Pictet Asset Management SA lifted its holdings in Alcoa Co. (NYSE:AA – Get Rating) by 349.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,148 shares of the industrial products company’s stock after acquiring an additional 44,435 shares during the period. Pictet Asset Management SA’s holdings in Alcoa were worth $2,605,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in AA. Renaissance Technologies LLC bought a new position in shares of Alcoa in the first quarter worth about $318,670,000. Egerton Capital UK LLP bought a new position in shares of Alcoa in the first quarter worth about $317,854,000. Third Point LLC bought a new position in Alcoa during the first quarter valued at approximately $213,821,000. Lord Abbett & CO. LLC bought a new position in Alcoa during the first quarter valued at approximately $133,359,000. Finally, Assenagon Asset Management S.A. boosted its stake in Alcoa by 179.3% during the second quarter. Assenagon Asset Management S.A. now owns 1,760,379 shares of the industrial products company’s stock valued at $80,238,000 after buying an additional 1,130,137 shares during the last quarter.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on AA shares. Wolfe Research lowered Alcoa from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 22nd. BMO Capital Markets dropped their price target on Alcoa from $40.00 to $35.00 and set a “market perform” rating for the company in a research note on Thursday, October 20th. StockNews.com started coverage on Alcoa in a research note on Wednesday, October 12th. They set a “hold” rating for the company. The Goldman Sachs Group dropped their price target on Alcoa from $75.00 to $51.00 and set a “buy” rating for the company in a research note on Thursday, October 13th. Finally, Credit Suisse Group decreased their price objective on Alcoa from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Thursday, October 20th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $69.42.
Alcoa Trading Down 1.4 %
Alcoa (NYSE:AA – Get Rating) last released its quarterly earnings data on Wednesday, October 19th. The industrial products company reported ($0.33) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.42). The firm had revenue of $2.85 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Alcoa had a positive return on equity of 22.27% and a negative net margin of 0.91%. The company’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.05 earnings per share. On average, sell-side analysts expect that Alcoa Co. will post 4.74 earnings per share for the current year.
Alcoa Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 18th. Shareholders of record on Tuesday, November 1st were issued a dividend of $0.10 per share. The ex-dividend date was Monday, October 31st. This represents a $0.40 annualized dividend and a yield of 0.86%. Alcoa’s payout ratio is currently -47.62%.
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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