Alcoa (NYSE:AA) Shares Bought by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS increased its stake in Alcoa (NYSE:AA) by 27.0%, owning 49,900 shares valued at approximately $1.52 million after acquiring 10,600 shares in the first quarter.
• Alcoa reported Q2 earnings with earnings per share (EPS) of $0.39, surpassing analysts' expectations of $0.29, while revenues reached $3.02 billion, reflecting a 3.9% year-over-year increase.
• The company recently declared a quarterly dividend of $0.10 per share, translating to an annualized dividend yield of 1.30%.

KLP Kapitalforvaltning AS grew its stake in Alcoa (NYSE:AA - Free Report) by 27.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,900 shares of the industrial products company's stock after purchasing an additional 10,600 shares during the period. KLP Kapitalforvaltning AS's holdings in Alcoa were worth $1,522,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Alcoa during the first quarter worth $4,415,000. Y Intercept Hong Kong Ltd grew its holdings in Alcoa by 23.0% during the first quarter. Y Intercept Hong Kong Ltd now owns 45,401 shares of the industrial products company's stock worth $1,385,000 after acquiring an additional 8,482 shares during the period. Carmel Capital Partners LLC grew its holdings in Alcoa by 65.7% during the first quarter. Carmel Capital Partners LLC now owns 37,546 shares of the industrial products company's stock worth $1,145,000 after acquiring an additional 14,884 shares during the period. Kailix Advisors LLC grew its holdings in Alcoa by 1.0% during the first quarter. Kailix Advisors LLC now owns 289,500 shares of the industrial products company's stock worth $8,830,000 after acquiring an additional 2,930 shares during the period. Finally, Montag A & Associates Inc. acquired a new position in Alcoa during the first quarter worth $40,000.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Citigroup raised Alcoa to a "buy" rating and set a $42.00 price objective on the stock in a report on Tuesday, July 8th. JPMorgan Chase & Co. decreased their target price on Alcoa from $28.00 to $27.00 and set a "neutral" rating on the stock in a research report on Thursday, July 17th. Barclays boosted their target price on Alcoa to $31.00 and gave the stock a "hold" rating in a research report on Friday, May 16th. Morgan Stanley decreased their target price on Alcoa from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Friday, July 18th. Finally, UBS Group reiterated a "neutral" rating and set a $31.00 target price on shares of Alcoa in a research report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $41.23.

Alcoa Trading Down 1.0%

Alcoa stock traded down $0.31 during trading on Wednesday, hitting $30.13. The company's stock had a trading volume of 5,627,899 shares, compared to its average volume of 6,119,543. The stock has a market capitalization of $7.80 billion, a price-to-earnings ratio of 7.87, a P/E/G ratio of 0.17 and a beta of 2.25. The stock's fifty day moving average is $29.30 and its 200 day moving average is $30.58. Alcoa has a 1-year low of $21.53 and a 1-year high of $47.77. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.97 and a current ratio of 1.65.

Alcoa (NYSE:AA - Get Free Report) last released its earnings results on Wednesday, July 16th. The industrial products company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.29 by $0.10. The firm had revenue of $3.02 billion during the quarter, compared to analyst estimates of $2.96 billion. Alcoa had a return on equity of 19.27% and a net margin of 7.86%. The business's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.16 earnings per share. As a group, equities research analysts predict that Alcoa will post 4.43 EPS for the current year.

Alcoa Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Tuesday, August 12th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.33%. Alcoa's dividend payout ratio is presently 10.44%.

About Alcoa

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.