Perigon Wealth Management LLC acquired a new position in shares of Alcoa (NYSE:AA – Free Report) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 16,834 shares of the industrial products company’s stock, valued at approximately $878,000.
Several other large investors also recently added to or reduced their stakes in the stock. Basepoint Wealth LLC purchased a new position in shares of Alcoa during the 4th quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Alcoa during the 2nd quarter valued at about $25,000. Advisory Services Network LLC purchased a new stake in shares of Alcoa in the third quarter valued at about $27,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Alcoa by 5,281.8% in the fourth 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 first quarter worth about $35,000. 82.39% of the stock is currently owned by hedge funds and other institutional investors.
Alcoa Stock Down 3.3%
Shares of NYSE AA opened at $49.99 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $51.13 and its two-hundred day moving average is $60.42. Alcoa has a 52-week low of $28.92 and a 52-week high of $84.38. The firm has a market cap of $13.19 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 0.57 and a beta of 1.63.
Alcoa Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, August 11th. Alcoa’s payout ratio is currently 8.23%.
Analyst Ratings Changes
A number of equities analysts have commented on AA shares. B. Riley Financial reduced their target price on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Bank of America cut their price target on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating for the company in a report on Thursday, July 9th. Argus reduced 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. Morgan Stanley reiterated an “equal weight” rating and issued a $53.00 price objective (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. Finally, JPMorgan Chase & Co. lowered their price objective on Alcoa from $55.00 to $52.00 and set a “neutral” rating for the company in a research report on Friday, July 17th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $61.09.
Read Our Latest Report on Alcoa
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.
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