Alcoa $AA Shares Sold by L1 Capital Pty Ltd

L1 Capital Pty Ltd lessened its stake in shares of Alcoa (NYSE:AA) by 73.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,545,476 shares of the industrial products company’s stock after selling 4,342,223 shares during the period. Alcoa accounts for approximately 4.3% of L1 Capital Pty Ltd’s investment portfolio, making the stock its 9th biggest position. L1 Capital Pty Ltd owned approximately 0.60% of Alcoa worth $82,127,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Basepoint Wealth LLC acquired a new position in shares of Alcoa during the 4th quarter worth about $25,000. Raleigh Capital Management Inc. raised its holdings in Alcoa by 52,500.0% in the 4th quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 525 shares during the last quarter. CoreCap Advisors LLC raised its holdings in Alcoa by 74.1% in the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 237 shares during the last quarter. Clearstead Trust LLC raised its holdings in Alcoa by 431.7% in the 4th quarter. Clearstead Trust LLC now owns 755 shares of the industrial products company’s stock valued at $40,000 after acquiring an additional 613 shares during the last quarter. Finally, Hilltop National Bank acquired a new stake in Alcoa in the 4th quarter valued at about $40,000.

Alcoa Stock Performance

Alcoa stock opened at $68.69 on Friday. The firm has a 50 day simple moving average of $69.43 and a 200-day simple moving average of $61.33. Alcoa has a 1-year low of $27.72 and a 1-year high of $84.38. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.48 and a quick ratio of 0.88. The stock has a market cap of $18.13 billion, a price-to-earnings ratio of 17.39 and a beta of 1.56.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Thursday, April 16th. The industrial products company reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.20). Alcoa had a net margin of 8.27% and a return on equity of 12.57%. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.35 billion. During the same period last year, the company earned $2.15 EPS. The business’s quarterly revenue was down 5.2% on a year-over-year basis. On average, analysts expect that Alcoa will post 7.89 EPS for the current year.

Alcoa Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Tuesday, May 19th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.40 annualized dividend and a dividend yield of 0.6%. Alcoa’s dividend payout ratio is 10.13%.

Analyst Upgrades and Downgrades

AA has been the subject of a number of recent research reports. Argus set a $73.00 price objective on shares of Alcoa in a report on Monday, April 27th. Citigroup increased their price objective on shares of Alcoa from $54.00 to $76.00 and gave the company a “buy” rating in a report on Monday, March 16th. Weiss Ratings downgraded shares of Alcoa from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 1st. BMO Capital Markets increased their price objective on shares of Alcoa from $65.00 to $75.00 and gave the company a “market perform” rating in a report on Thursday, April 9th. Finally, Wells Fargo & Company set a $68.00 price objective on shares of Alcoa in a report on Thursday, March 12th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $68.50.

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.