Cibc World Market Inc. Has $1.49 Million Position in Alcoa $AA

Cibc World Market Inc. increased its holdings in shares of Alcoa (NYSE:AA) by 29.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 45,284 shares of the industrial products company’s stock after buying an additional 10,253 shares during the quarter. Cibc World Market Inc.’s holdings in Alcoa were worth $1,489,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. IFP Advisors Inc increased its stake in shares of Alcoa by 1,096.0% in the second 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 period. Root Financial Partners LLC bought a new position in Alcoa during the third quarter worth $29,000. Horrell Capital Management Inc. acquired a new stake in shares of Alcoa in the 2nd quarter valued at about $30,000. Orion Capital Management LLC acquired a new position in shares of Alcoa during the third quarter worth approximately $33,000. Finally, Westfuller Advisors LLC bought a new position in Alcoa in the 3rd quarter valued at about $35,000.

Alcoa Price Performance

Shares of AA stock opened at $59.92 on Tuesday. The business’s fifty day moving average is $57.19 and its 200 day moving average is $42.77. 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 stock has a market cap of $15.52 billion, a price-to-earnings ratio of 13.56 and a beta of 1.91. Alcoa has a twelve month low of $21.53 and a twelve month high of $66.95.

Alcoa (NYSE:AA) last announced its earnings results on Thursday, January 22nd. The industrial products company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.31. The firm had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $3.28 billion. Alcoa had a net margin of 9.12% and a return on equity of 16.18%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.04 EPS. Research analysts expect that Alcoa will post 4.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Alcoa in a research note on Monday, December 29th. Wells Fargo & Company dropped their target price on Alcoa from $71.00 to $64.00 and set an “equal weight” rating for the company in a research report on Friday, January 23rd. Citigroup upped their price target on shares of Alcoa from $42.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, December 19th. Morgan Stanley reissued an “overweight” rating and issued a $52.00 target price on shares of Alcoa in a research note on Monday, December 15th. Finally, BMO Capital Markets boosted their price objective on Alcoa from $35.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $48.25.

About Alcoa

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.