Perigon Wealth Management LLC Acquires New Position in Alcoa $AA

Perigon Wealth Management LLC bought a new position in Alcoa (NYSE:AA) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 21,256 shares of the industrial products company’s stock, valued at approximately $1,130,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mirabella Financial Services LLP grew its holdings in shares of Alcoa by 12,233.1% during the third quarter. Mirabella Financial Services LLP now owns 40,082,462 shares of the industrial products company’s stock valued at $1,318,312,000 after buying an additional 39,757,462 shares during the last quarter. L1 Capital Pty Ltd increased its position in shares of Alcoa by 178.8% during 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 acquiring an additional 3,087,298 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Alcoa by 13.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 11,118,560 shares of the industrial products company’s stock worth $365,710,000 after acquiring an additional 1,322,540 shares during the last quarter. Man Group plc lifted its position in Alcoa by 12,588.2% in the 3rd quarter. Man Group plc now owns 1,164,902 shares of the industrial products company’s stock valued at $38,314,000 after acquiring an additional 1,155,721 shares in the last quarter. Finally, State Street Corp lifted its position in Alcoa by 9.8% in the 2nd quarter. State Street Corp now owns 10,737,466 shares of the industrial products company’s stock valued at $316,863,000 after acquiring an additional 959,240 shares in the last quarter.

Alcoa Price Performance

NYSE AA opened at $71.49 on Monday. The stock has a market capitalization of $18.86 billion, a price-to-earnings ratio of 16.17 and a beta of 1.70. Alcoa has a 1-year low of $21.53 and a 1-year high of $72.17. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.44 and a quick ratio of 0.87. The business’s fifty day moving average price is $61.53 and its 200-day moving average price is $50.25.

Alcoa (NYSE:AA) last posted its quarterly earnings data 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. Alcoa had a return on equity of 16.19% and a net margin of 9.12%.The company had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $3.28 billion. During the same quarter in the prior year, the business earned $1.04 earnings per share. Alcoa’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, equities analysts predict that Alcoa will post 4.43 earnings per share for the current year.

Alcoa Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 26th. Stockholders of record on Tuesday, March 10th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, March 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.6%. Alcoa’s dividend payout ratio is presently 9.05%.

Wall Street Analyst Weigh In

A number of research firms have commented on AA. JPMorgan Chase & Co. raised Alcoa from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $50.00 to $68.00 in a report on Friday, March 13th. Zacks Research downgraded Alcoa from a “strong-buy” rating to a “hold” rating in a report on Friday, February 13th. Citigroup increased their price objective on Alcoa from $54.00 to $76.00 and gave the company a “buy” rating in a research report on Monday, March 16th. Morgan Stanley reiterated an “overweight” rating and issued a $52.00 price objective on shares of Alcoa in a report on Monday, December 15th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Alcoa in a research note on Monday, December 29th. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Alcoa currently has a consensus rating of “Hold” and an average target price of $50.45.

Alcoa Company 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.