Engineers Gate Manager LP Cuts Stock Holdings in Alcoa $AA

Key Points

• Engineers Gate Manager LP cut its Alcoa stake by 71.7% in the second quarter, selling 31,728 shares and retaining 12,520 shares valued at approximately $653,000.
• Alcoa reported quarterly revenue of $3.97 billion and earnings of $2.12 per share, missing analysts’ estimates of $3.99 billion and $2.25 per share, respectively.
• Analysts maintain a consensus “Hold” rating on Alcoa, with an average price target of $60.09 versus the stock’s reported price of $44.73; the company also pays a quarterly dividend of $0.10 per share.

Engineers Gate Manager LP lowered its position in shares of Alcoa (NYSE:AA - Free Report) by 71.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,520 shares of the industrial products company's stock after selling 31,728 shares during the period. Engineers Gate Manager LP's holdings in Alcoa were worth $653,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in AA. BlackRock Inc. bought a new stake in shares of Alcoa in the second quarter worth $1,528,523,000. Quantbot Technologies LP bought a new position in Alcoa in the second quarter valued at about $1,179,000. Fifth Third Bancorp lifted its holdings in Alcoa by 3,061.2% in the first quarter. Fifth Third Bancorp now owns 63,098 shares of the industrial products company's stock valued at $4,185,000 after acquiring an additional 61,102 shares during the period. XY Capital Ltd purchased a new position in Alcoa in the first quarter worth about $1,662,000. Finally, Advisors Preferred LLC purchased a new position in Alcoa in the first quarter worth about $1,613,000.

Alcoa Stock Performance

NYSE:AA opened at $44.73 on Tuesday. Alcoa has a 12-month low of $30.81 and a 12-month high of $84.38. The stock has a 50-day moving average price of $48.26 and a 200 day moving average price of $58.51. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $11.80 billion, a P/E ratio of 9.20, a P/E/G ratio of 0.50 and a beta of 1.63.

Alcoa (NYSE:AA - Get Free Report) last posted its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a net margin of 9.48% and a return on equity of 18.90%. The company had revenue of $3.97 billion for the quarter, compared to analysts' expectations of $3.99 billion. During the same period in the previous year, the business posted $0.39 earnings per share. Equities research analysts forecast that Alcoa will post 6.52 EPS for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend was Tuesday, August 11th. This represents a $0.40 dividend on an annualized basis and a yield of 0.9%. Alcoa's dividend payout ratio is presently 8.23%.

Insiders Place Their Bets

In other news, EVP Renato Bacchi sold 700 shares of the company's stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $51.02, for a total transaction of $35,714.00. Following the sale, the executive vice president directly owned 74,930 shares in the company, valued at approximately $3,822,928.60. This represents a 0.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Tammi A. Jones sold 15,628 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $50.60, for a total transaction of $790,776.80. Following the completion of the transaction, the executive vice president directly owned 39,819 shares of the company's stock, valued at approximately $2,014,841.40. The trade was a 28.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on AA shares. Royal Bank Of Canada set a $70.00 price objective on shares of Alcoa in a report on Wednesday, July 1st. Zacks Research raised shares of Alcoa from a "strong sell" rating to a "hold" rating in a report on Monday, September 14th. Bank of America decreased their price target on shares of Alcoa from $57.00 to $51.00 and set an "underperform" rating on the stock in a research report on Thursday, July 9th. JPMorgan Chase & Co. dropped their price target on shares of Alcoa from $55.00 to $52.00 and set a "neutral" rating on the stock in a research note on Friday, July 17th. Finally, Wall Street Zen raised Alcoa from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Six research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $60.09.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.