PNC Financial Services Group Inc. Sells 2,338 Shares of Alcoa Co. (NYSE:AA)

PNC Financial Services Group Inc. cut its position in shares of Alcoa Co. (NYSE:AAGet Rating) by 15.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,282 shares of the industrial products company’s stock after selling 2,338 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Alcoa were worth $1,196,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its holdings in Alcoa by 107.1% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 70,087 shares of the industrial products company’s stock worth $6,310,000 after acquiring an additional 36,245 shares in the last quarter. Swiss National Bank raised its stake in shares of Alcoa by 7.6% in the first quarter. Swiss National Bank now owns 442,394 shares of the industrial products company’s stock worth $39,829,000 after purchasing an additional 31,200 shares during the last quarter. Bornite Capital Management LP raised its stake in shares of Alcoa by 100.0% in the fourth quarter. Bornite Capital Management LP now owns 300,000 shares of the industrial products company’s stock worth $17,874,000 after purchasing an additional 150,000 shares during the last quarter. State Street Corp raised its stake in shares of Alcoa by 43.8% in the fourth quarter. State Street Corp now owns 6,383,551 shares of the industrial products company’s stock worth $380,332,000 after purchasing an additional 1,943,329 shares during the last quarter. Finally, Toronto Dominion Bank raised its stake in shares of Alcoa by 3,109.5% in the first quarter. Toronto Dominion Bank now owns 67,592 shares of the industrial products company’s stock worth $6,086,000 after purchasing an additional 65,486 shares during the last quarter.

Analyst Ratings Changes

Several research firms have recently weighed in on AA. The Goldman Sachs Group decreased their price target on Alcoa from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, July 22nd. Morgan Stanley decreased their price target on Alcoa from $55.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, July 25th. BMO Capital Markets decreased their price target on Alcoa from $57.00 to $55.00 in a research note on Thursday, July 21st. Credit Suisse Group reduced their price objective on Alcoa from $82.00 to $63.00 and set a “neutral” rating for the company in a research report on Tuesday, July 19th. Finally, B. Riley reduced their price objective on Alcoa from $84.00 to $54.00 and set a “neutral” rating for the company in a research report on Tuesday, June 28th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $78.64.

Alcoa Stock Performance

Shares of AA opened at $47.66 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.81 and a debt-to-equity ratio of 0.24. The business has a 50-day simple moving average of $48.38 and a two-hundred day simple moving average of $63.13. The stock has a market cap of $8.58 billion, a price-to-earnings ratio of 9.36, a PEG ratio of 0.69 and a beta of 2.31. Alcoa Co. has a 52 week low of $39.56 and a 52 week high of $98.09.

Alcoa (NYSE:AAGet Rating) last issued its quarterly earnings results on Wednesday, July 20th. The industrial products company reported $2.67 EPS for the quarter, missing analysts’ consensus estimates of $3.71 by ($1.04). The company had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.48 billion. Alcoa had a return on equity of 30.66% and a net margin of 7.19%. The business’s quarterly revenue was up 28.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.49 EPS. On average, analysts expect that Alcoa Co. will post 7.26 EPS for the current year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Stockholders of record on Tuesday, August 9th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date was Monday, August 8th. Alcoa’s dividend payout ratio (DPR) is 7.86%.

About Alcoa

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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.

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Institutional Ownership by Quarter for Alcoa (NYSE:AA)

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