Impala Asset Management LLC Acquires Shares of 130,000 Alcoa $AA

Key Points

• Impala Asset Management disclosed a new position in Alcoa, buying 130,000 shares worth about $8.62 million. The stake represents roughly 4% of its portfolio and makes Alcoa its 8th-largest holding.
• Alcoa reported Q2 earnings of $2.12 per share, missing analyst expectations of $2.25, while revenue also came in slightly below estimates at $3.97 billion. Despite the miss, the company posted solid profitability with an 18.9% return on equity.
• Wall Street sentiment on Alcoa remains mixed, with analysts assigning a Hold consensus and an average price target of $61.09. The stock was trading at $46.22, well below its 50-day and 200-day moving averages.

Impala Asset Management LLC acquired a new stake in Alcoa (NYSE:AA - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 130,000 shares of the industrial products company's stock, valued at approximately $8,623,000. Alcoa accounts for about 4.0% of Impala Asset Management LLC's investment portfolio, making the stock its 8th biggest position.

Other hedge funds also recently modified their holdings of the company. Basepoint Wealth LLC bought a new stake in shares of Alcoa during the 4th quarter worth about $25,000. Raleigh Capital Management Inc. raised its holdings in Alcoa by 52,500.0% in the 4th quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 525 shares during the period. CoreCap Advisors LLC lifted its position in Alcoa by 74.1% during the fourth quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company's stock worth $30,000 after acquiring an additional 237 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in Alcoa by 5,281.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company's stock worth $31,000 after acquiring an additional 581 shares during the last quarter. Finally, Quarry LP lifted its position in Alcoa by 96.0% during the fourth quarter. Quarry LP now owns 694 shares of the industrial products company's stock worth $37,000 after acquiring an additional 340 shares during the last quarter.

Alcoa Stock Performance

NYSE AA opened at $46.22 on Thursday. The firm has a 50-day moving average price of $60.35 and a two-hundred day moving average price of $62.33. Alcoa has a 12-month low of $28.11 and a 12-month high of $84.38. The company has a market capitalization of $12.20 billion, a P/E ratio of 9.51, a P/E/G ratio of 0.49 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 (NYSE:AA - Get Free Report) last announced its earnings results on Thursday, July 16th. The industrial products company reported $2.12 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 for the quarter, compared to the consensus estimate of $3.99 billion. During the same period in the prior year, the business posted $0.39 earnings per share. Analysts anticipate that Alcoa will post 6.72 earnings per share for the current year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Tuesday, May 19th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.40 dividend on an annualized basis and a yield of 0.9%. Alcoa's dividend payout ratio is currently 8.23%.

Wall Street Analyst Weigh In

AA has been the topic of several research reports. Argus decreased their target price on Alcoa from $73.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday. Royal Bank Of Canada set a $70.00 price target on Alcoa in a report on Wednesday, July 1st. B. Riley Financial reduced their price target on Alcoa from $92.00 to $80.00 and set a "buy" rating for the company in a research note on Tuesday, July 7th. BMO Capital Markets reduced their price target on Alcoa from $60.00 to $55.00 and set a "market perform" rating for the company in a research note on Friday, July 17th. Finally, Wall Street Zen lowered Alcoa from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Alcoa currently has a consensus rating of "Hold" and an average price target of $61.09.

Alcoa 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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