Havemeyer Place LP Purchases New Holdings in Alcoa $AA

Havemeyer Place LP purchased a new position in shares of Alcoa (NYSE:AA) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 13,242 shares of the industrial products company’s stock, valued at approximately $704,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. NewEdge Advisors LLC grew its stake in Alcoa by 1,098.0% in the 1st quarter. NewEdge Advisors LLC now owns 11,704 shares of the industrial products company’s stock valued at $357,000 after purchasing an additional 10,727 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Alcoa by 0.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 646,609 shares of the industrial products company’s stock valued at $19,722,000 after acquiring an additional 4,624 shares during the last quarter. Invesco Ltd. boosted its stake in Alcoa by 1.9% in the second quarter. Invesco Ltd. now owns 640,528 shares of the industrial products company’s stock valued at $18,902,000 after acquiring an additional 12,008 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Alcoa by 173.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,040 shares of the industrial products company’s stock valued at $60,000 after acquiring an additional 1,295 shares during the period. Finally, First Trust Advisors LP grew its position in shares of Alcoa by 320.1% during the 2nd quarter. First Trust Advisors LP now owns 269,982 shares of the industrial products company’s stock valued at $7,967,000 after acquiring an additional 205,717 shares during the period.

Alcoa Stock Performance

Shares of AA stock opened at $73.50 on Tuesday. The firm’s 50 day moving average is $69.11 and its 200 day moving average is $60.59. The stock has a market capitalization of $19.40 billion, a P/E ratio of 18.61 and a beta of 1.56. Alcoa has a 12 month low of $27.72 and a 12 month high of $84.38. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 0.36.

Alcoa (NYSE:AA) last released its quarterly earnings data on Thursday, April 16th. The industrial products company reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.20). Alcoa had a net margin of 8.27% and a return on equity of 12.57%. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.35 billion. During the same quarter in the prior year, the firm posted $2.15 earnings per share. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. On average, sell-side analysts anticipate that Alcoa will post 7.95 earnings per share for the current year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Tuesday, May 19th were given a $0.10 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $0.40 annualized dividend and a dividend yield of 0.5%. Alcoa’s payout ratio is 10.13%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Morgan Stanley raised shares of Alcoa from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $64.00 to $80.00 in a report on Thursday, April 9th. BMO Capital Markets increased their price objective on Alcoa from $65.00 to $75.00 and gave the company a “market perform” rating in a report on Thursday, April 9th. Zacks Research downgraded Alcoa from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 12th. JPMorgan Chase & Co. boosted their target price on Alcoa from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Finally, UBS Group raised Alcoa from a “neutral” rating to a “buy” rating and upped their price target for the company from $75.00 to $80.00 in a research report on Friday, May 22nd. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $68.60.

About Alcoa

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.