QRG Capital Management Inc. Has $652,000 Position in Alcoa $AA

Key Points

• QRG Capital Management Inc. increased its position in Alcoa by 96.5% in the second quarter, owning 22,081 shares worth $652,000 after acquiring an additional 10,845 shares.
• Several institutional investors have also boosted their stakes in Alcoa, with the State of Michigan Retirement System and Louisiana State Employees Retirement System increasing their holdings significantly.
• Research analysts have generally favored Alcoa, with multiple firms upgrading their ratings and setting target prices between $34.00 and $42.50, indicating strong support for the stock's performance.

QRG Capital Management Inc. grew its position in Alcoa (NYSE:AA - Free Report) by 96.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,081 shares of the industrial products company's stock after buying an additional 10,845 shares during the quarter. QRG Capital Management Inc.'s holdings in Alcoa were worth $652,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in AA. Advisors Asset Management Inc. lifted its position in shares of Alcoa by 7.0% during the 1st quarter. Advisors Asset Management Inc. now owns 9,295 shares of the industrial products company's stock valued at $283,000 after acquiring an additional 606 shares during the period. State of Michigan Retirement System lifted its position in shares of Alcoa by 1.1% during the 1st quarter. State of Michigan Retirement System now owns 61,875 shares of the industrial products company's stock valued at $1,887,000 after acquiring an additional 700 shares during the period. Louisiana State Employees Retirement System lifted its position in shares of Alcoa by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 72,400 shares of the industrial products company's stock valued at $2,208,000 after acquiring an additional 700 shares during the period. CreativeOne Wealth LLC lifted its position in shares of Alcoa by 7.7% during the 1st quarter. CreativeOne Wealth LLC now owns 10,681 shares of the industrial products company's stock valued at $326,000 after acquiring an additional 764 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Alcoa by 33.3% during the 2nd quarter. GAMMA Investing LLC now owns 3,064 shares of the industrial products company's stock valued at $90,000 after acquiring an additional 766 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on AA shares. Citigroup upgraded shares of Alcoa to a "buy" rating and set a $42.00 target price on the stock in a research report on Tuesday, July 8th. B. Riley boosted their target price on shares of Alcoa from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Morgan Stanley upped their price objective on shares of Alcoa from $38.00 to $42.50 and gave the stock an "overweight" rating in a report on Wednesday. Wells Fargo & Company initiated coverage on shares of Alcoa in a report on Tuesday. They set an "overweight" rating and a $40.00 price objective on the stock. Finally, UBS Group upped their price objective on shares of Alcoa from $31.00 to $34.00 and gave the stock a "neutral" rating in a report on Friday, September 19th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $43.04.

Alcoa Price Performance

NYSE AA opened at $37.05 on Friday. The company has a market cap of $9.59 billion, a PE ratio of 9.67, a price-to-earnings-growth ratio of 0.23 and a beta of 2.20. Alcoa has a 52 week low of $21.53 and a 52 week 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 firm's 50-day simple moving average is $31.94 and its two-hundred day simple moving average is $29.40.

Alcoa (NYSE:AA - Get Free Report) last released its quarterly earnings data 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 business had revenue of $3.02 billion for the quarter, compared to the consensus estimate of $2.96 billion. Alcoa had a net margin of 7.86% and a return on equity of 19.18%. The company's revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.16 earnings per share. Research analysts predict that Alcoa will post 4.43 earnings per share for the current year.

Alcoa Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Tuesday, August 12th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Tuesday, August 12th. Alcoa's dividend payout ratio is presently 10.44%.

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.

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