Ieq Capital LLC Takes $13.55 Million Position in Alcoa $AA

Ieq Capital LLC acquired a new position in shares of Alcoa (NYSE:AA) in the second quarter, Holdings Channel reports. The fund acquired 259,878 shares of the industrial products company’s stock, valued at approximately $13,550,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Basepoint Wealth LLC bought a new stake in Alcoa in the fourth quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Alcoa in the second quarter worth about $25,000. Western Wealth Management LLC bought a new position in Alcoa during the first quarter worth about $35,000. Caitong International Asset Management Co. Ltd lifted its stake in Alcoa by 5,281.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 581 shares during the period. Finally, Quarry LP boosted its holdings in Alcoa by 96.0% during the fourth quarter. Quarry LP now owns 694 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 340 shares in the last quarter.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on AA shares. Weiss Ratings upgraded Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. BMO Capital Markets lowered their price target on Alcoa from $60.00 to $55.00 and set a “market perform” rating on the stock in a research report on Friday, July 17th. Argus cut their price objective on Alcoa from $73.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, July 22nd. Royal Bank Of Canada set a $70.00 target price on shares of Alcoa in a report on Wednesday, July 1st. Finally, B. Riley Financial dropped their target price on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Alcoa presently has a consensus rating of “Hold” and a consensus target price of $61.09.

Alcoa Stock Up 2.5%

Shares of AA opened at $51.83 on Friday. The company has a market capitalization of $13.68 billion, a P/E ratio of 10.66, a PEG ratio of 0.59 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92. Alcoa has a one year low of $29.49 and a one year high of $84.38. The business’s 50 day simple moving average is $50.14 and its 200-day simple moving average is $60.25.

Alcoa (NYSE:AA) last released its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share 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 business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.99 billion. During the same period in the prior year, the business earned $0.39 earnings per share. As a group, sell-side analysts predict that Alcoa will post 6.55 EPS for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $0.40 dividend on an annualized basis and a yield of 0.8%. Alcoa’s payout ratio is currently 8.23%.

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.