Pacer Advisors Inc. Grows Position in Alcoa Corp. (AA)
Pacer Advisors Inc. increased its stake in shares of Alcoa Corp. (NYSE:AA) by 8.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,488 shares of the industrial products company’s stock after buying an additional 348 shares during the quarter. Pacer Advisors Inc.’s holdings in Alcoa Corp. were worth $147,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AA. Utah Retirement Systems boosted its holdings in Alcoa Corp. by 27.0% in the 2nd quarter. Utah Retirement Systems now owns 33,849 shares of the industrial products company’s stock valued at $1,105,000 after purchasing an additional 7,200 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Alcoa Corp. by 3.7% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 8,049 shares of the industrial products company’s stock valued at $263,000 after purchasing an additional 288 shares in the last quarter. Prudential Financial Inc. boosted its holdings in Alcoa Corp. by 277.6% in the 2nd quarter. Prudential Financial Inc. now owns 976,674 shares of the industrial products company’s stock valued at $31,888,000 after purchasing an additional 718,000 shares in the last quarter. Aviva PLC boosted its holdings in Alcoa Corp. by 2.4% in the 2nd quarter. Aviva PLC now owns 113,652 shares of the industrial products company’s stock valued at $3,712,000 after purchasing an additional 2,690 shares in the last quarter. Finally, Lincoln National Corp boosted its holdings in Alcoa Corp. by 3.9% in the 2nd quarter. Lincoln National Corp now owns 6,154 shares of the industrial products company’s stock valued at $201,000 after purchasing an additional 233 shares in the last quarter.
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A number of equities research analysts have weighed in on the company. Clarkson Capital reaffirmed a “buy” rating on shares of Alcoa Corp. in a report on Thursday, July 20th. BMO Capital Markets set a $45.00 price objective on Alcoa Corp. and gave the company a “buy” rating in a report on Tuesday, July 4th. Zacks Investment Research raised Alcoa Corp. from a “hold” rating to a “strong-buy” rating and set a $51.00 price objective on the stock in a report on Wednesday, September 6th. Morgan Stanley reaffirmed an “overweight” rating on shares of Alcoa Corp. in a report on Friday, July 21st. Finally, Credit Suisse Group assumed coverage on Alcoa Corp. in a report on Wednesday, August 9th. They issued a “neutral” rating and a $42.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $40.07.
Alcoa Corp. (AA) opened at 44.91 on Tuesday. The company’s 50 day moving average price is $44.65 and its 200 day moving average price is $43.46. The firm has a market capitalization of $8.28 billion and a P/E ratio of 51.09. Alcoa Corp. has a 12 month low of $20.00 and a 12 month high of $45.20.
Alcoa Corp. (NYSE:AA) last issued its 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. The firm had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.88 billion. Alcoa Corp. had a net margin of 1.63% and a return on equity of 3.29%. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period last year, the firm posted $0.15 earnings per share. Analysts anticipate that Alcoa Corp. will post $2.92 EPS for the current year.
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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