Alcoa $AA Holdings Lowered by Northern Trust Corp

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 decreased its stake in shares of Alcoa (NYSE:AA - Free Report) by 4.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,427,834 shares of the industrial products company's stock after selling 121,774 shares during the period. Northern Trust Corp owned about 0.94% of Alcoa worth $74,049,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of Alcoa by 61.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 16,914 shares of the industrial products company's stock worth $516,000 after purchasing an additional 6,447 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Alcoa by 58.8% during the first 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 last quarter. Drummond Knight Asset Management Pty Ltd bought a new position in shares of Alcoa during the fourth quarter worth about $19,646,000. SG Americas Securities LLC lifted its position in shares of Alcoa by 630.4% during the first quarter. SG Americas Securities LLC now owns 28,955 shares of the industrial products company's stock worth $883,000 after purchasing an additional 24,991 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its position in shares of Alcoa by 10.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 19,087 shares of the industrial products company's stock valued at $582,000 after buying an additional 1,831 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AA. JPMorgan Chase & Co. lowered their price objective on shares of Alcoa from $28.00 to $27.00 and set a "neutral" rating for the company in a research report on Thursday, July 17th. 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. 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. Barclays boosted their price objective on shares of Alcoa to $31.00 and gave the company a "hold" rating in a research report on Friday, May 16th. Finally, UBS Group reaffirmed a "neutral" rating and set a $31.00 price objective on shares of Alcoa in a research report on Thursday, May 15th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Alcoa has an average rating of "Hold" and a consensus price target of $41.23.

Alcoa Stock Performance

NYSE AA traded up $0.25 on Friday, hitting $32.17. The stock had a trading volume of 4,180,177 shares, compared to its average volume of 4,951,723. Alcoa has a one year low of $21.53 and a one year high of $47.77. The company has a quick ratio of 0.97, a current ratio of 1.65 and a debt-to-equity ratio of 0.41. The stock has a market cap of $8.33 billion, a price-to-earnings ratio of 8.40, a P/E/G ratio of 0.18 and a beta of 2.26. The company's 50-day moving average is $30.38 and its two-hundred day moving average is $29.54.

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

Alcoa Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Tuesday, August 12th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Tuesday, August 12th. Alcoa's payout ratio is 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.