Van ECK Associates Corp Has $51.25 Million Stock Holdings in Alcoa $AA

Key Points

• Van ECK Associates increased its Alcoa stake by 39% in the second quarter, owning 982,917 shares valued at approximately $51.25 million, or 0.37% of the company.
• Alcoa reported quarterly EPS of $2.12, missing analysts’ $2.25 estimate, while revenue of $3.97 billion was slightly below expectations. Analysts hold a consensus “Hold” rating with an average price target of $61.09.
• Alcoa declared a quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a 0.8% yield; an executive vice president separately sold 15,628 shares for about $790,777.

Van ECK Associates Corp raised its holdings in shares of Alcoa (NYSE:AA - Free Report) by 39.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 982,917 shares of the industrial products company's stock after acquiring an additional 275,797 shares during the period. Van ECK Associates Corp owned approximately 0.37% of Alcoa worth $51,249,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Basepoint Wealth LLC acquired a new stake in shares of Alcoa during the fourth quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Alcoa in the second quarter valued at about $25,000. Western Wealth Management LLC bought a new position in Alcoa during the first quarter worth about $35,000. Caitong International Asset Management Co. Ltd boosted its holdings in Alcoa by 5,281.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company's stock worth $31,000 after buying an additional 581 shares during the last quarter. Finally, Quarry LP grew its position in shares of Alcoa by 96.0% during the 4th quarter. Quarry LP now owns 694 shares of the industrial products company's stock worth $37,000 after buying an additional 340 shares during the period.

Alcoa Stock Performance

Shares of AA opened at $50.35 on Friday. The firm has a market cap of $13.29 billion, a P/E ratio of 10.36, a PEG ratio of 0.57 and a beta of 1.63. Alcoa has a twelve month low of $30.21 and a twelve month high of $84.38. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.92 and a current ratio of 1.53. The firm's 50 day moving average price is $49.03 and its two-hundred day moving average price is $59.97.

Alcoa (NYSE:AA - Get Free Report) last issued its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a return on equity of 18.90% and a net margin of 9.48%.The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $3.99 billion. During the same period in the prior year, the company earned $0.39 EPS. On average, analysts forecast that Alcoa will post 6.55 EPS for the current fiscal year.

Alcoa Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Tuesday, August 11th. Alcoa's payout ratio is 8.23%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. BMO Capital Markets cut their price target on shares of Alcoa from $60.00 to $55.00 and set a "market perform" rating on the stock in a research report on Friday, July 17th. Bank of America decreased their price objective on shares of Alcoa from $57.00 to $51.00 and set an "underperform" rating for the company in a report on Thursday, July 9th. Wells Fargo & Company lowered their target price on shares of Alcoa from $72.00 to $71.00 and set an "overweight" rating for the company in a research note on Friday, July 17th. JPMorgan Chase & Co. lowered their price objective on shares of Alcoa from $55.00 to $52.00 and set a "neutral" rating for the company in a research report on Friday, July 17th. Finally, Royal Bank Of Canada set a $70.00 price objective on Alcoa in a research note on Wednesday, July 1st. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $61.09.

Insider Buying and Selling

In other Alcoa news, EVP Tammi A. Jones sold 15,628 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $50.60, for a total transaction of $790,776.80. Following the completion of the transaction, the executive vice president owned 39,819 shares of the company's stock, valued at $2,014,841.40. This represents a 28.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

About Alcoa

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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