Jennison Associates LLC Acquires New Stake in Alcoa Corp. (AA)
Jennison Associates LLC acquired a new stake in shares of Alcoa Corp. (NYSE:AA) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 316,213 shares of the industrial products company’s stock, valued at approximately $10,324,000. Jennison Associates LLC owned 0.17% of Alcoa Corp. as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. increased its position in Alcoa Corp. by 4,113.0% in the first quarter. BlackRock Inc. now owns 6,820,599 shares of the industrial products company’s stock valued at $234,632,000 after buying an additional 6,658,703 shares during the last quarter. JPMorgan Chase & Co. increased its position in Alcoa Corp. by 192.6% in the first quarter. JPMorgan Chase & Co. now owns 3,869,510 shares of the industrial products company’s stock valued at $133,111,000 after buying an additional 2,547,180 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Alcoa Corp. during the second quarter valued at about $63,686,000. Systematic Financial Management LP bought a new position in Alcoa Corp. during the first quarter valued at about $61,674,000. Finally, Renaissance Technologies LLC increased its position in Alcoa Corp. by 83.3% in the first quarter. Renaissance Technologies LLC now owns 3,503,996 shares of the industrial products company’s stock valued at $120,537,000 after buying an additional 1,592,700 shares during the last quarter.
Shares of Alcoa Corp. (NYSE AA) opened at 41.21 on Monday. The company’s 50-day moving average is $37.31 and its 200 day moving average is $34.54. The firm has a market capitalization of $7.60 billion and a PE ratio of 46.88. Alcoa Corp. has a 52-week low of $20.00 and a 52-week high of $41.80.
Alcoa Corp. (NYSE:AA) last issued its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Alcoa Corp. had a return on equity of 3.29% and a net margin of 1.63%. The firm had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.88 billion. During the same quarter last year, the business posted $0.15 EPS. Alcoa Corp.’s revenue was up 23.1% on a year-over-year basis. Equities analysts expect that Alcoa Corp. will post $2.86 earnings per share for the current fiscal year.
AA has been the topic of several recent analyst reports. Citigroup Inc. reaffirmed a “buy” rating and set a $45.00 price objective on shares of Alcoa Corp. in a report on Saturday, July 22nd. ING Group raised shares of Alcoa Corp. to a “buy” rating in a report on Friday, June 23rd. Morgan Stanley reaffirmed an “overweight” rating on shares of Alcoa Corp. in a report on Friday, July 21st. Clarkson Capital initiated coverage on shares of Alcoa Corp. in a report on Monday, May 22nd. They set a “buy” rating and a $43.00 price objective on the stock. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $45.00 price objective on shares of Alcoa Corp. in a report on Friday, June 2nd. Six investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Alcoa Corp. has a consensus rating of “Buy” and an average price target of $39.00.
Alcoa Corp. Company Profile
Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.
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