LPL Financial LLC Sells 66,900 Shares of Alcoa (NYSE:AA)

LPL Financial LLC cut its stake in Alcoa (NYSE:AA) by 40.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 96,491 shares of the industrial products company’s stock after selling 66,900 shares during the period. LPL Financial LLC’s holdings in Alcoa were worth $2,943,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Alcoa by 19.0% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 115,469 shares of the industrial products company’s stock worth $3,522,000 after purchasing an additional 18,419 shares during the period. Cetera Investment Advisers grew its position in Alcoa by 19.0% in the first quarter. Cetera Investment Advisers now owns 16,368 shares of the industrial products company’s stock valued at $499,000 after purchasing an additional 2,615 shares in the last quarter. ANTIPODES PARTNERS Ltd lifted its stake in Alcoa by 2.2% in the first quarter. ANTIPODES PARTNERS Ltd now owns 1,687,529 shares of the industrial products company’s stock valued at $51,474,000 after acquiring an additional 36,520 shares during the last quarter. Blume Capital Management Inc. lifted its stake in Alcoa by 2.3% in the first quarter. Blume Capital Management Inc. now owns 43,085 shares of the industrial products company’s stock valued at $1,314,000 after acquiring an additional 950 shares during the last quarter. Finally, Burney Co. acquired a new stake in shares of Alcoa during the 1st quarter worth about $513,000.

Analyst Ratings Changes

Several brokerages have weighed in on AA. Bank of America lifted their price objective on shares of Alcoa from $26.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, July 17th. B. Riley decreased their price target on shares of Alcoa from $38.00 to $37.00 and set a “buy” rating on the stock in a report on Tuesday, July 15th. Citigroup raised shares of Alcoa to a “buy” rating and set a $42.00 target price on the stock in a report on Tuesday, July 8th. UBS Group restated a “neutral” rating and issued a $31.00 price target on shares of Alcoa in a research report on Thursday, May 15th. Finally, Barclays boosted their target price on shares of Alcoa to $31.00 and gave the company a “hold” rating in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $41.23.

Alcoa Stock Performance

NYSE AA opened at $31.21 on Friday. Alcoa has a 1 year low of $21.53 and a 1 year high of $47.77. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.65 and a quick ratio of 0.97. The firm has a market cap of $8.08 billion, a price-to-earnings ratio of 8.15, a PEG ratio of 0.18 and a beta of 2.24. The company has a fifty day moving average price of $29.90 and a 200-day moving average price of $29.93.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, July 16th. The industrial products company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.10. Alcoa had a net margin of 7.86% and a return on equity of 19.18%. The firm had revenue of $3.02 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the prior year, the business posted $0.16 EPS. The business’s revenue was up 3.9% compared to the same quarter last year. As a group, equities research analysts predict that Alcoa will post 4.43 EPS for the current fiscal year.

Alcoa Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Tuesday, August 12th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, August 12th. This represents a $0.40 annualized dividend and a yield of 1.3%. Alcoa’s dividend payout ratio is presently 10.44%.

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 two segments, 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.