Principal Financial Group Inc. Has $18.91 Million Stake in Alcoa $AA

Principal Financial Group Inc. reduced its holdings in Alcoa (NYSE:AA) by 2.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 575,061 shares of the industrial products company’s stock after selling 12,035 shares during the quarter. Principal Financial Group Inc. owned approximately 0.22% of Alcoa worth $18,914,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Norges Bank bought a new position in Alcoa in the 2nd quarter valued at $97,933,000. L1 Capital Pty Ltd raised its holdings in shares of Alcoa by 178.8% in the second quarter. L1 Capital Pty Ltd now owns 4,814,342 shares of the industrial products company’s stock valued at $142,071,000 after buying an additional 3,087,298 shares during the last quarter. Drummond Knight Asset Management Pty Ltd bought a new position in shares of Alcoa in the second quarter valued at about $44,893,000. State Street Corp lifted its position in Alcoa by 9.8% during the 2nd quarter. State Street Corp now owns 10,737,466 shares of the industrial products company’s stock worth $316,863,000 after buying an additional 959,240 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in Alcoa by 121.7% during the 2nd quarter. Mackenzie Financial Corp now owns 1,569,358 shares of the industrial products company’s stock worth $46,312,000 after acquiring an additional 861,383 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AA. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $50.00 target price (up from $45.00) on shares of Alcoa in a research note on Thursday, January 8th. UBS Group boosted their price objective on shares of Alcoa from $42.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. HSBC increased their price objective on Alcoa from $33.00 to $41.00 and gave the company a “buy” rating in a research report on Friday, October 17th. Citigroup boosted their target price on Alcoa from $42.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Finally, BMO Capital Markets raised their price target on Alcoa from $35.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $48.25.

Alcoa Stock Performance

AA stock opened at $59.21 on Monday. Alcoa has a twelve month low of $21.53 and a twelve month high of $66.95. The company has a quick ratio of 0.87, a current ratio of 1.45 and a debt-to-equity ratio of 0.40. The company has a market cap of $15.33 billion, a P/E ratio of 13.40 and a beta of 1.91. The business’s fifty day moving average is $55.03 and its 200-day moving average is $41.48.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Thursday, January 22nd. The industrial products company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.31. Alcoa had a return on equity of 16.18% and a net margin of 9.12%.The business had revenue of $3.45 billion during the quarter, compared to analysts’ expectations of $3.28 billion. During the same period in the previous year, the firm earned $1.04 earnings per share. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities research analysts forecast that Alcoa will post 4.43 EPS for the current year.

Alcoa Profile

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.