National Asset Management Inc. purchased a new position in Alcoa Co. (NYSE:AA – Get Rating) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,645 shares of the industrial products company’s stock, valued at approximately $239,000.
A number of other large investors have also recently made changes to their positions in the stock. Hanseatic Management Services Inc. purchased a new position in shares of Alcoa in the first quarter worth approximately $25,000. CWM LLC purchased a new position in shares of Alcoa in the fourth quarter worth approximately $30,000. Retirement Group LLC boosted its holdings in shares of Alcoa by 100.0% in the fourth quarter. Retirement Group LLC now owns 500 shares of the industrial products company’s stock worth $30,000 after buying an additional 250 shares during the last quarter. Covestor Ltd purchased a new position in shares of Alcoa in the fourth quarter worth approximately $58,000. Finally, Dupont Capital Management Corp purchased a new position in shares of Alcoa in the first quarter worth approximately $58,000.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on AA shares. Morgan Stanley dropped their price objective on shares of Alcoa from $55.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, July 25th. Credit Suisse Group lowered their price target on shares of Alcoa from $82.00 to $63.00 and set a “neutral” rating on the stock in a report on Tuesday, July 19th. BMO Capital Markets lowered their price target on shares of Alcoa from $57.00 to $55.00 in a report on Thursday, July 21st. Citigroup downgraded shares of Alcoa from a “buy” rating to a “neutral” rating and set a $84.00 price target on the stock. in a report on Thursday, April 21st. Finally, B. Riley lowered their price target on shares of Alcoa from $84.00 to $54.00 and set a “neutral” rating on the stock in a report on Tuesday, June 28th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $78.64.
Alcoa Price Performance
Alcoa (NYSE:AA – Get Rating) last released its earnings results on Wednesday, July 20th. The industrial products company reported $2.67 EPS for the quarter, missing the consensus estimate of $3.71 by ($1.04). Alcoa had a return on equity of 30.66% and a net margin of 7.19%. The company had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.48 billion. During the same period last year, the firm posted $1.49 EPS. Alcoa’s quarterly revenue was up 28.6% compared to the same quarter last year. On average, equities analysts anticipate that Alcoa Co. will post 6.8 EPS for the current fiscal year.
Alcoa Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 25th. Investors of record on Tuesday, August 9th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.79%. The ex-dividend date of this dividend is Monday, August 8th. Alcoa’s dividend payout ratio is presently 7.86%.
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 three segments: Bauxite, 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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