Envestnet Asset Management Inc. Buys 480 Shares of Alcoa Co. (NYSE:AA)

Envestnet Asset Management Inc. increased its stake in shares of Alcoa Co. (NYSE:AAGet Rating) by 2.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 22,542 shares of the industrial products company’s stock after purchasing an additional 480 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Alcoa were worth $1,027,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. State Street Corp grew its position in shares of Alcoa by 5.6% in the 1st quarter. State Street Corp now owns 6,740,470 shares of the industrial products company’s stock worth $606,845,000 after buying an additional 356,919 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Alcoa in the 1st quarter worth approximately $318,670,000. Egerton Capital UK LLP bought a new stake in shares of Alcoa in the 1st quarter worth approximately $317,854,000. Third Point LLC bought a new stake in shares of Alcoa in the 1st quarter worth approximately $213,821,000. Finally, Assenagon Asset Management S.A. grew its position in shares of Alcoa by 179.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,760,379 shares of the industrial products company’s stock worth $80,238,000 after buying an additional 1,130,137 shares during the last quarter.

Alcoa Stock Down 1.7 %

Shares of NYSE:AA opened at $48.51 on Thursday. The stock has a fifty day simple moving average of $41.06 and a two-hundred day simple moving average of $48.07. The stock has a market capitalization of $8.58 billion, a price-to-earnings ratio of -57.75, a PEG ratio of 1.02 and a beta of 2.37. Alcoa Co. has a 12-month low of $33.55 and a 12-month high of $98.09. The company has a current ratio of 1.81, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25.

Alcoa (NYSE:AAGet Rating) last posted its quarterly earnings results on Wednesday, October 19th. The industrial products company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.42). Alcoa had a positive return on equity of 22.27% and a negative net margin of 0.91%. The business had revenue of $2.85 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter in the prior year, the firm earned $2.05 EPS. The firm’s revenue for the quarter was down 8.3% compared to the same quarter last year. On average, research analysts anticipate that Alcoa Co. will post 4.74 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 18th. Stockholders of record on Tuesday, November 1st were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.82%. The ex-dividend date was Monday, October 31st. Alcoa’s dividend payout ratio is currently -47.62%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AA shares. UBS Group began coverage on Alcoa in a research report on Thursday, October 6th. They issued a “neutral” rating and a $43.00 price objective on the stock. StockNews.com began coverage on Alcoa in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. B. Riley lowered their target price on Alcoa from $51.00 to $37.00 and set a “neutral” rating for the company in a research note on Friday, October 21st. The Goldman Sachs Group lowered their target price 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, BMO Capital Markets lowered their target price 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. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $69.42.

Alcoa Company Profile

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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.

See Also

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Institutional Ownership by Quarter for Alcoa (NYSE:AA)

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