Contrarian Capital Management L.L.C. lowered its stake in Alcoa Corp (NYSE:AA) by 64.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 72,908 shares of the industrial products company’s stock after selling 132,945 shares during the quarter. Alcoa accounts for 0.4% of Contrarian Capital Management L.L.C.’s portfolio, making the stock its 18th biggest position. Contrarian Capital Management L.L.C.’s holdings in Alcoa were worth $3,399,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Alcoa by 14.5% during the second 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 in the last quarter. Elliott Management Corp raised its holdings in shares of Alcoa by 14.7% during the second 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 in the last quarter. Balyasny Asset Management LLC raised its holdings in shares of Alcoa by 22.8% during the second quarter. Balyasny Asset Management LLC now owns 7,848,750 shares of the industrial products company’s stock valued at $256,262,000 after acquiring an additional 1,458,488 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Alcoa by 14.1% during the second quarter. BlackRock Inc. now owns 7,779,093 shares of the industrial products company’s stock valued at $253,986,000 after acquiring an additional 958,494 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. raised its holdings in shares of Alcoa by 163.5% during the second 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 in the last quarter.

AA has been the subject of a number of recent analyst reports. Deutsche Bank upgraded Alcoa from a “hold” rating to a “buy” rating and upped their target price for the company from $44.00 to $60.00 in a report on Tuesday, September 12th. Zacks Investment Research upgraded Alcoa from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Thursday, September 14th. Citigroup restated a “buy” rating and set a $53.00 target price on shares of Alcoa in a report on Friday, September 29th. Macquarie restated a “buy” rating and set a $62.00 target price (up previously from $55.00) on shares of Alcoa in a report on Tuesday, October 10th. Finally, J P Morgan Chase & Co restated a “buy” rating and set a $60.00 target price on shares of Alcoa in a report on Thursday, October 19th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Alcoa currently has an average rating of “Buy” and a consensus price target of $49.88.

Shares of Alcoa Corp (AA) opened at $40.60 on Friday. The firm has a market capitalization of $7,643.30 and a price-to-earnings ratio of 19.58. Alcoa Corp has a 12 month low of $28.01 and a 12 month high of $50.31. The company has a quick ratio of 0.90, a current ratio of 1.38 and a debt-to-equity ratio of 0.17.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.77 by ($0.05). The firm had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.95 billion. Alcoa had a return on equity of 4.90% and a net margin of 2.61%. Alcoa’s revenue for the quarter was up 27.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.32 earnings per share. analysts predict that Alcoa Corp will post 3.2 EPS for the current year.

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Alcoa 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.

Institutional Ownership by Quarter for Alcoa (NYSE:AA)

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