Squarepoint Ops LLC raised its stake in Alcoa Corp (NYSE:AA) by 18.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 352,636 shares of the industrial products company’s stock after purchasing an additional 53,752 shares during the period. Squarepoint Ops LLC’s holdings in Alcoa were worth $7,077,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. Renaissance Technologies LLC grew its position in shares of Alcoa by 22.9% during the second quarter. Renaissance Technologies LLC now owns 2,948,496 shares of the industrial products company’s stock worth $69,024,000 after acquiring an additional 549,600 shares during the last quarter. Maverick Capital Ltd. raised its position in Alcoa by 31.2% in the 2nd quarter. Maverick Capital Ltd. now owns 187,200 shares of the industrial products company’s stock valued at $4,382,000 after purchasing an additional 44,490 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in Alcoa during the 2nd quarter worth $25,000. Banco Santander S.A. acquired a new stake in Alcoa during the 2nd quarter worth $263,000. Finally, First Trust Advisors LP grew its position in Alcoa by 44.8% during the 2nd quarter. First Trust Advisors LP now owns 203,710 shares of the industrial products company’s stock worth $4,769,000 after purchasing an additional 63,040 shares during the last quarter.
A number of research analysts have commented on AA shares. ValuEngine upgraded shares of Alcoa from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Credit Suisse Group raised shares of Alcoa from a “neutral” rating to an “outperform” rating and upped their target price for the company from $26.00 to $27.00 in a report on Wednesday, September 11th. Argus reiterated a “hold” rating on shares of Alcoa in a research note on Friday, October 18th. JPMorgan Chase & Co. lowered their price target on Alcoa from $44.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, October 10th. Finally, Gabelli cut Alcoa from a “buy” rating to a “hold” rating in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Alcoa presently has an average rating of “Buy” and a consensus target price of $28.09.
Shares of NYSE AA opened at $20.33 on Tuesday. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of 5.68 and a beta of 1.45. Alcoa Corp has a 52 week low of $16.46 and a 52 week high of $33.47. The company’s 50-day moving average price is $21.03 and its 200 day moving average price is $21.16. The company has a current ratio of 1.48, a quick ratio of 0.81 and a debt-to-equity ratio of 0.28.
Alcoa (NYSE:AA) last announced its earnings results on Wednesday, October 16th. The industrial products company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.09). Alcoa had a negative return on equity of 0.03% and a negative net margin of 6.87%. The business had revenue of $2.57 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter in the previous year, the firm posted $0.63 EPS. The business’s revenue was down 24.3% on a year-over-year basis. As a group, research analysts expect that Alcoa Corp will post -0.83 earnings per share for the current year.
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.
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