Bayforest Capital Ltd Lowers Stock Position in Alcoa $AA

Bayforest Capital Ltd decreased its position in Alcoa (NYSE:AA) by 57.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,399 shares of the industrial products company’s stock after selling 10,019 shares during the period. Bayforest Capital Ltd’s holdings in Alcoa were worth $243,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. IFP Advisors Inc grew its position in shares of Alcoa by 1,096.0% during the 2nd quarter. IFP Advisors Inc now owns 897 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 822 shares during the period. Horrell Capital Management Inc. purchased a new position in Alcoa during the second quarter worth approximately $30,000. Heartwood Wealth Advisors LLC acquired a new stake in Alcoa in the third quarter valued at approximately $53,000. EverSource Wealth Advisors LLC grew its holdings 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 valued at $60,000 after purchasing an additional 1,295 shares during the period. Finally, Hantz Financial Services Inc. increased its position in shares of Alcoa by 357.9% in the second quarter. Hantz Financial Services Inc. now owns 2,656 shares of the industrial products company’s stock valued at $78,000 after buying an additional 2,076 shares in the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.

Alcoa Stock Down 0.5%

AA stock opened at $65.37 on Wednesday. The company has a current ratio of 1.56, a quick ratio of 0.91 and a debt-to-equity ratio of 0.40. The firm has a 50-day moving average of $46.97 and a two-hundred day moving average of $37.68. Alcoa has a 12 month low of $21.53 and a 12 month high of $66.24. The company has a market cap of $16.93 billion, a price-to-earnings ratio of 15.10, a PEG ratio of 0.25 and a beta of 1.95.

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

Alcoa Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Tuesday, November 4th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, November 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.6%. Alcoa’s dividend payout ratio (DPR) is 9.24%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Alcoa in a research report on Monday, December 29th. HSBC raised their price target on shares of Alcoa from $33.00 to $41.00 and gave the company a “buy” rating in a research note on Friday, October 17th. Wells Fargo & Company set a $71.00 price objective on Alcoa and gave the stock an “equal weight” rating in a research note on Tuesday. JPMorgan Chase & Co. reissued an “underweight” rating and set a $50.00 target price (up previously from $45.00) on shares of Alcoa in a report on Thursday, January 8th. Finally, BMO Capital Markets lifted their price target on Alcoa from $35.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Alcoa currently has an average rating of “Hold” and a consensus price target of $48.83.

Alcoa Profile

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.