New York State Teachers Retirement System Cuts Stake in Alcoa $AA

New York State Teachers Retirement System cut its holdings in shares of Alcoa (NYSE:AA) by 4.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 213,792 shares of the industrial products company’s stock after selling 10,562 shares during the quarter. New York State Teachers Retirement System’s holdings in Alcoa were worth $14,181,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. NewEdge Advisors LLC raised its position 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 worth $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 position in Alcoa by 0.7% during 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 buying an additional 4,624 shares during the period. Invesco Ltd. grew its stake in shares of Alcoa by 1.9% during the second quarter. Invesco Ltd. now owns 640,528 shares of the industrial products company’s stock valued at $18,902,000 after buying an additional 12,008 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in 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 lifted its position in Alcoa by 320.1% in the second quarter. First Trust Advisors LP now owns 269,982 shares of the industrial products company’s stock valued at $7,967,000 after purchasing an additional 205,717 shares during the last quarter.

Alcoa Stock Performance

NYSE:AA opened at $48.66 on Monday. The stock has a market cap of $12.84 billion, a P/E ratio of 12.32 and a beta of 1.63. The firm’s fifty day simple moving average is $64.86 and its 200 day simple moving average is $62.76. Alcoa has a twelve month low of $28.11 and a twelve month high of $84.38. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 0.36.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Thursday, April 16th. The industrial products company reported $1.40 earnings per share (EPS) 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 company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.35 billion. During the same period in the previous year, the firm posted $2.15 earnings per share. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, research analysts predict that Alcoa will post 7.41 EPS for the current year.

Alcoa Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Tuesday, May 19th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, May 19th. This represents a $0.40 annualized dividend and a dividend yield of 0.8%. Alcoa’s payout ratio is currently 10.13%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on AA shares. UBS Group cut their target price on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Morgan Stanley restated an “overweight” rating and issued a $79.00 price objective on shares of Alcoa in a research report on Wednesday, July 1st. Citigroup upped their price objective on shares of Alcoa from $54.00 to $76.00 and gave the company a “buy” rating in a research note on Monday, March 16th. Weiss Ratings upgraded shares of Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Finally, Argus set a $73.00 price target on Alcoa in a report on Monday, April 27th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $67.82.

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.