Systematic Financial Management LP Trims Holdings in Alcoa Corp. (AA)
Systematic Financial Management LP reduced its position in shares of Alcoa Corp. (NYSE:AA) by 25.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,268,776 shares of the industrial products company’s stock after selling 443,014 shares during the quarter. Alcoa Corp. comprises about 1.2% of Systematic Financial Management LP’s portfolio, making the stock its 7th biggest position. Systematic Financial Management LP owned 0.69% of Alcoa Corp. worth $59,150,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AA. Old Mutual Global Investors UK Ltd. increased its holdings in shares of Alcoa Corp. by 163.5% in the 2nd quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock valued at $148,198,000 after acquiring an additional 2,816,320 shares during the period. BT Investment Management Ltd purchased a new position in shares of Alcoa Corp. in the 2nd quarter valued at $83,380,000. Vanguard Group Inc. increased its holdings in shares of Alcoa Corp. by 14.5% in the 2nd quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock valued at $484,895,000 after acquiring an additional 1,885,745 shares during the period. Orbis Allan Gray Ltd increased its holdings in shares of Alcoa Corp. by 454.2% in the 2nd quarter. Orbis Allan Gray Ltd now owns 1,928,763 shares of the industrial products company’s stock valued at $62,974,000 after acquiring an additional 1,580,729 shares during the period. Finally, Elliott Management Corp increased its holdings in shares of Alcoa Corp. by 14.7% in the 2nd quarter. Elliott Management Corp now owns 11,737,457 shares of the industrial products company’s stock valued at $383,228,000 after acquiring an additional 1,500,000 shares during the period.
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Shares of Alcoa Corp. (NYSE:AA) traded down $1.40 on Monday, reaching $42.00. The company’s stock had a trading volume of 3,049,203 shares, compared to its average volume of 4,130,398. Alcoa Corp. has a 12 month low of $28.01 and a 12 month high of $50.31. The company has a current ratio of 1.38, a quick ratio of 0.90 and a debt-to-equity ratio of 0.17. The firm has a market cap of $7,830.00 and a PE ratio of 20.57.
Alcoa Corp. (NYSE:AA) last issued its quarterly earnings results on Wednesday, October 18th. The industrial products company reported $0.72 EPS for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.05). Alcoa Corp. had a return on equity of 4.90% and a net margin of 2.61%. The firm had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same period in the prior year, the firm posted $0.32 EPS. The business’s revenue was up 27.3% compared to the same quarter last year. equities research analysts predict that Alcoa Corp. will post 3.24 EPS for the current fiscal year.
A number of research analysts have recently issued reports on AA shares. Deutsche Bank AG upgraded Alcoa Corp. from a “hold” rating to a “buy” rating and lifted their price target for the company from $44.00 to $60.00 in a report on Tuesday, September 12th. BMO Capital Markets lifted their price target on Alcoa Corp. from $45.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 13th. Zacks Investment Research downgraded Alcoa Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 12th. Citigroup Inc. reiterated a “buy” rating and issued a $55.00 price target (up from $53.00) on shares of Alcoa Corp. in a report on Friday, October 20th. Finally, J P Morgan Chase & Co reissued a “buy” rating and issued a $60.00 price objective on shares of Alcoa Corp. in a research report on Thursday, October 19th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Alcoa Corp. presently has an average rating of “Buy” and a consensus target price of $49.88.
About Alcoa Corp.
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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