State of New Jersey Common Pension Fund D cut its holdings in shares of Alcoa Corp (NYSE:AA) by 39.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 550,000 shares of the industrial products company’s stock after selling 353,000 shares during the period. State of New Jersey Common Pension Fund D owned 0.30% of Alcoa worth $12,876,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Fox Run Management L.L.C. acquired a new stake in Alcoa during the 2nd quarter valued at $301,000. Exane Derivatives purchased a new position in Alcoa in the second quarter valued at approximately $328,000. Amundi Pioneer Asset Management Inc. increased its stake in Alcoa by 0.7% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 187,756 shares of the industrial products company’s stock valued at $5,287,000 after purchasing an additional 1,251 shares during the last quarter. FMR LLC increased its stake in Alcoa by 136.4% in the first quarter. FMR LLC now owns 1,048,586 shares of the industrial products company’s stock valued at $29,528,000 after purchasing an additional 605,094 shares during the last quarter. Finally, Adirondack Research & Management Inc. increased its stake in Alcoa by 23.1% in the first quarter. Adirondack Research & Management Inc. now owns 110,920 shares of the industrial products company’s stock valued at $3,124,000 after purchasing an additional 20,792 shares during the last quarter.
Several equities analysts have recently weighed in on the company. Macquarie lowered Alcoa from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $34.00 to $25.00 in a research note on Tuesday, July 9th. Argus cut shares of Alcoa from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Zacks Investment Research cut shares of Alcoa from a “hold” rating to a “sell” rating in a research report on Monday, July 15th. Jefferies Financial Group cut shares of Alcoa from a “buy” rating to a “hold” rating and decreased their price objective for the company from $29.00 to $23.00 in a research report on Thursday, July 18th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Alcoa from $60.00 to $52.00 and set an “overweight” rating on the stock in a research report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $35.69.
Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, July 17th. The industrial products company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.33. The firm had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.77 billion. Alcoa had a positive return on equity of 2.74% and a negative net margin of 4.92%. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.52 EPS. As a group, sell-side analysts expect that Alcoa Corp will post -0.25 EPS for the current year.
Alcoa Company Profile
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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