Riggs Asset Managment Co. Inc. Makes New $4.69 Million Investment in Alcoa $AA

Key Points

• Riggs Asset Management established a new position in Alcoa (NYSE:AA) in Q4, purchasing 88,271 shares worth approximately $4.69 million.
• Alcoa missed Q1 expectations, reporting $1.40 EPS versus $1.60 expected and $3.19B revenue versus $3.35B expected (revenue down 5.2% YoY), which coincided with the stock trading down about 4.6%; analysts are mixed—B. Riley lifted its target to $96 while the consensus rating is a "Hold" with a $61.73 target.

Riggs Asset Managment Co. Inc. purchased a new position in shares of Alcoa (NYSE:AA - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 88,271 shares of the industrial products company's stock, valued at approximately $4,691,000.

Other institutional investors have also modified their holdings of the company. Advisory Services Network LLC acquired a new stake in Alcoa during the third quarter worth approximately $27,000. Raleigh Capital Management Inc. lifted its stake in shares of Alcoa by 52,500.0% during the 4th quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company's stock worth $28,000 after purchasing an additional 525 shares during the period. Root Financial Partners LLC purchased a new position in shares of Alcoa during the 3rd quarter worth $29,000. CoreCap Advisors LLC boosted its holdings in shares of Alcoa by 74.1% during the fourth quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company's stock worth $30,000 after purchasing an additional 237 shares during the last quarter. Finally, Orion Capital Management LLC acquired a new stake in shares of Alcoa during the third quarter worth $33,000.

Alcoa Trading Down 4.6%

AA stock opened at $65.37 on Friday. The company has a market cap of $17.25 billion, a price-to-earnings ratio of 16.55 and a beta of 1.70. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 0.36. The business has a fifty day simple moving average of $64.42 and a 200-day simple moving average of $53.62. Alcoa has a 52 week low of $23.60 and a 52 week high of $75.70.

Alcoa (NYSE:AA - Get Free Report) last issued its earnings results on Thursday, April 16th. The industrial products company reported $1.40 earnings per share for the quarter, missing analysts' consensus estimates of $1.60 by ($0.20). Alcoa had a net margin of 8.27% and a return on equity of 12.57%. The firm had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.35 billion. During the same quarter in the previous year, the business posted $2.15 EPS. Alcoa's revenue was down 5.2% compared to the same quarter last year. On average, equities research analysts expect that Alcoa will post 7.66 EPS for the current year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 26th. Stockholders of record on Tuesday, March 10th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Tuesday, March 10th. Alcoa's dividend payout ratio (DPR) is 10.13%.

Analysts Set New Price Targets

Several equities analysts recently commented on AA shares. B. Riley Financial upped their target price on Alcoa from $78.00 to $96.00 and gave the company a "buy" rating in a research note on Tuesday, April 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Alcoa in a research note on Monday, December 29th. BMO Capital Markets lifted their price target on Alcoa from $65.00 to $75.00 and gave the company a "market perform" rating in a report on Thursday, April 9th. Wells Fargo & Company set a $68.00 price objective on shares of Alcoa in a research note on Thursday, March 12th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Alcoa from $68.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $61.73.

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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