Price T Rowe Associates Inc. MD grew its stake in shares of Alcoa Corp (NYSE:AA) by 5.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 77,522 shares of the industrial products company’s stock after acquiring an additional 3,831 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Alcoa were worth $1,815,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the business. Steward Partners Investment Advisory LLC bought a new position in shares of Alcoa in the second quarter worth $25,000. TRUE Private Wealth Advisors bought a new position in shares of Alcoa in the second quarter worth $30,000. Quantamental Technologies LLC bought a new position in shares of Alcoa in the second quarter worth $74,000. Van ECK Associates Corp increased its holdings in shares of Alcoa by 24.8% in the second quarter. Van ECK Associates Corp now owns 4,538 shares of the industrial products company’s stock worth $106,000 after purchasing an additional 901 shares during the period. Finally, Point72 Hong Kong Ltd increased its holdings in shares of Alcoa by 102.2% in the second quarter. Point72 Hong Kong Ltd now owns 7,836 shares of the industrial products company’s stock worth $183,000 after purchasing an additional 3,960 shares during the period.
AA has been the topic of several research analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Alcoa from $44.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday. BMO Capital Markets set a $35.00 price target on shares of Alcoa and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Jefferies Financial Group cut shares of Alcoa from a “buy” rating to a “hold” rating and decreased their price target for the stock from $29.00 to $23.00 in a report on Thursday, July 18th. Credit Suisse Group raised shares of Alcoa from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $26.00 to $27.00 in a report on Wednesday, September 11th. Finally, Goldman Sachs Group raised shares of Alcoa from a “neutral” rating to a “buy” rating in a report on Monday, September 23rd. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $28.33.
Alcoa (NYSE:AA) last released its earnings results on Wednesday, July 17th. The industrial products company reported ($0.01) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.33. The business had revenue of $2.71 billion for the quarter, compared to analysts’ expectations of $2.77 billion. Alcoa had a positive return on equity of 2.78% and a negative net margin of 4.92%. The firm’s revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.52 earnings per share. As a group, equities analysts anticipate that Alcoa Corp will post -0.41 earnings per share for the current year.
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.
Further Reading: How Do I Invest in Dividend Stocks
Want to see what other hedge funds are holding AA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alcoa Corp (NYSE:AA).
Receive News & Ratings for Alcoa Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alcoa and related companies with MarketBeat.com's FREE daily email newsletter.