Northern Trust Corp Sells 121,774 Shares of Alcoa $AA

Key Points

• Northern Trust Corp has reduced its stake in Alcoa by 4.8%, now holding 2,427,834 shares valued at approximately $74 million.
• Alcoa reported a quarterly earnings per share of $0.39, exceeding expectations of $0.29, alongside a revenue of $3.02 billion.
• The company declared a quarterly dividend of $0.10, yielding 1.3%, set to be paid on August 28th to investors of record.

Northern Trust Corp reduced its holdings in Alcoa (NYSE:AA - Free Report) by 4.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,427,834 shares of the industrial products company's stock after selling 121,774 shares during the period. Northern Trust Corp owned approximately 0.94% of Alcoa worth $74,049,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Versant Capital Management Inc grew its stake in shares of Alcoa by 134.7% in the 1st quarter. Versant Capital Management Inc now owns 906 shares of the industrial products company's stock worth $28,000 after buying an additional 520 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Alcoa during the 4th quarter worth about $36,000. Montag A & Associates Inc. purchased a new position in shares of Alcoa during the 1st quarter worth about $40,000. Continuum Advisory LLC boosted its stake in shares of Alcoa by 30.7% during the 4th quarter. Continuum Advisory LLC now owns 1,470 shares of the industrial products company's stock worth $56,000 after purchasing an additional 345 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Alcoa by 58.8% during the 1st quarter. GAMMA Investing LLC now owns 2,298 shares of the industrial products company's stock worth $70,000 after purchasing an additional 851 shares during the period.

Alcoa Stock Up 0.5%

Shares of NYSE:AA traded up $0.16 during trading hours on Thursday, hitting $31.96. The company's stock had a trading volume of 3,678,090 shares, compared to its average volume of 5,172,159. Alcoa has a 52 week low of $21.53 and a 52 week high of $47.77. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.65 and a quick ratio of 0.97. The company has a market capitalization of $8.28 billion, a price-to-earnings ratio of 8.35, a P/E/G ratio of 0.18 and a beta of 2.24. The firm's fifty day moving average price is $30.29 and its 200 day moving average price is $29.66.

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, beating the consensus estimate of $0.29 by $0.10. Alcoa had a net margin of 7.86% and a return on equity of 19.18%. The business had revenue of $3.02 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the previous year, the business posted $0.16 EPS. The company's quarterly revenue was up 3.9% compared to the same quarter last year. As a group, research analysts expect that Alcoa will post 4.43 EPS for the current year.

Alcoa Dividend Announcement

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 $0.10 dividend. The ex-dividend date is Tuesday, August 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.3%. Alcoa's payout ratio is currently 10.44%.

Wall Street Analyst Weigh In

A number of research firms recently commented on AA. UBS Group reaffirmed a "neutral" rating and set a $31.00 price target on shares of Alcoa in a research note on Thursday, May 15th. Barclays lifted their price target on shares of Alcoa to $31.00 and gave the stock a "hold" rating in a research note on Friday, May 16th. Citigroup raised shares of Alcoa to a "buy" rating and set a $42.00 price objective for the company in a research report on Tuesday, July 8th. Morgan Stanley lowered their price objective on shares of Alcoa from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Finally, B. Riley lowered their price objective on shares of Alcoa from $38.00 to $37.00 and set a "buy" rating for the company in a research report on Tuesday, July 15th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $41.23.

Alcoa Company 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.