Commonwealth Bank of Australia Has $2.70 Million Holdings in Alcoa Corp. (AA)
Commonwealth Bank of Australia boosted its stake in Alcoa Corp. (NYSE:AA) by 45.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,593 shares of the industrial products company’s stock after buying an additional 25,700 shares during the period. Commonwealth Bank of Australia’s holdings in Alcoa Corp. were worth $2,696,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of AA. 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 worth $234,632,000 after buying an additional 6,658,703 shares during the period. Old Mutual Global Investors UK Ltd. increased 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 buying an additional 2,816,320 shares during the period. 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 worth $133,111,000 after buying an additional 2,547,180 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Alcoa Corp. in the second quarter worth $63,686,000. Finally, Systematic Financial Management LP acquired a new stake in Alcoa Corp. in the first quarter worth $61,674,000.
A number of research analysts have recently commented on the company. BMO Capital Markets reissued a “buy” rating and set a $45.00 price target on shares of Alcoa Corp. in a report on Friday, June 2nd. Morgan Stanley lowered Alcoa Corp. from a “top pick” rating to a “buy” rating and raised their price target for the company from $43.00 to $47.00 in a report on Tuesday, June 27th. They noted that the move was a valuation call. Deutsche Bank AG reissued a “hold” rating and set a $44.00 price target on shares of Alcoa Corp. in a report on Wednesday, August 9th. Citigroup Inc. reissued a “buy” rating and set a $45.00 price target on shares of Alcoa Corp. in a report on Saturday, July 22nd. Finally, Zacks Investment Research raised Alcoa Corp. from a “hold” rating to a “strong-buy” rating and set a $51.00 price target on the stock in a report on Wednesday, September 6th. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $41.57.
Shares of Alcoa Corp. (NYSE AA) opened at 42.61 on Monday. The firm has a market capitalization of $7.85 billion and a price-to-earnings ratio of 48.48. The firm’s 50-day moving average price is $39.44 and its 200-day moving average price is $34.93. Alcoa Corp. has a 12 month low of $20.00 and a 12 month high of $45.22.
Alcoa Corp. (NYSE:AA) last announced its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the prior year, the company earned $0.15 earnings per share. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. On average, equities analysts anticipate that Alcoa Corp. will post $2.86 earnings per share for the current year.
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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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