Hsbc Holdings PLC Cuts Stake in Alcoa $AA

Hsbc Holdings PLC cut its holdings in shares of Alcoa (NYSE:AA) by 59.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 211,873 shares of the industrial products company’s stock after selling 311,195 shares during the period. Hsbc Holdings PLC owned 0.08% of Alcoa worth $11,305,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Basepoint Wealth LLC acquired a new stake in Alcoa in the fourth quarter worth about $25,000. Advisory Services Network LLC acquired a new stake in Alcoa in the 3rd quarter worth approximately $27,000. Raleigh Capital Management Inc. grew its position 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 purchasing an additional 525 shares during the last quarter. CoreCap Advisors LLC grew its position in Alcoa by 74.1% during the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 237 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in Alcoa by 5,281.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 581 shares in the last quarter.

Alcoa Trading Up 1.2%

Shares of AA stock opened at $52.91 on Friday. Alcoa has a 1-year low of $27.72 and a 1-year high of $84.38. The company has a market cap of $13.96 billion, a price-to-earnings ratio of 13.40 and a beta of 1.56. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.48 and a quick ratio of 0.88. The stock has a 50 day simple moving average of $66.95 and a 200-day simple moving average of $62.52.

Alcoa (NYSE:AA) last released its quarterly earnings results 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 net margin of 8.27% and a return on equity of 12.57%. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.35 billion. During the same period in the prior year, the business posted $2.15 EPS. Alcoa’s revenue was down 5.2% compared to the same quarter last year. On average, equities research analysts expect that Alcoa will post 8.48 EPS for the current fiscal year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Tuesday, May 19th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.8%. The ex-dividend date was Tuesday, May 19th. Alcoa’s payout ratio is 10.13%.

Analyst Upgrades and Downgrades

AA has been the subject of several research analyst reports. UBS Group upgraded Alcoa from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $75.00 to $80.00 in a research note on Friday, May 22nd. Argus set a $73.00 price target on shares of Alcoa in a report on Monday, April 27th. Citigroup lifted their price objective on shares of Alcoa from $54.00 to $76.00 and gave the company a “buy” rating in a research note on Monday, March 16th. B. Riley Financial increased their price objective on shares of Alcoa from $78.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, April 7th. Finally, Morgan Stanley set a $79.00 target price on shares of Alcoa in a report on Thursday, June 11th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $68.80.

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.