Nordea Investment Management AB Boosts Stake in Alcoa $AA

Nordea Investment Management AB lifted its holdings in Alcoa (NYSE:AA) by 190.8% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 142,050 shares of the industrial products company’s stock after buying an additional 93,204 shares during the period. Nordea Investment Management AB owned approximately 0.05% of Alcoa worth $4,592,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. IFP Advisors Inc grew its stake in Alcoa by 1,096.0% in the 2nd quarter. IFP Advisors Inc now owns 897 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 822 shares during the period. Horrell Capital Management Inc. purchased a new position in shares of Alcoa in the 2nd quarter worth about $30,000. Heartwood Wealth Advisors LLC purchased a new position in shares of Alcoa in the 3rd quarter worth about $53,000. EverSource Wealth Advisors LLC grew its position in Alcoa by 173.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,040 shares of the industrial products company’s stock valued at $60,000 after buying an additional 1,295 shares during the period. Finally, Hantz Financial Services Inc. increased its holdings in Alcoa by 357.9% during the second quarter. Hantz Financial Services Inc. now owns 2,656 shares of the industrial products company’s stock worth $78,000 after buying an additional 2,076 shares during the last quarter.

Analysts Set New Price Targets

A number of research firms have weighed in on AA. UBS Group boosted their target price on shares of Alcoa from $42.00 to $48.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Morgan Stanley reaffirmed an “overweight” rating and issued a $52.00 price target on shares of Alcoa in a report on Monday, December 15th. BMO Capital Markets upped their price objective on Alcoa from $35.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, October 23rd. HSBC raised their target price on Alcoa from $33.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday, October 17th. Finally, Wells Fargo & Company set a $71.00 target price on Alcoa and gave the company an “equal weight” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $48.83.

Alcoa Trading Down 5.8%

Shares of AA stock opened at $60.14 on Friday. The stock has a market capitalization of $15.57 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 0.22 and a beta of 1.95. The company’s fifty day simple moving average is $48.54 and its two-hundred day simple moving average is $38.32. Alcoa has a 1 year low of $21.53 and a 1 year high of $66.95. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.56 and a quick ratio of 0.91.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, October 22nd. The industrial products company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.13. Alcoa had a return on equity of 15.85% and a net margin of 8.91%.The company had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $3.03 billion. During the same period in the previous year, the business earned $0.57 earnings per share. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. As a group, analysts anticipate that Alcoa will post 4.43 earnings per share for the current year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 21st. Stockholders of record on Tuesday, November 4th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, November 4th. This represents a $0.40 annualized dividend and a dividend yield of 0.7%. Alcoa’s dividend payout ratio is currently 9.24%.

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.