Elm Ridge Management LLC Has $13.46 Million Position in Alcoa Corp (AA)

Elm Ridge Management LLC trimmed its position in Alcoa Corp (NYSE:AA) by 16.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 288,685 shares of the industrial products company’s stock after selling 58,121 shares during the quarter. Alcoa comprises approximately 5.7% of Elm Ridge Management LLC’s holdings, making the stock its 4th biggest position. Elm Ridge Management LLC owned about 0.16% of Alcoa worth $13,458,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. grew its holdings in Alcoa by 0.3% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 35,996 shares of the industrial products company’s stock valued at $1,175,000 after buying an additional 104 shares in the last quarter. Private Advisor Group LLC grew its holdings in Alcoa by 2.3% during the 2nd quarter. Private Advisor Group LLC now owns 9,433 shares of the industrial products company’s stock valued at $322,000 after buying an additional 208 shares in the last quarter. Van ECK Associates Corp grew its holdings in Alcoa by 3.8% during the 2nd quarter. Van ECK Associates Corp now owns 5,779 shares of the industrial products company’s stock valued at $189,000 after buying an additional 213 shares in the last quarter. Lincoln National Corp grew its holdings in Alcoa by 3.9% during the 2nd quarter. Lincoln National Corp now owns 6,154 shares of the industrial products company’s stock valued at $201,000 after buying an additional 233 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its holdings in Alcoa by 3.7% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 8,049 shares of the industrial products company’s stock valued at $263,000 after buying an additional 288 shares in the last quarter.

A number of equities research analysts have issued reports on AA shares. Gabelli lowered shares of Alcoa from a “buy” rating to a “hold” rating and increased their price objective for the company from $57.00 to $60.00 in a report on Wednesday, October 4th. Zacks Investment Research raised shares of Alcoa from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Thursday, September 14th. Berenberg Bank set a $44.00 price objective on shares of Alcoa and gave the company a “hold” rating in a report on Wednesday, October 18th. Deutsche Bank raised shares of Alcoa from a “hold” rating to a “buy” rating and increased their price objective for the company from $44.00 to $60.00 in a report on Tuesday, September 12th. Finally, Macquarie initiated coverage on shares of Alcoa in a report on Thursday, September 7th. They set an “outperform” rating for the company. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $49.88.

Shares of Alcoa Corp (NYSE AA) opened at $41.86 on Thursday. The stock has a market capitalization of $7,844.97 and a price-to-earnings ratio of 20.09. Alcoa Corp has a 52-week low of $28.01 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 (NYSE:AA) last issued its quarterly earnings results on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.05). The company had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $2.95 billion. Alcoa had a return on equity of 4.90% and a net margin of 2.61%. The firm’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.32 earnings per share. analysts anticipate that Alcoa Corp will post 3.2 EPS for the current year.

COPYRIGHT VIOLATION NOTICE: “Elm Ridge Management LLC Has $13.46 Million Position in Alcoa Corp (AA)” was first published by Sports Perspectives and is the sole property of of Sports Perspectives. If you are reading this piece on another domain, it was illegally copied and reposted in violation of US and international trademark & copyright law. The legal version of this piece can be read at https://sportsperspectives.com/2017/12/14/elm-ridge-management-llc-has-13-46-million-position-in-alcoa-corp-aa.html.

Alcoa 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.

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).

Institutional Ownership by Quarter for Alcoa (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.

Latest News

Leave a Reply