Slate Path Capital LP Reduces Position in Alcoa Co. (NYSE:AA)

Slate Path Capital LP reduced its position in shares of Alcoa Co. (NYSE:AA) by 1.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,682,211 shares of the industrial products company’s stock after selling 48,930 shares during the quarter. Alcoa accounts for approximately 2.5% of Slate Path Capital LP’s holdings, making the stock its 14th biggest position. Slate Path Capital LP’s holdings in Alcoa were worth $139,114,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of AA. Bessemer Group Inc. lifted its holdings in shares of Alcoa by 77.1% in the 4th quarter. Bessemer Group Inc. now owns 680 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 296 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Alcoa during the 4th quarter valued at $29,000. Smartleaf Asset Management LLC grew its holdings in Alcoa by 59.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,051 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 393 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of Alcoa by 78.5% during the fourth quarter. UMB Bank n.a. now owns 1,360 shares of the industrial products company’s stock valued at $51,000 after purchasing an additional 598 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Alcoa by 399.0% in the 4th quarter. GAMMA Investing LLC now owns 1,447 shares of the industrial products company’s stock worth $55,000 after acquiring an additional 1,157 shares in the last quarter. 82.39% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on AA shares. Jefferies Financial Group lowered their price objective on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. cut their price objective on shares of Alcoa from $28.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, April 17th. B. Riley cut their price target on shares of Alcoa from $44.00 to $43.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Q1 EBITDA beat expectations, Q2 EBITDA estimate raised to 439M from 351M StockNews.com upgraded Alcoa from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Bank of America reaffirmed an “underperform” rating and issued a $26.00 price target (down previously from $58.00) on shares of Alcoa in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $44.17.

Alcoa Stock Up 0.3 %

NYSE:AA opened at $23.39 on Tuesday. The company has a current ratio of 1.45, a quick ratio of 0.86 and a debt-to-equity ratio of 0.48. Alcoa Co. has a 52 week low of $21.53 and a 52 week high of $47.77. The stock has a 50 day moving average of $30.80 and a 200-day moving average of $36.82. The firm has a market capitalization of $6.06 billion, a PE ratio of -146.19, a price-to-earnings-growth ratio of 0.19 and a beta of 2.28.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Wednesday, April 16th. The industrial products company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.42. The company had revenue of $3.37 billion during the quarter, compared to analyst estimates of $3.58 billion. Alcoa had a net margin of 0.50% and a return on equity of 5.54%. Analysts predict that Alcoa Co. will post 4.43 EPS for the current year.

Alcoa Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Tuesday, March 4th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend was Tuesday, March 4th. Alcoa’s dividend payout ratio is presently 12.05%.

Alcoa 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.