Lombard Odier Asset Management Europe Ltd acquired a new position in shares of Alcoa (NYSE:AA – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 67,842 shares of the industrial products company’s stock, valued at approximately $3,537,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AA. BlackRock Inc. bought a new stake in shares of Alcoa during the 2nd quarter valued at $1,528,523,000. Bank of New York Mellon Corp grew its holdings in shares of Alcoa by 211.7% during the 4th quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company’s stock worth $332,338,000 after purchasing an additional 4,247,559 shares in the last quarter. Castle Hook Partners LP bought a new position in shares of Alcoa in the fourth quarter worth $210,874,000. Maple Rock Capital Partners Inc. bought a new position in shares of Alcoa in the fourth quarter worth $173,412,000. Finally, AQR Capital Management LLC raised its stake in Alcoa by 153.4% in the fourth quarter. AQR Capital Management LLC now owns 4,134,425 shares of the industrial products company’s stock valued at $219,703,000 after purchasing an additional 2,503,132 shares in the last quarter.
Insider Activity
In related news, EVP Tammi A. Jones sold 15,628 shares of Alcoa stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total transaction of $790,776.80. Following the sale, the executive vice president directly owned 39,819 shares of the company’s stock, valued at approximately $2,014,841.40. The trade was a 28.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.
Alcoa Price Performance
Alcoa (NYSE:AA – Get Free Report) last released its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.99 billion. Alcoa had a net margin of 9.48% and a return on equity of 18.90%. During the same quarter in the prior year, the firm earned $0.39 EPS. On average, sell-side analysts forecast that Alcoa will post 6.55 EPS for the current fiscal year.
Alcoa Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Tuesday, August 11th. Alcoa’s dividend payout ratio (DPR) is presently 8.23%.
Wall Street Analyst Weigh In
AA has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Alcoa from $55.00 to $52.00 and set a “neutral” rating for the company in a research report on Friday, July 17th. Wells Fargo & Company decreased their target price on shares of Alcoa from $72.00 to $71.00 and set an “overweight” rating on the stock in a report on Friday, July 17th. Wall Street Zen upgraded shares of Alcoa from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. BMO Capital Markets cut their price target on shares of Alcoa from $60.00 to $55.00 and set a “market perform” rating for the company in a report on Friday, July 17th. Finally, Weiss Ratings upgraded shares of Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $61.09.
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.
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