Renaissance Technologies LLC Invests $39.71 Million in Alcoa $AA

Renaissance Technologies LLC acquired a new position in Alcoa (NYSE:AA) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 598,696 shares of the industrial products company’s stock, valued at approximately $39,712,000.

A number of other institutional investors have also made changes to their positions in AA. Basepoint Wealth LLC bought a new stake in Alcoa during the 4th quarter worth about $25,000. Advisory Services Network LLC bought a new position in shares of Alcoa in the 3rd quarter valued at about $27,000. Raleigh Capital Management Inc. grew its holdings in shares of 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 in the last quarter. CoreCap Advisors LLC increased its position in shares of Alcoa by 74.1% in the fourth 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. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of Alcoa by 5,281.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 581 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages recently commented on AA. B. Riley Financial reduced their price target on Alcoa from $92.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. 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. Zacks Research cut Alcoa from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 8th. Morgan Stanley reissued an “equal weight” rating and issued a $53.00 price objective (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. Finally, Weiss Ratings raised shares of Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Alcoa has an average rating of “Hold” and an average target price of $61.09.

Alcoa Stock Down 0.3%

AA stock opened at $44.11 on Tuesday. Alcoa has a fifty-two week low of $28.11 and a fifty-two week high of $84.38. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92. The stock has a market capitalization of $11.64 billion, a price-to-earnings ratio of 9.08, a PEG ratio of 0.50 and a beta of 1.63. The business’s fifty day moving average price is $59.20 and its two-hundred day moving average price is $62.00.

Alcoa (NYSE:AA) last announced its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $3.99 billion. During the same period in the previous year, the firm posted $0.39 EPS. On average, equities analysts anticipate that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Tuesday, May 19th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, May 19th. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. Alcoa’s dividend payout ratio (DPR) 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.