Arrow Capital Pty Ltd Makes New Investment in Alcoa $AA

Arrow Capital Pty Ltd purchased a new stake in shares of Alcoa (NYSE:AA) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 120,000 shares of the industrial products company’s stock, valued at approximately $3,541,000. Alcoa makes up about 2.6% of Arrow Capital Pty Ltd’s portfolio, making the stock its 24th largest holding.

A number of other hedge funds also recently added to or reduced their stakes in AA. IFP Advisors Inc raised its stake in Alcoa by 1,096.0% during the 2nd quarter. IFP Advisors Inc now owns 897 shares of the industrial products company’s stock valued at $26,000 after buying an additional 822 shares during the last quarter. Horrell Capital Management Inc. bought a new stake in shares of Alcoa in the second quarter worth $30,000. Quarry LP purchased a new stake in Alcoa during the first quarter valued at $57,000. EverSource Wealth Advisors LLC lifted its holdings in Alcoa by 173.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,040 shares of the industrial products company’s stock valued at $60,000 after acquiring an additional 1,295 shares during the period. Finally, Banque Transatlantique SA purchased a new position in Alcoa in the first quarter worth about $74,000.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. UBS Group increased their price objective on shares of Alcoa from $31.00 to $34.00 and gave the stock a “neutral” rating in a research note on Friday, September 19th. Zacks Research upgraded shares of Alcoa from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 25th. Morgan Stanley set a $43.50 price target on shares of Alcoa in a research note on Friday, October 24th. Argus set a $45.00 price objective on Alcoa in a research note on Thursday, October 30th. Finally, HSBC raised their target price on Alcoa from $33.00 to $41.00 and gave the stock a “buy” rating in a report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $43.12.

Alcoa Stock Down 2.3%

AA opened at $43.44 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.91 and a current ratio of 1.56. Alcoa has a fifty-two week low of $21.53 and a fifty-two week high of $44.96. The firm’s fifty day moving average is $38.15 and its 200 day moving average is $33.07. The stock has a market cap of $11.25 billion, a price-to-earnings ratio of 10.03, a price-to-earnings-growth ratio of 0.23 and a beta of 1.99.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, October 22nd. The industrial products company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.13. Alcoa had a return on equity of 15.85% and a net margin of 8.91%.The business had revenue of $2.09 billion during the quarter, compared to analyst estimates of $3.03 billion. During the same quarter in the prior year, the business posted $0.57 EPS. Alcoa’s revenue for the quarter was up 3.1% compared to the same quarter last year. On average, sell-side analysts forecast that Alcoa will post 4.43 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 21st. Investors of record on Tuesday, November 4th were given a $0.10 dividend. The ex-dividend date was Tuesday, November 4th. This represents a $0.40 annualized dividend and a yield of 0.9%. Alcoa’s dividend payout ratio (DPR) is currently 9.24%.

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.