Alcoa $AA Stake Increased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its stake in Alcoa (NYSE:AA) by 167.8% in the first quarter, Holdings Channel.com reports. The firm owned 56,307 shares of the industrial products company’s stock after acquiring an additional 35,280 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Alcoa were worth $4,057,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AA. Dimensional Fund Advisors LP increased its stake in Alcoa by 4.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,580,803 shares of the industrial products company’s stock valued at $615,428,000 after buying an additional 462,243 shares during the period. State Street Corp grew its holdings in shares of Alcoa by 6.7% during the 3rd quarter. State Street Corp now owns 11,458,529 shares of the industrial products company’s stock valued at $376,871,000 after acquiring an additional 721,063 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Alcoa by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 6,655,655 shares of the industrial products company’s stock worth $389,621,000 after acquiring an additional 349,426 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Alcoa by 211.7% in the fourth quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company’s stock worth $332,338,000 after acquiring an additional 4,247,559 shares during the last quarter. Finally, L1 Capital Pty Ltd raised its holdings in shares of Alcoa by 22.3% during the third quarter. L1 Capital Pty Ltd now owns 5,887,699 shares of the industrial products company’s stock worth $193,646,000 after acquiring an additional 1,073,357 shares in the last quarter.

Alcoa Trading Down 2.4%

AA stock opened at $44.20 on Friday. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. The firm has a market cap of $11.66 billion, a P/E ratio of 9.10, a P/E/G ratio of 0.51 and a beta of 1.63. Alcoa has a 1-year low of $28.11 and a 1-year high of $84.38. The business’s 50 day moving average is $59.57 and its 200-day moving average is $62.13.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a net margin of 9.48% and a return on equity of 18.90%. The company had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.99 billion. During the same period in the prior year, the firm earned $0.39 EPS. Equities analysts anticipate that Alcoa will post 6.55 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Tuesday, May 19th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Tuesday, May 19th. Alcoa’s payout ratio is currently 8.23%.

Analysts Set New Price Targets

A number of research analysts have commented on AA shares. JPMorgan Chase & Co. lowered their target price on Alcoa from $55.00 to $52.00 and set a “neutral” rating on the stock in a research note on Friday, July 17th. Royal Bank Of Canada set a $70.00 price target on Alcoa in a report on Wednesday, July 1st. BMO Capital Markets dropped their price objective on Alcoa from $60.00 to $55.00 and set a “market perform” rating on the stock in a report on Friday, July 17th. B. Riley Financial reduced their target price on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Finally, Wall Street Zen downgraded shares of Alcoa from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $61.09.

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.