IndexIQ Advisors LLC lifted its stake in Alcoa Corp. (NYSE:AA) by 752.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,729 shares of the industrial products company’s stock after buying an additional 19,181 shares during the quarter. IndexIQ Advisors LLC’s holdings in Alcoa Corp. were worth $1,013,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of AA. BlackRock Inc. boosted its stake in shares of Alcoa Corp. by 4,113.0% in the first quarter. BlackRock Inc. now owns 6,820,599 shares of the industrial products company’s stock worth $234,632,000 after buying an additional 6,658,703 shares during the last quarter. Old Mutual Global Investors UK Ltd. boosted its stake in shares of Alcoa Corp. by 163.5% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock worth $148,198,000 after buying an additional 2,816,320 shares during the last quarter. BT Investment Management Ltd purchased a new stake in shares of Alcoa Corp. in the second quarter worth about $83,380,000. Assenagon Asset Management S.A. purchased a new stake in shares of Alcoa Corp. in the second quarter worth about $63,686,000. Finally, Vanguard Group Inc. boosted its stake in shares of Alcoa Corp. by 14.5% in the second quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock worth $484,895,000 after buying an additional 1,885,745 shares during the last quarter.
A number of analysts have recently commented on AA shares. BMO Capital Markets set a $45.00 target price on Alcoa Corp. and gave the stock a “buy” rating in a research note on Saturday, August 5th. Clarkson Capital restated a “buy” rating on shares of Alcoa Corp. in a research note on Thursday, July 20th. Citigroup Inc. restated a “buy” rating and issued a $45.00 target price on shares of Alcoa Corp. in a research note on Saturday, July 22nd. Deutsche Bank AG upgraded Alcoa Corp. from a “hold” rating to a “buy” rating and upped their target price for the stock from $44.00 to $60.00 in a research note on Tuesday, September 12th. Finally, Zacks Investment Research raised Alcoa Corp. from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Thursday, September 14th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. Alcoa Corp. currently has an average rating of “Buy” and a consensus target price of $49.88.
Shares of Alcoa Corp. (NYSE AA) opened at $43.33 on Friday. The stock has a market capitalization of $8,490.70 and a P/E ratio of 21.75. Alcoa Corp. has a 52-week low of $26.00 and a 52-week high of $50.31. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.38 and a quick ratio of 0.90.
Alcoa Corp. (NYSE:AA) last issued its quarterly earnings data on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.05). The business had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.95 billion. Alcoa Corp. had a return on equity of 4.90% and a net margin of 2.61%. The company’s revenue was up 27.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.32 earnings per share. sell-side analysts predict that Alcoa Corp. will post 3.15 EPS for the current fiscal year.
Alcoa Corp. Company Profile
Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.
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