Corecam Pte. Ltd. Reduces Stock Position in Alcoa $AA

Corecam Pte. Ltd. trimmed its stake in shares of Alcoa (NYSE:AA) by 32.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 104,080 shares of the industrial products company’s stock after selling 50,900 shares during the quarter. Alcoa makes up 2.9% of Corecam Pte. Ltd.’s portfolio, making the stock its 15th biggest position. Corecam Pte. Ltd.’s holdings in Alcoa were worth $5,531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of AA. Basepoint Wealth LLC acquired a new stake in shares of Alcoa in the 4th quarter worth approximately $25,000. Raleigh Capital Management Inc. increased its holdings in shares of 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 purchasing an additional 525 shares during the period. CoreCap Advisors LLC raised its position in shares of Alcoa by 74.1% during the fourth quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock valued at $30,000 after buying an additional 237 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in Alcoa by 5,281.8% during the fourth 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. Finally, Quarry LP increased its stake in Alcoa by 96.0% during the fourth quarter. Quarry LP now owns 694 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 340 shares during the period.

Alcoa Stock Down 0.1%

Shares of NYSE:AA opened at $59.33 on Friday. Alcoa has a 12-month low of $27.72 and a 12-month high of $84.38. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 0.36. The business has a fifty day simple moving average of $68.41 and a 200 day simple moving average of $62.06. The firm has a market cap of $15.66 billion, a P/E ratio of 15.02 and a beta of 1.56.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Thursday, April 16th. The industrial products company reported $1.40 earnings per share 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 firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same period last year, the company posted $2.15 earnings per share. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. Analysts predict that Alcoa will post 8.48 earnings per share for the current year.

Alcoa Announces Dividend

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

Analysts Set New Price Targets

AA has been the subject of a number of research reports. Argus set a $73.00 price objective on Alcoa in a research report on Monday, April 27th. Zacks Research lowered shares of Alcoa from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 12th. Wells Fargo & Company set a $68.00 target price on shares of Alcoa in a research note on Thursday, March 12th. BMO Capital Markets lifted their target price on shares of Alcoa from $65.00 to $75.00 and gave the stock a “market perform” rating in a report on Thursday, April 9th. Finally, B. Riley Financial lifted their price objective on Alcoa from $78.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, April 7th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Alcoa currently has a consensus rating of “Hold” and an average price target of $68.50.

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.