Citigroup Inc. Lowers Stake in Alcoa Co. (NYSE:AA)

Citigroup Inc. lowered its position in shares of Alcoa Co. (NYSE:AA) by 74.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 322,648 shares of the industrial products company’s stock after selling 926,280 shares during the quarter. Citigroup Inc. owned approximately 0.18% of Alcoa worth $13,732,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fairfield Bush & CO. acquired a new position in shares of Alcoa during the first quarter worth about $29,000. Neo Ivy Capital Management purchased a new position in Alcoa in the second quarter valued at $27,000. Resurgent Financial Advisors LLC acquired a new stake in Alcoa in the fourth quarter valued at $32,000. ICA Group Wealth Management LLC purchased a new stake in Alcoa during the 4th quarter worth about $36,000. Finally, Belpointe Asset Management LLC acquired a new position in shares of Alcoa during the 4th quarter worth about $39,000.

Analysts Set New Price Targets

Several research analysts have commented on the company. Morgan Stanley cut their price target on Alcoa from $33.00 to $31.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 25th. StockNews.com assumed coverage on Alcoa in a research report on Thursday, August 17th. They set a “sell” rating for the company. Credit Suisse Group reduced their target price on Alcoa from $46.00 to $42.00 and set an “outperform” rating on the stock in a report on Thursday, July 20th. Bank of America reduced their price target on Alcoa from $53.00 to $52.00 in a research report on Wednesday, June 21st. Finally, B. Riley Financial reduced their target price on Alcoa from $37.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, July 21st. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Alcoa has an average rating of “Hold” and a consensus target price of $38.82.

Alcoa Stock Performance

Shares of NYSE AA opened at $29.61 on Wednesday. Alcoa Co. has a 12-month low of $27.76 and a 12-month high of $57.61. The company has a market cap of $5.28 billion, a PE ratio of -3.63 and a beta of 2.44. The stock has a 50 day simple moving average of $32.97 and a 200-day simple moving average of $37.62. The company has a current ratio of 1.80, a quick ratio of 0.87 and a debt-to-equity ratio of 0.28.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, July 19th. The industrial products company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.24. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.68 billion. Alcoa had a negative return on equity of 4.36% and a negative net margin of 13.37%. The firm’s quarterly revenue was down 26.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.67 EPS. On average, equities research analysts forecast that Alcoa Co. will post -1.01 EPS for the current year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Tuesday, August 8th were given a $0.10 dividend. The ex-dividend date was Monday, August 7th. This represents a $0.40 annualized dividend and a yield of 1.35%. Alcoa’s dividend payout ratio (DPR) is -4.90%.

About Alcoa

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.