Atlantic Union Bankshares Corp Grows Stake in Alcoa $AA

Atlantic Union Bankshares Corp grew its stake in shares of Alcoa (NYSE:AA) by 1,467.4% during the third quarter, HoldingsChannel reports. The firm owned 9,859 shares of the industrial products company’s stock after buying an additional 9,230 shares during the period. Atlantic Union Bankshares Corp’s holdings in Alcoa were worth $324,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Jones Financial Companies Lllp raised its holdings in shares of Alcoa by 131.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 6,416 shares of the industrial products company’s stock valued at $210,000 after buying an additional 3,648 shares during the period. State of Wyoming raised its stake in shares of Alcoa by 33.0% during the third quarter. State of Wyoming now owns 6,269 shares of the industrial products company’s stock valued at $206,000 after purchasing an additional 1,556 shares during the period. Convergence Investment Partners LLC purchased a new stake in shares of Alcoa during the third quarter valued at approximately $667,000. AlphaQuest LLC acquired a new position in shares of Alcoa during the third quarter worth $98,000. Finally, Arizona State Retirement System boosted its stake in shares of Alcoa by 1.4% in the third quarter. Arizona State Retirement System now owns 76,612 shares of the industrial products company’s stock valued at $2,520,000 after purchasing an additional 1,059 shares during the period.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AA. Citigroup lifted their price target on shares of Alcoa from $42.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, December 19th. Morgan Stanley reaffirmed an “overweight” rating and set a $52.00 target price on shares of Alcoa in a research report on Monday, December 15th. BMO Capital Markets increased their price target on Alcoa from $35.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, October 23rd. JPMorgan Chase & Co. restated an “underweight” rating and set a $50.00 price objective (up from $45.00) on shares of Alcoa in a report on Thursday, January 8th. Finally, B. Riley reiterated a “buy” rating on shares of Alcoa in a research note on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Alcoa presently has an average rating of “Hold” and an average price target of $48.25.

Alcoa Trading Down 3.1%

NYSE:AA opened at $56.34 on Friday. The company has a market cap of $14.59 billion, a PE ratio of 12.75 and a beta of 1.91. The business’s 50 day moving average is $54.68 and its two-hundred day moving average is $41.15. The company has a quick ratio of 0.87, a current ratio of 1.45 and a debt-to-equity ratio of 0.40. Alcoa has a 52 week low of $21.53 and a 52 week high of $66.95.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Thursday, January 22nd. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.31. The business had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.28 billion. Alcoa had a return on equity of 16.18% and a net margin of 9.12%.The business’s revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.04 EPS. On average, analysts predict that Alcoa will post 4.43 EPS for the current year.

Alcoa Company 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.