Allianz Asset Management GmbH decreased its stake in shares of Alcoa Corp (NYSE:AA) by 22.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 452,035 shares of the industrial products company’s stock after selling 128,753 shares during the period. Allianz Asset Management GmbH owned 0.24% of Alcoa worth $18,263,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the stock. Acadian Asset Management LLC acquired a new stake in shares of Alcoa in the second quarter worth $105,000. Quad Cities Investment Group LLC acquired a new stake in shares of Alcoa in the second quarter worth $112,000. Benjamin F. Edwards & Company Inc. increased its position in shares of Alcoa by 104.6% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,931 shares of the industrial products company’s stock worth $159,000 after acquiring an additional 2,010 shares in the last quarter. Bank of Nova Scotia acquired a new stake in shares of Alcoa in the second quarter worth $230,000. Finally, Strs Ohio acquired a new stake in shares of Alcoa in the second quarter worth $286,000.
Several equities research analysts have recently issued reports on the stock. Credit Suisse Group dropped their price objective on shares of Alcoa from $58.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday. ValuEngine lowered shares of Alcoa from a “sell” rating to a “strong sell” rating in a research report on Tuesday, November 27th. Citigroup dropped their price objective on shares of Alcoa from $53.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, November 16th. JPMorgan Chase & Co. increased their price objective on shares of Alcoa to $79.00 and gave the stock an “overweight” rating in a research report on Thursday, October 18th. Finally, Zacks Investment Research lowered shares of Alcoa from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $59.53.
AA opened at $28.82 on Friday. The firm has a market cap of $5.67 billion, a P/E ratio of 9.57, a PEG ratio of 2.05 and a beta of 0.69. Alcoa Corp has a twelve month low of $28.12 and a twelve month high of $62.35. The company has a quick ratio of 0.84, a current ratio of 1.40 and a debt-to-equity ratio of 0.25.
Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, October 17th. The industrial products company reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.27. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.35 billion. Alcoa had a negative net margin of 0.09% and a positive return on equity of 10.38%. The business’s revenue was up 14.4% on a year-over-year basis. During the same period last year, the business earned $0.72 EPS. Equities analysts forecast that Alcoa Corp will post 3.67 earnings per share for the current year.
Alcoa announced that its board has authorized a share buyback plan on Wednesday, October 17th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the industrial products company to repurchase up to 2.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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Alcoa Corporation produces and sells bauxite, alumina, and aluminum products. The company offers aluminum sheets for the production of cans for beverage and food. It also engages in the aluminum smelting, casting, and rolling businesses; and generation and sale of renewable energy, as well as provision of ancillary services.
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