Jennison Associates LLC Lowers Holdings in Alcoa Corp (AA)

Jennison Associates LLC decreased its position in Alcoa Corp (NYSE:AA) by 5.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 300,764 shares of the industrial products company’s stock after selling 18,258 shares during the period. Jennison Associates LLC’s holdings in Alcoa were worth $12,151,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. grew its holdings in Alcoa by 5.1% in the second quarter. BlackRock Inc. now owns 9,057,264 shares of the industrial products company’s stock valued at $424,605,000 after purchasing an additional 437,832 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Alcoa by 14.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,479,257 shares of the industrial products company’s stock valued at $163,101,000 after purchasing an additional 437,117 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Alcoa by 14.7% in the second quarter. Renaissance Technologies LLC now owns 2,086,096 shares of the industrial products company’s stock valued at $97,796,000 after purchasing an additional 267,900 shares during the last quarter. Northern Trust Corp grew its holdings in Alcoa by 12.1% in the second quarter. Northern Trust Corp now owns 1,600,561 shares of the industrial products company’s stock valued at $75,034,000 after purchasing an additional 173,323 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Alcoa by 14.6% in the second quarter. Bank of New York Mellon Corp now owns 1,300,009 shares of the industrial products company’s stock valued at $60,945,000 after purchasing an additional 165,692 shares during the last quarter.

A number of analysts recently commented on AA shares. Zacks Investment Research raised Alcoa from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective on the stock in a research note on Tuesday, September 25th. Citigroup decreased their price objective on Alcoa from $53.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, November 16th. JPMorgan Chase & Co. increased their price objective on Alcoa to $79.00 and gave the company an “overweight” rating in a research note on Thursday, October 18th. Credit Suisse Group decreased their price objective on Alcoa from $65.00 to $58.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 25th. Finally, Berenberg Bank started coverage on Alcoa in a research note on Friday, September 21st. They set a “buy” rating and a $54.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $60.07.

AA opened at $32.31 on Monday. The company has a current ratio of 1.40, a quick ratio of 0.84 and a debt-to-equity ratio of 0.25. The firm has a market cap of $6.03 billion, a P/E ratio of 10.73, a P/E/G ratio of 2.18 and a beta of 0.75. Alcoa Corp has a 52 week low of $31.63 and a 52 week high of $62.35.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Wednesday, October 17th. The industrial products company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.27. Alcoa had a positive return on equity of 10.38% and a negative net margin of 0.09%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same quarter last year, the company earned $0.72 earnings per share. The business’s revenue for the quarter was up 14.4% compared to the same quarter last year. Equities analysts predict that Alcoa Corp will post 3.67 earnings per share for the current fiscal year.

Alcoa declared that its board has authorized a stock buyback program on Wednesday, October 17th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 2.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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Alcoa Company Profile

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products. The company offers aluminum sheets for the production of cans for beverage and food. It also engages in the aluminum smelting, casting, and rolling businesses; and generation and sale of renewable energy, as well as provision of ancillary services.

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Institutional Ownership by Quarter for Alcoa (NYSE:AA)

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