filing.

Alcoa Company Profile

Alcoa Corporation NYSE: AA is a global producer of bauxite, alumina and aluminum. Its operations span the aluminum value chain, including bauxite mining, alumina refining, aluminum smelting, casting and the production of select value-added aluminum products. The company serves customers in industries such as transportation, aerospace, construction, packaging, consumer products and energy.

Founded in 1888 as the Pittsburgh Reduction Company, Alcoa played a major role in developing the commercial aluminum industry and adopted the Alcoa name in 1907.

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