Empowered Funds LLC Purchases New Stake in Alcoa $AA

Key Points

• Empowered Funds LLC acquired 199,349 Alcoa shares worth approximately $10.4 million, giving it an estimated 0.08% stake. Several other institutional investors, including First Trust Advisors and Invesco, also increased their positions.
• Alcoa reported quarterly EPS of $2.12, below the $2.25 analyst consensus, while revenue of $3.97 billion also slightly missed expectations. The company paid a quarterly dividend of $0.10 per share, representing a 0.8% yield.
• Analyst sentiment remains mixed, with six Buy, four Hold, and two Sell ratings; Alcoa has a consensus rating of Hold and an average price target of $61.09, compared with a recent share price of $50.35.

Empowered Funds LLC acquired a new position in shares of Alcoa (NYSE:AA - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 199,349 shares of the industrial products company's stock, valued at approximately $10,394,000. Empowered Funds LLC owned approximately 0.08% of Alcoa as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AA. NewEdge Advisors LLC raised its holdings in shares of Alcoa by 1,098.0% during the 1st quarter. NewEdge Advisors LLC now owns 11,704 shares of the industrial products company's stock worth $357,000 after acquiring an additional 10,727 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Alcoa by 0.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 646,609 shares of the industrial products company's stock valued at $19,722,000 after acquiring an additional 4,624 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Alcoa by 1.9% during the 2nd quarter. Invesco Ltd. now owns 640,528 shares of the industrial products company's stock worth $18,902,000 after buying an additional 12,008 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Alcoa by 173.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,040 shares of the industrial products company's stock valued at $60,000 after buying an additional 1,295 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Alcoa by 320.1% during the 2nd quarter. First Trust Advisors LP now owns 269,982 shares of the industrial products company's stock valued at $7,967,000 after buying an additional 205,717 shares during the period.

Alcoa Stock Performance

Shares of Alcoa stock opened at $50.35 on Friday. The business has a 50-day moving average of $49.03 and a 200 day moving average of $59.97. Alcoa has a 12 month low of $30.21 and a 12 month high of $84.38. The stock has a market capitalization of $13.29 billion, a price-to-earnings ratio of 10.36, a price-to-earnings-growth ratio of 0.57 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92.

Alcoa (NYSE:AA - Get Free Report) last issued 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 business had revenue of $3.97 billion for the quarter, compared to analysts' expectations of $3.99 billion. Alcoa had a return on equity of 18.90% and a net margin of 9.48%.During the same quarter last year, the company earned $0.39 earnings per share. As a group, sell-side analysts forecast that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, August 11th. Alcoa's dividend payout ratio is presently 8.23%.

Insider Transactions at Alcoa

In other Alcoa news, EVP Tammi A. Jones sold 15,628 shares of the firm's stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total value of $790,776.80. Following the completion of the transaction, the executive vice president owned 39,819 shares of the company's stock, valued at $2,014,841.40. This trade represents a 28.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Analyst Ratings Changes

AA has been the subject of several recent analyst reports. Zacks Research cut Alcoa from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 8th. Wall Street Zen raised Alcoa from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Bank of America lowered their price target on Alcoa from $57.00 to $51.00 and set an "underperform" rating for the company in a report on Thursday, July 9th. B. Riley Financial cut their price objective on Alcoa from $92.00 to $80.00 and set a "buy" rating for the company in a research report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Alcoa from $55.00 to $52.00 and set a "neutral" rating on the stock in a report on Friday, July 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 stock. Based on data from MarketBeat.com, Alcoa presently has a consensus rating of "Hold" and an average price target of $61.09.

Alcoa Company Profile

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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