World Asset Management Inc Has $194,000 Stock Position in Alcoa Corp (NYSE:AA)
World Asset Management Inc increased its position in shares of Alcoa Corp (NYSE:AA) by 27.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,298 shares of the industrial products company’s stock after buying an additional 3,729 shares during the quarter. World Asset Management Inc’s holdings in Alcoa were worth $194,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of AA. Donald Smith & CO. Inc. acquired a new position in Alcoa during the 1st quarter worth approximately $9,263,000. JPMorgan Chase & Co. raised its stake in Alcoa by 140.8% during the 1st quarter. JPMorgan Chase & Co. now owns 2,061,943 shares of the industrial products company’s stock worth $12,701,000 after buying an additional 1,205,694 shares during the period. Wells Fargo & Company MN raised its stake in Alcoa by 625.1% during the 1st quarter. Wells Fargo & Company MN now owns 1,230,001 shares of the industrial products company’s stock worth $7,577,000 after buying an additional 1,060,359 shares during the period. FMR LLC increased its holdings in Alcoa by 136.4% during the 1st quarter. FMR LLC now owns 1,048,586 shares of the industrial products company’s stock worth $29,528,000 after purchasing an additional 605,094 shares in the last quarter. Finally, Maverick Capital Ltd. increased its holdings in Alcoa by 421.7% during the 1st quarter. Maverick Capital Ltd. now owns 601,902 shares of the industrial products company’s stock worth $3,708,000 after purchasing an additional 486,535 shares in the last quarter.
A number of analysts have commented on AA shares. Credit Suisse Group boosted their price objective on Alcoa from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Citigroup boosted their price objective on Alcoa from $8.00 to $12.00 and gave the stock a “neutral” rating in a report on Tuesday, June 16th. JPMorgan Chase & Co. decreased their price objective on Alcoa from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, April 23rd. Zacks Investment Research raised Alcoa from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a report on Wednesday, June 17th. Finally, ValuEngine lowered Alcoa from a “strong-buy” rating to a “buy” rating in a report on Friday, May 1st. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Alcoa has an average rating of “Hold” and an average target price of $14.50.
Alcoa (NYSE:AA) last released its earnings results on Wednesday, July 15th. The industrial products company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.38) by $0.36. The company had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.12 billion. Alcoa had a negative return on equity of 3.16% and a negative net margin of 6.72%. Alcoa’s quarterly revenue was down 20.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.01) earnings per share. As a group, analysts expect that Alcoa Corp will post -1.15 EPS for the current year.
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.
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