Raymond James & Associates lowered its holdings in shares of Alcoa Co. (NYSE:AA – Free Report) by 58.8% during the second quarter, HoldingsChannel reports. The firm owned 20,373 shares of the industrial products company’s stock after selling 29,112 shares during the quarter. Raymond James & Associates’ holdings in Alcoa were worth $691,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the business. Bank Julius Baer & Co. Ltd Zurich raised its position in shares of Alcoa by 98,060.4% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 26,012,519 shares of the industrial products company’s stock worth $882,605,000 after purchasing an additional 25,986,019 shares during the period. Bank of New York Mellon Corp raised its position in shares of Alcoa by 72.4% during the first quarter. Bank of New York Mellon Corp now owns 10,299,263 shares of the industrial products company’s stock worth $438,337,000 after purchasing an additional 4,325,754 shares during the period. State Street Corp raised its position in shares of Alcoa by 3.4% during the first quarter. State Street Corp now owns 8,273,477 shares of the industrial products company’s stock worth $352,119,000 after purchasing an additional 271,387 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of Alcoa by 4,737.1% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,578,275 shares of the industrial products company’s stock worth $208,174,000 after buying an additional 4,483,625 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of Alcoa by 11.5% during the first quarter. Franklin Resources Inc. now owns 4,416,699 shares of the industrial products company’s stock worth $187,975,000 after buying an additional 455,750 shares in the last quarter. Institutional investors and hedge funds own 79.55% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on the company. Jefferies Financial Group decreased their price objective on Alcoa from $45.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, October 4th. StockNews.com assumed coverage on Alcoa in a report on Thursday, October 5th. They set a “sell” rating for the company. B. Riley Financial decreased their price objective on Alcoa from $34.00 to $26.00 and set a “neutral” rating for the company in a report on Friday, October 20th. B. Riley decreased their price objective on Alcoa from $34.00 to $26.00 and set a “neutral” rating for the company in a report on Friday, October 20th. Finally, Bank of America downgraded Alcoa from a “buy” rating to a “neutral” rating and decreased their price target for the company from $35.00 to $25.00 in a research note on Monday, October 23rd. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Alcoa presently has an average rating of “Hold” and an average price target of $31.59.
Alcoa Stock Performance
AA opened at $25.97 on Tuesday. Alcoa Co. has a 12-month low of $23.07 and a 12-month high of $57.61. The stock has a market cap of $4.63 billion, a price-to-earnings ratio of -5.27 and a beta of 2.46. The business has a 50 day moving average of $27.35 and a 200-day moving average of $31.78. The company has a quick ratio of 0.83, a current ratio of 1.66 and a debt-to-equity ratio of 0.30.
Alcoa (NYSE:AA – Get Free Report) last released its quarterly earnings data on Wednesday, October 18th. The industrial products company reported ($1.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.01). Alcoa had a negative net margin of 8.24% and a negative return on equity of 6.73%. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same period in the previous year, the business earned ($0.33) earnings per share. The business’s quarterly revenue was down 8.7% on a year-over-year basis. On average, equities research analysts expect that Alcoa Co. will post -2.39 earnings per share for the current year.
Alcoa Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Tuesday, October 31st will be given a $0.10 dividend. The ex-dividend date is Monday, October 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.54%. Alcoa’s payout ratio is -8.11%.
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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