Persistent Asset Partners Ltd Boosts Stake in Alcoa $AA

Persistent Asset Partners Ltd increased its stake in Alcoa (NYSE:AA) by 171.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 39,245 shares of the industrial products company’s stock after acquiring an additional 24,813 shares during the period. Persistent Asset Partners Ltd’s holdings in Alcoa were worth $1,158,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in AA. Public Employees Retirement System of Ohio lifted its holdings in shares of Alcoa by 5.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 80,223 shares of the industrial products company’s stock worth $2,367,000 after acquiring an additional 4,255 shares during the last quarter. Strs Ohio bought a new position in shares of Alcoa during the 1st quarter valued at $841,000. Voya Investment Management LLC grew its holdings in shares of Alcoa by 4.3% during the 1st quarter. Voya Investment Management LLC now owns 1,176,886 shares of the industrial products company’s stock valued at $35,895,000 after purchasing an additional 48,604 shares during the last quarter. Nordea Investment Management AB purchased a new position in Alcoa in the 2nd quarter worth $1,433,000. Finally, Penserra Capital Management LLC bought a new stake in Alcoa in the second quarter worth $834,000.

Alcoa Trading Down 1.8%

AA opened at $37.51 on Friday. Alcoa has a one year low of $21.53 and a one year high of $47.77. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.56 and a quick ratio of 0.91. The business has a 50 day simple moving average of $35.43 and a two-hundred day simple moving average of $31.45. The firm has a market capitalization of $9.71 billion, a price-to-earnings ratio of 8.66, a PEG ratio of 0.21 and a beta of 2.26.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, October 22nd. The industrial products company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.13. The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $3.03 billion. Alcoa had a return on equity of 15.85% and a net margin of 8.91%.The business’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period last year, the company earned $0.57 EPS. Analysts predict that Alcoa will post 4.43 EPS for the current year.

Alcoa Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 21st. Shareholders of record on Tuesday, November 4th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, November 4th. Alcoa’s payout ratio is presently 9.24%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. HSBC upped their price target on shares of Alcoa from $33.00 to $41.00 and gave the company a “buy” rating in a research report on Friday, October 17th. BMO Capital Markets increased their target price on Alcoa from $35.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, October 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Alcoa in a research report on Thursday. Argus set a $45.00 price target on Alcoa in a research note on Thursday, October 30th. Finally, B. Riley increased their price objective on Alcoa from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $42.35.

Alcoa Company Profile

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.