Belpointe Asset Management LLC Takes Position in Alcoa Co. (NYSE:AA)

Posted by Defense World Staff on May 26th, 2023

Belpointe Asset Management LLC acquired a new position in shares of Alcoa Co. (NYSE:AA – Get Rating) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 859 shares of the industrial products company’s stock, valued at approximately $39,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Fairfield Bush & CO. acquired a new position in Alcoa during the 1st quarter worth $29,000. Neo Ivy Capital Management acquired a new position in Alcoa during the second quarter valued at $27,000. Spire Wealth Management increased its position in Alcoa by 384.6% in the 4th quarter. Spire Wealth Management now owns 630 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 500 shares during the last quarter. JCIC Asset Management Inc. acquired a new position in Alcoa in the 3rd quarter worth about $27,000. Finally, Romano Brothers AND Company bought a new stake in shares of Alcoa during the 4th quarter worth about $47,000.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. BMO Capital Markets decreased their target price on Alcoa from $45.00 to $40.00 and set a “market perform” rating for the company in a research note on Thursday, April 20th. B. Riley dropped their price target on Alcoa from $44.00 to $43.00 and set a “neutral” rating for the company in a report on Friday, April 21st. Credit Suisse Group raised Alcoa from a “neutral” rating to an “outperform” rating and set a $50.00 target price for the company in a research note on Thursday, May 11th. UBS Group raised their price target on Alcoa from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 1st. Finally, Citigroup upgraded Alcoa from a “neutral” rating to a “buy” rating and raised their price target for the stock from $55.00 to $65.00 in a research report on Tuesday, February 21st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $48.78.

Alcoa Stock Down 1.6 %

Shares of NYSE:AA opened at $33.79 on Friday. The company has a market capitalization of $6.03 billion, a PE ratio of -7.28, a price-to-earnings-growth ratio of 4.35 and a beta of 2.43. Alcoa Co. has a 52-week low of $33.51 and a 52-week high of $67.52. The company has a fifty day moving average of $38.31 and a 200-day moving average of $44.77. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.92 and a current ratio of 1.78.

Alcoa (NYSE:AA – Get Rating) last issued its quarterly earnings results on Wednesday, April 19th. The industrial products company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.18). The firm had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.77 billion. Alcoa had a negative net margin of 6.78% and a positive return on equity of 4.02%. The business’s revenue was down 18.9% compared to the same quarter last year. During the same period last year, the company posted $3.06 EPS. On average, equities analysts predict that Alcoa Co. will post 0.79 EPS for the current fiscal year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 2nd. Investors of record on Tuesday, May 16th will be given a $0.10 dividend. The ex-dividend date is Monday, May 15th. This represents a $0.40 annualized dividend and a yield of 1.18%. Alcoa’s payout ratio is -8.62%.

Alcoa Company Profile

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Alcoa Corp. engages in the production of bauxite, alumina, and aluminum products. It operates through the following segments: Bauxite, Alumina, and Aluminum. The Bauxite segment represents the company’ global bauxite mining operations. The Alumina segment includes the company’s worldwide refining system, which processes bauxite into alumina.