Alcoa $AA Shares Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS grew its stake in shares of Alcoa (NYSE:AA) by 6.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 52,900 shares of the industrial products company’s stock after acquiring an additional 3,000 shares during the period. KLP Kapitalforvaltning AS’s holdings in Alcoa were worth $1,561,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. DAVENPORT & Co LLC acquired a new stake in shares of Alcoa during the 2nd quarter valued at $344,000. 111 Capital acquired a new position in Alcoa in the 2nd quarter worth approximately $430,000. QRG Capital Management Inc. lifted its holdings in shares of Alcoa by 96.5% in the second quarter. QRG Capital Management Inc. now owns 22,081 shares of the industrial products company’s stock valued at $652,000 after purchasing an additional 10,845 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of Alcoa in the second quarter valued at $82,000. Finally, Truist Financial Corp lifted its holdings in shares of Alcoa by 15.9% in the second quarter. Truist Financial Corp now owns 10,472 shares of the industrial products company’s stock valued at $309,000 after purchasing an additional 1,440 shares in the last quarter.

Wall Street Analyst Weigh In

AA has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their target price on Alcoa from $27.00 to $34.00 and gave the company a “neutral” rating in a report on Thursday, October 9th. Weiss Ratings upgraded Alcoa from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. UBS Group increased their target price on Alcoa from $31.00 to $34.00 and gave the company a “neutral” rating in a report on Friday, September 19th. Citigroup upgraded Alcoa to a “buy” rating and set a $42.00 target price for the company in a report on Tuesday, July 8th. Finally, Wall Street Zen lowered Alcoa from a “buy” rating to a “hold” rating in a report on Sunday, June 22nd. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $43.04.

Alcoa Trading Up 3.3%

Alcoa stock opened at $36.19 on Tuesday. 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 company has a market capitalization of $9.37 billion, a price-to-earnings ratio of 9.45, a PEG ratio of 0.21 and a beta of 2.20. Alcoa has a one year low of $21.53 and a one year high of $47.77. The company’s fifty day moving average price is $32.21 and its two-hundred day moving average price is $29.40.

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

Alcoa Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Tuesday, August 12th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Tuesday, August 12th. Alcoa’s dividend payout ratio (DPR) is currently 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.