Alcoa $AA is Drummond Knight Asset Management Pty Ltd’s 6th Largest Position

Drummond Knight Asset Management Pty Ltd decreased its stake in shares of Alcoa (NYSE:AA) by 38.9% during the third quarter, HoldingsChannel reports. The firm owned 929,608 shares of the industrial products company’s stock after selling 591,661 shares during the quarter. Alcoa accounts for approximately 9.4% of Drummond Knight Asset Management Pty Ltd’s holdings, making the stock its 6th biggest position. Drummond Knight Asset Management Pty Ltd’s holdings in Alcoa were worth $30,575,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. IFP Advisors Inc lifted its holdings in Alcoa by 1,096.0% in the second quarter. IFP Advisors Inc now owns 897 shares of the industrial products company’s stock worth $26,000 after buying an additional 822 shares during the period. Horrell Capital Management Inc. purchased a new position in shares of Alcoa in the 2nd quarter valued at approximately $30,000. Heartwood Wealth Advisors LLC bought a new stake in shares of Alcoa during the third quarter valued at approximately $53,000. Quarry LP purchased a new stake in Alcoa in the first quarter worth $57,000. Finally, EverSource Wealth Advisors LLC grew its stake in Alcoa by 173.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,040 shares of the industrial products company’s stock worth $60,000 after purchasing an additional 1,295 shares during the period.

Analyst Ratings Changes

A number of analysts have recently commented on AA shares. UBS Group boosted their target price on shares of Alcoa from $42.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, December 12th. JPMorgan Chase & Co. raised their target price on shares of Alcoa from $35.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday, December 5th. B. Riley lifted their target price on shares of Alcoa from $38.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. HSBC upped their price target on shares of Alcoa from $33.00 to $41.00 and gave the stock a “buy” rating in a research note on Friday, October 17th. Finally, Citigroup upped their target price on shares of Alcoa from $42.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Alcoa currently has an average rating of “Moderate Buy” and an average target price of $47.15.

Alcoa Stock Down 0.1%

AA opened at $53.68 on Wednesday. The stock has a market capitalization of $13.90 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 0.27 and a beta of 1.99. The firm has a 50 day moving average price of $40.75 and a 200-day moving average price of $34.54. Alcoa has a twelve month low of $21.53 and a twelve month high of $54.36. The company has a quick ratio of 0.91, a current ratio of 1.56 and a debt-to-equity ratio of 0.40.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, October 22nd. The industrial products company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.13. The business had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $3.03 billion. Alcoa had a net margin of 8.91% and a return on equity of 15.85%. The firm’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 EPS. Equities research analysts forecast that Alcoa will post 4.43 earnings per share for the current year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 21st. Investors of record on Tuesday, November 4th were issued a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, November 4th. This represents a $0.40 annualized dividend and a dividend yield of 0.7%. Alcoa’s payout ratio is presently 9.24%.

About Alcoa

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.