Globeflex Capital L P Buys Shares of 103,952 Alcoa $AA

Key Points

• Globeflex Capital initiated a position in Alcoa by purchasing 103,952 shares valued at approximately $5.42 million. Other major institutions, including BlackRock, Bank of New York Mellon and AQR Capital Management, also increased or initiated holdings.
• Analyst sentiment is mixed, with six Buy, four Hold and two Sell ratings; the consensus rating is Hold with a $61.09 price target. Recent firms lowered targets, including JPMorgan to $52 and Bank of America to $51.
• Alcoa reported quarterly EPS of $2.12, below the $2.25 consensus, while revenue of $3.97 billion was slightly below estimates. The company declared a quarterly dividend of $0.10, representing a $0.40 annualized payout and a 0.8% yield.

Globeflex Capital L P purchased a new position in shares of Alcoa (NYSE:AA - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 103,952 shares of the industrial products company's stock, valued at approximately $5,420,000.

A number of other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Alcoa during the second quarter valued at $1,528,523,000. Bank of New York Mellon Corp raised 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 valued at $332,338,000 after purchasing an additional 4,247,559 shares during the last quarter. Castle Hook Partners LP acquired a new position in Alcoa in the 4th quarter valued at about $210,874,000. Maple Rock Capital Partners Inc. purchased a new position in Alcoa in the 4th quarter valued at about $173,412,000. Finally, AQR Capital Management LLC lifted its holdings in Alcoa by 153.4% in the 4th quarter. AQR Capital Management LLC now owns 4,134,425 shares of the industrial products company's stock valued at $219,703,000 after purchasing an additional 2,503,132 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AA. Zacks Research downgraded shares of Alcoa from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 8th. 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 research note on Friday, July 17th. B. Riley Financial lowered their target price on shares of Alcoa from $92.00 to $80.00 and set a "buy" rating for the company in a research note on Tuesday, July 7th. Bank of America reduced their target price on Alcoa from $57.00 to $51.00 and set an "underperform" rating on the stock in a research report on Thursday, July 9th. Finally, Wells Fargo & Company decreased their target price on shares of Alcoa from $72.00 to $71.00 and set an "overweight" rating on the stock in a research report on Friday, July 17th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $61.09.

Alcoa Trading Down 0.0%

Shares of AA stock opened at $51.83 on Monday. The stock has a market cap of $13.68 billion, a price-to-earnings ratio of 10.66, a price-to-earnings-growth ratio of 0.59 and a beta of 1.63. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30. Alcoa has a fifty-two week low of $29.49 and a fifty-two week high of $84.38. The firm's 50 day moving average price is $50.14 and its two-hundred day moving average price is $60.27.

Alcoa (NYSE:AA - Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a return on equity of 18.90% and a net margin of 9.48%.The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.99 billion. During the same period in the previous year, the company earned $0.39 EPS. On average, analysts anticipate that Alcoa will post 6.55 EPS for the current year.

Alcoa Announces Dividend

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