Assenagon Asset Management S.A. Buys New Position in Alcoa $AA

Assenagon Asset Management S.A. purchased a new position in Alcoa (NYSE:AA) in the first quarter, HoldingsChannel.com reports. The firm purchased 493,756 shares of the industrial products company’s stock, valued at approximately $32,751,000.

Several other large investors also recently bought and sold shares of AA. Basepoint Wealth LLC acquired a new position in shares of Alcoa during the fourth quarter worth $25,000. Advisory Services Network LLC acquired a new stake in Alcoa during the 3rd quarter valued at $27,000. Raleigh Capital Management Inc. increased its stake in Alcoa by 52,500.0% during the 4th quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock worth $28,000 after buying an additional 525 shares during the period. CoreCap Advisors LLC lifted its holdings in Alcoa by 74.1% in the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock worth $30,000 after buying an additional 237 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in Alcoa by 5,281.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock worth $31,000 after buying an additional 581 shares in the last quarter.

Alcoa Stock Performance

AA opened at $54.04 on Friday. The business’s 50 day moving average is $66.62 and its 200-day moving average is $62.46. The stock has a market cap of $14.26 billion, a PE ratio of 13.68 and a beta of 1.56. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 0.36. Alcoa has a twelve month low of $27.72 and a twelve month high of $84.38.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Thursday, April 16th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.20). Alcoa had a return on equity of 12.57% and a net margin of 8.27%.The business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.35 billion. During the same period last year, the company earned $2.15 earnings per share. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, analysts predict that Alcoa will post 7.54 earnings per share for the current year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Tuesday, May 19th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.40 annualized dividend and a dividend yield of 0.7%. Alcoa’s dividend payout ratio is presently 10.13%.

Analyst Ratings Changes

A number of analysts have recently issued reports on AA shares. Wall Street Zen lowered Alcoa from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Citigroup increased their price target on Alcoa from $54.00 to $76.00 and gave the company a “buy” rating in a report on Monday, March 16th. Wells Fargo & Company dropped their price objective on Alcoa from $82.00 to $71.00 and set an “overweight” rating on the stock in a report on Thursday. Weiss Ratings raised Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. Finally, B. Riley Financial increased their target price on Alcoa from $78.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday, April 7th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Alcoa currently has a consensus rating of “Hold” and an average price target of $68.80.

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.