Canada Pension Plan Investment Board Cuts Holdings in Alcoa Corp. (AA)
Canada Pension Plan Investment Board lowered its position in Alcoa Corp. (NYSE:AA) by 40.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,780 shares of the industrial products company’s stock after selling 43,148 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Alcoa Corp. were worth $2,973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. Huntington National Bank purchased a new stake in Alcoa Corp. in the third quarter worth approximately $112,000. Pacer Advisors Inc. boosted its stake in Alcoa Corp. by 8.4% in the second quarter. Pacer Advisors Inc. now owns 4,488 shares of the industrial products company’s stock worth $147,000 after buying an additional 348 shares in the last quarter. Financial Sense Advisors Inc. purchased a new stake in Alcoa Corp. in the third quarter worth approximately $262,000. Van ECK Associates Corp boosted its stake in Alcoa Corp. by 3.8% in the second quarter. Van ECK Associates Corp now owns 5,779 shares of the industrial products company’s stock worth $189,000 after buying an additional 213 shares in the last quarter. Finally, Global X Management Co. LLC boosted its stake in shares of Alcoa Corp. by 220.6% during the second quarter. Global X Management Co. LLC now owns 5,803 shares of the industrial products company’s stock valued at $189,000 after purchasing an additional 3,993 shares during the period.
A number of analysts have recently weighed in on the company. Clarkson Capital reissued a “buy” rating on shares of Alcoa Corp. in a research note on Thursday, July 20th. BMO Capital Markets reissued a “buy” rating and set a $60.00 price objective on shares of Alcoa Corp. in a research note on Wednesday. Citigroup Inc. reissued a “buy” rating and set a $53.00 price objective on shares of Alcoa Corp. in a research note on Friday, September 29th. Cowen and Company set a $51.00 price objective on Alcoa Corp. and gave the company a “hold” rating in a research note on Wednesday, October 11th. Finally, Credit Suisse Group assumed coverage on Alcoa Corp. in a research note on Wednesday, August 9th. They set a “neutral” rating and a $42.00 price objective for the company. Five research analysts have rated the stock with a hold rating, twelve have issued 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 a consensus target price of $49.88.
Alcoa Corp. (NYSE AA) opened at $42.30 on Friday. The company has a quick ratio of 0.90, a current ratio of 1.38 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $7,809.82 and a price-to-earnings ratio of 20.00. Alcoa Corp. has a twelve month low of $28.01 and a twelve month high of $50.31.
Alcoa Corp. (NYSE:AA) last posted its quarterly earnings data on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.05). The firm had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $2.95 billion. Alcoa Corp. had a return on equity of 4.90% and a net margin of 2.61%. Alcoa Corp.’s revenue for the quarter was up 27.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.32 EPS. equities analysts forecast that Alcoa Corp. will post 3.24 EPS 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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