Old West Investment Management LLC Takes Position in Alcoa $AA

Key Points

• Old West Investment Management acquired 236,718 Alcoa shares worth approximately $12.34 million, representing a 0.09% stake at the end of the second quarter.
• Analyst sentiment is mixed: Alcoa has a consensus “Hold” rating and an average price target of $61.09, while several firms recently lowered their targets and Zacks Research issued a “Strong Sell” rating.
• Alcoa reported quarterly EPS of $2.12, below the $2.25 consensus, and revenue of $3.97 billion versus expectations of $3.99 billion. The company also announced a quarterly dividend of $0.10 per share, yielding 0.8% annually.

Old West Investment Management LLC bought a new position in shares of Alcoa (NYSE:AA - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund bought 236,718 shares of the industrial products company's stock, valued at approximately $12,342,000. Old West Investment Management LLC owned 0.09% of Alcoa at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AA. Basepoint Wealth LLC bought a new position in Alcoa during the fourth quarter valued at about $25,000. Western Wealth Management LLC bought a new stake in Alcoa in the first quarter worth about $35,000. Caitong International Asset Management Co. Ltd boosted its stake in Alcoa by 5,281.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company's stock valued at $31,000 after acquiring an additional 581 shares during the last quarter. Quarry LP boosted its stake in Alcoa by 96.0% in the fourth quarter. Quarry LP now owns 694 shares of the industrial products company's stock valued at $37,000 after acquiring an additional 340 shares during the last quarter. Finally, Clearstead Trust LLC grew its position in shares of Alcoa by 431.7% during the 4th quarter. Clearstead Trust LLC now owns 755 shares of the industrial products company's stock valued at $40,000 after acquiring an additional 613 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AA. UBS Group decreased their price target on shares of Alcoa from $80.00 to $68.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Morgan Stanley reissued an "equal weight" rating and set a $53.00 price objective (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. Zacks Research downgraded Alcoa from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 8th. Weiss Ratings upgraded Alcoa from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, June 17th. Finally, B. Riley Financial dropped their price target on Alcoa from $92.00 to $80.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $61.09.

Alcoa Stock Performance

NYSE AA opened at $49.95 on Monday. The company's 50 day moving average is $52.01 and its 200-day moving average is $60.55. Alcoa has a 12-month low of $28.92 and a 12-month high of $84.38. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30. The firm has a market cap of $13.18 billion, a P/E ratio of 10.28, a price-to-earnings-growth ratio of 0.57 and a beta of 1.63.

Alcoa (NYSE:AA - Get Free Report) last announced its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 EPS for the quarter, missing analysts' consensus estimates of $2.25 by ($0.13). The business had revenue of $3.97 billion for the quarter, compared to analysts' expectations of $3.99 billion. Alcoa had a net margin of 9.48% and a return on equity of 18.90%. During the same quarter in the previous year, the company posted $0.39 earnings per share. Sell-side analysts predict that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, August 11th. This represents a $0.40 annualized dividend and a dividend yield of 0.8%. Alcoa's dividend payout ratio is currently 8.23%.

Alcoa Company 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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