HighTower Advisors LLC Sells 18,566 Shares of Alcoa $AA

Key Points

• HighTower Advisors LLC reduced its stake in Alcoa by 17.3%, selling 18,566 shares, bringing their total holdings to 88,736 shares valued at approximately $2.7 million.
• Alcoa's recent earnings report showed an EPS of $0.39, exceeding analysts' expectations of $0.29, while revenue increased by 3.9% year-over-year to $3.02 billion.
• The company has announced a quarterly dividend of $0.10 per share, with a yield of 1.3%, to be paid on August 28.

HighTower Advisors LLC cut its position in Alcoa (NYSE:AA - Free Report) by 17.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 88,736 shares of the industrial products company's stock after selling 18,566 shares during the quarter. HighTower Advisors LLC's holdings in Alcoa were worth $2,706,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC bought a new stake in Alcoa in the 1st quarter valued at $23,339,000. Aigen Investment Management LP raised its holdings in Alcoa by 254.0% in the 1st quarter. Aigen Investment Management LP now owns 71,379 shares of the industrial products company's stock valued at $2,177,000 after acquiring an additional 51,216 shares in the last quarter. Virtu Financial LLC acquired a new position in Alcoa in the 1st quarter valued at $973,000. Entropy Technologies LP acquired a new position in Alcoa in the 1st quarter valued at $1,233,000. Finally, Global Alpha Capital Management Ltd. raised its holdings in Alcoa by 13.3% in the 1st quarter. Global Alpha Capital Management Ltd. now owns 925,771 shares of the industrial products company's stock valued at $28,236,000 after acquiring an additional 108,561 shares in the last quarter.

Alcoa Price Performance

Alcoa stock opened at $31.69 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 1.65. Alcoa has a 52 week low of $21.53 and a 52 week high of $47.77. The stock has a market capitalization of $8.20 billion, a P/E ratio of 8.27, a price-to-earnings-growth ratio of 0.17 and a beta of 2.24. The stock has a fifty day moving average of $30.03 and a 200-day moving average of $29.79.

Alcoa (NYSE:AA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The industrial products company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.10. Alcoa had a return on equity of 19.18% and a net margin of 7.86%.The company had revenue of $3.02 billion during the quarter, compared to analysts' expectations of $2.96 billion. During the same quarter in the previous year, the firm earned $0.16 EPS. Alcoa's revenue was up 3.9% on a year-over-year basis. On average, sell-side analysts expect that Alcoa will post 4.43 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Tuesday, August 12th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, August 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.3%. Alcoa's payout ratio is 10.44%.

Analysts Set New Price Targets

Several brokerages have weighed in on AA. B. Riley dropped their price objective on Alcoa from $38.00 to $37.00 and set a "buy" rating for the company in a report on Tuesday, July 15th. Morgan Stanley dropped their price objective on Alcoa from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Friday, July 18th. Citigroup raised Alcoa to a "buy" rating and set a $42.00 price objective for the company in a report on Tuesday, July 8th. JPMorgan Chase & Co. dropped their price objective on Alcoa from $28.00 to $27.00 and set a "neutral" rating for the company in a report on Thursday, July 17th. Finally, Bank of America lifted their price objective on Alcoa from $26.00 to $27.00 and gave the company an "underperform" rating in a report on Thursday, July 17th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $41.23.

Alcoa Profile

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.

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