CIBC World Markets Inc. reduced its position in shares of Alcoa Corp. (NYSE:AA) by 40.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 140,777 shares of the industrial products company’s stock after selling 94,667 shares during the period. CIBC World Markets Inc. owned 0.08% of Alcoa Corp. worth $4,596,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. raised 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 worth $234,632,000 after acquiring an additional 6,658,703 shares during the period. Old Mutual Global Investors UK Ltd. raised its position in Alcoa Corp. by 163.5% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock worth $148,198,000 after acquiring an additional 2,816,320 shares during the period. JPMorgan Chase & Co. raised 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 worth $133,111,000 after acquiring an additional 2,547,180 shares during the period. Renaissance Technologies LLC raised 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 worth $120,537,000 after acquiring an additional 1,592,700 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in Alcoa Corp. in the second quarter worth about $63,686,000.

Alcoa Corp. (AA) opened at 42.61 on Friday. Alcoa Corp. has a 1-year low of $20.53 and a 1-year high of $45.22. The stock has a market cap of $7.85 billion and a PE ratio of 48.48. The firm has a 50-day moving average of $39.44 and a 200-day moving average of $34.93.

Alcoa Corp. (NYSE:AA) last posted its earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. Alcoa Corp. had a net margin of 1.63% and a return on equity of 3.29%. The firm had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same period last year, the firm posted $0.15 earnings per share. Alcoa Corp.’s revenue for the quarter was up 23.1% compared to the same quarter last year. Analysts expect that Alcoa Corp. will post $2.86 EPS for the current fiscal year.

Several brokerages have commented on AA. Zacks Investment Research raised shares of Alcoa Corp. from a “hold” rating to a “strong-buy” rating and set a $51.00 price objective on the stock in a research report on Wednesday. Macquarie began coverage on shares of Alcoa Corp. in a research report on Thursday. They issued an “outperform” rating on the stock. Credit Suisse Group began coverage on shares of Alcoa Corp. in a research report on Wednesday, August 9th. They issued a “neutral” rating and a $42.00 price objective on the stock. Deutsche Bank AG reaffirmed a “hold” rating and issued a $44.00 price objective on shares of Alcoa Corp. in a research report on Wednesday, August 9th. Finally, BMO Capital Markets set a $45.00 price objective on shares of Alcoa Corp. and gave the stock a “buy” rating in a research report on Saturday, August 5th. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $41.57.

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Alcoa Corp. 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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Institutional Ownership by Quarter for Alcoa Corp. (NYSE:AA)

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