Freestone Grove Partners LP acquired a new stake in Alcoa (NYSE:AA – Free Report) in the second quarter, Holdings Channel reports. The firm acquired 13,255 shares of the industrial products company’s stock, valued at approximately $691,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of AA. Basepoint Wealth LLC bought a new stake in shares of Alcoa in the 4th quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Alcoa in the second quarter worth approximately $25,000. Advisory Services Network LLC bought a new stake in Alcoa in the third quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd increased its position in Alcoa by 5,281.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 581 shares during the period. Finally, Western Wealth Management LLC acquired a new stake in Alcoa during the 1st quarter valued at approximately $35,000. 82.39% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, EVP Tammi A. Jones sold 15,628 shares of the business’s stock in a transaction 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 transaction, the executive vice president owned 39,819 shares in the company, valued at $2,014,841.40. The trade was a 28.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.43% of the stock is owned by insiders.
Alcoa Trading Up 0.1%
Alcoa (NYSE:AA – Get Free Report) last issued its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.13). The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.99 billion. Alcoa had a net margin of 9.48% and a return on equity of 18.90%. During the same period last year, the firm posted $0.39 earnings per share. Research analysts expect that Alcoa will post 6.55 earnings per share for the current year.
Alcoa Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were paid a $0.10 dividend. The ex-dividend date was Tuesday, August 11th. This represents a $0.40 annualized dividend and a dividend yield of 0.8%. Alcoa’s payout ratio is currently 8.23%.
Analyst Upgrades and Downgrades
AA has been the topic of a number of recent analyst reports. Argus dropped their price target on shares of Alcoa from $73.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Wall Street Zen raised shares of Alcoa from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Wells Fargo & Company decreased their price objective on shares of Alcoa from $72.00 to $71.00 and set an “overweight” rating for the company in a research report on Friday, July 17th. Royal Bank Of Canada set a $70.00 target price on shares of Alcoa in a research note on Wednesday, July 1st. Finally, B. Riley Financial dropped their target price on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $61.09.
View Our Latest Analysis on Alcoa
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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