Quad Cities Investment Group LLC lowered its position in shares of Alcoa Corp (NYSE:AA) by 21.8% in the 1st quarter, HoldingsChannel reports. The fund owned 1,790 shares of the industrial products company’s stock after selling 500 shares during the quarter. Quad Cities Investment Group LLC’s holdings in Alcoa were worth $51,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Cerebellum GP LLC increased its position in shares of Alcoa by 8.1% during the fourth quarter. Cerebellum GP LLC now owns 4,798 shares of the industrial products company’s stock valued at $128,000 after acquiring an additional 361 shares in the last quarter. State of Alaska Department of Revenue grew its position in Alcoa by 2.0% in the 4th quarter. State of Alaska Department of Revenue now owns 19,844 shares of the industrial products company’s stock worth $527,000 after purchasing an additional 380 shares during the period. State Board of Administration of Florida Retirement System grew its position in Alcoa by 0.4% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 239,433 shares of the industrial products company’s stock worth $6,364,000 after purchasing an additional 920 shares during the period. Chartwell Investment Partners LLC grew its position in Alcoa by 1.9% in the 4th quarter. Chartwell Investment Partners LLC now owns 63,630 shares of the industrial products company’s stock worth $1,691,000 after purchasing an additional 1,158 shares during the period. Finally, We Are One Seven LLC bought a new stake in Alcoa in the 4th quarter worth approximately $35,000.
A number of research firms have commented on AA. Credit Suisse Group downgraded shares of Alcoa from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $40.00 to $31.00 in a research report on Tuesday, April 2nd. Zacks Investment Research downgraded shares of Alcoa from a “hold” rating to a “strong sell” rating in a research report on Monday, January 21st. ValuEngine downgraded shares of Alcoa from a “hold” rating to a “sell” rating in a research report on Monday, February 4th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $57.00 target price on shares of Alcoa in a research report on Friday, January 11th. Finally, BMO Capital Markets cut their target price on shares of Alcoa to $45.00 and set a “positive” rating for the company in a research report on Thursday, January 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $46.73.
Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, January 16th. The industrial products company reported $0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.16. The business had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Alcoa had a net margin of 1.69% and a return on equity of 9.21%. The company’s revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.04 EPS. As a group, equities analysts expect that Alcoa Corp will post 1.51 EPS for the current fiscal year.
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Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.
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