Cibc World Market Inc. Acquires 10,253 Shares of Alcoa $AA

Cibc World Market Inc. grew its stake in shares of Alcoa (NYSE:AA) by 29.3% during the third quarter, HoldingsChannel.com reports. The fund owned 45,284 shares of the industrial products company’s stock after buying an additional 10,253 shares during the quarter. Cibc World Market Inc.’s holdings in Alcoa were worth $1,489,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in AA. Root Financial Partners LLC purchased a new stake in Alcoa during the 3rd quarter valued at $29,000. IFP Advisors Inc boosted its stake 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 worth $26,000 after acquiring an additional 822 shares during the last quarter. Horrell Capital Management Inc. purchased a new stake in shares of Alcoa in the 2nd quarter worth $30,000. Orion Capital Management LLC bought a new position in Alcoa in the 3rd quarter worth $33,000. Finally, Westfuller Advisors LLC purchased a new position in Alcoa during the third quarter valued at $35,000.

Analyst Upgrades and Downgrades

Several analysts have issued reports on AA shares. UBS Group boosted their price target on Alcoa from $42.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Morgan Stanley reissued an “overweight” rating and issued a $52.00 target price on shares of Alcoa in a report on Monday, December 15th. Wells Fargo & Company decreased their target price on shares of Alcoa from $71.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Friday, January 23rd. BMO Capital Markets lifted their price target on shares of Alcoa from $35.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, October 23rd. Finally, Argus set a $45.00 price objective on shares of Alcoa in a research note on Thursday, October 30th. One research 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 given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $48.25.

Alcoa Stock Down 1.0%

AA opened at $59.92 on Tuesday. The firm has a 50-day simple moving average of $57.19 and a two-hundred day simple moving average of $42.77. Alcoa has a 52 week low of $21.53 and a 52 week high of $66.95. The company has a market capitalization of $15.52 billion, a PE ratio of 13.56 and a beta of 1.91. 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 (NYSE:AA) last announced its quarterly earnings results on Thursday, January 22nd. The industrial products company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.31. Alcoa had a return on equity of 16.18% and a net margin of 9.12%.The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $3.28 billion. During the same period in the prior year, the company earned $1.04 earnings per share. The firm’s revenue was down 1.1% on a year-over-year basis. Analysts forecast that Alcoa will post 4.43 earnings per share for the current fiscal year.

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.