Quantbot Technologies LP Invests $1.18 Million in Alcoa $AA

Key Points

• Quantbot Technologies purchased 22,616 Alcoa shares during the second quarter, valued at approximately $1.18 million. Several other institutional investors also increased or initiated sizable positions, including BlackRock and Bank of New York Mellon.
• Analyst sentiment remains mixed: six analysts rate Alcoa a Buy, four a Hold and two a Sell. The stock has a consensus rating of Hold with an average price target of $61.09.
• Alcoa recently reported quarterly earnings of $2.12 per share, below the $2.25 consensus estimate, while revenue of $3.97 billion also slightly missed forecasts. The company declared a quarterly dividend of $0.10 per share, representing a 0.8% yield.

Quantbot Technologies LP bought a new stake in shares of Alcoa (NYSE:AA - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 22,616 shares of the industrial products company's stock, valued at approximately $1,179,000.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Alcoa in the 2nd quarter worth approximately $1,528,523,000. Bank of New York Mellon Corp grew its position in Alcoa by 211.7% during the 4th quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company's stock worth $332,338,000 after purchasing an additional 4,247,559 shares during the last quarter. Castle Hook Partners LP acquired a new position in Alcoa during the 4th quarter valued at approximately $210,874,000. Maple Rock Capital Partners Inc. acquired a new position in Alcoa during the 4th quarter valued at approximately $173,412,000. Finally, AQR Capital Management LLC raised its holdings in shares of Alcoa by 153.4% in the fourth quarter. AQR Capital Management LLC now owns 4,134,425 shares of the industrial products company's stock worth $219,703,000 after buying an additional 2,503,132 shares during the last quarter.

Analyst Ratings Changes

Several equities research analysts have recently commented on AA shares. Royal Bank Of Canada set a $70.00 price objective on shares of Alcoa in a research note on Wednesday, July 1st. 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. Argus lowered their price target on Alcoa from $73.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday, July 22nd. Finally, Bank of America dropped their price target on Alcoa from $57.00 to $51.00 and set an "underperform" rating on the stock in a research note on Thursday, July 9th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Alcoa presently has a consensus rating of "Hold" and a consensus price target of $61.09.

Alcoa Stock Up 3.8%

AA stock opened at $51.27 on Wednesday. The firm's fifty day simple moving average is $49.61 and its 200-day simple moving average is $60.14. The company has a market capitalization of $13.53 billion, a P/E ratio of 10.55, a price-to-earnings-growth ratio of 0.56 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92. Alcoa has a 12 month low of $30.21 and a 12 month high of $84.38.

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

Alcoa Announces Dividend

The business also recently declared 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. This represents a $0.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, August 11th. Alcoa's dividend payout ratio (DPR) is currently 8.23%.

Alcoa 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source