Recurrent Investment Advisors LLC Cuts Stake in Alcoa $AA

Recurrent Investment Advisors LLC lessened its stake in shares of Alcoa (NYSE:AA) by 56.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,130 shares of the industrial products company’s stock after selling 19,902 shares during the period. Recurrent Investment Advisors LLC’s holdings in Alcoa were worth $1,004,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AA. Moran Wealth Management LLC acquired a new stake in shares of Alcoa in the fourth quarter worth approximately $2,631,000. Merit Financial Group LLC raised its stake in Alcoa by 114.2% in the 4th quarter. Merit Financial Group LLC now owns 28,945 shares of the industrial products company’s stock valued at $1,538,000 after purchasing an additional 15,432 shares during the last quarter. Drummond Knight Asset Management Pty Ltd lifted its holdings in Alcoa by 14.1% in the 4th quarter. Drummond Knight Asset Management Pty Ltd now owns 1,060,523 shares of the industrial products company’s stock valued at $56,356,000 after purchasing an additional 130,915 shares in the last quarter. Evergreen Capital Management LLC acquired a new stake in Alcoa during the 4th quarter worth $1,399,000. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Alcoa by 278.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 67,093 shares of the industrial products company’s stock worth $3,565,000 after purchasing an additional 49,354 shares during the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on AA. Zacks Research cut shares of Alcoa from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 8th. B. Riley Financial lowered their price target on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. Argus dropped their price objective on shares of Alcoa from $73.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. BMO Capital Markets cut their price objective on shares of Alcoa from $60.00 to $55.00 and set a “market perform” rating for the company in a report on Friday, July 17th. Finally, Bank of America decreased their target price on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating on the stock in a research note on Thursday, July 9th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $61.09.

Alcoa Stock Performance

NYSE:AA opened at $44.38 on Wednesday. Alcoa has a fifty-two week low of $28.11 and a fifty-two week high of $84.38. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.92 and a current ratio of 1.53. The company has a 50 day moving average price of $58.81 and a 200 day moving average price of $61.87. The stock has a market capitalization of $11.71 billion, a P/E ratio of 9.13, a PEG ratio of 0.50 and a beta of 1.63.

Alcoa (NYSE:AA) last announced its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). Alcoa had a net margin of 9.48% and a return on equity of 18.90%. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $3.99 billion. During the same period in the previous year, the firm earned $0.39 EPS. Equities research analysts forecast that Alcoa will post 6.55 EPS for the current year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Tuesday, May 19th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Tuesday, May 19th. Alcoa’s payout ratio is currently 8.23%.

Alcoa Company Profile

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.