18,307 Shares in Alcoa $AA Bought by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC bought a new position in shares of Alcoa (NYSE:AA) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 18,307 shares of the industrial products company’s stock, valued at approximately $955,000.

Several other hedge funds have also modified their holdings of AA. NewEdge Advisors LLC increased its stake in Alcoa by 1,098.0% in the 1st quarter. NewEdge Advisors LLC now owns 11,704 shares of the industrial products company’s stock worth $357,000 after purchasing an additional 10,727 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Alcoa by 0.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 646,609 shares of the industrial products company’s stock valued at $19,722,000 after buying an additional 4,624 shares in the last quarter. Invesco Ltd. lifted its stake in Alcoa by 1.9% during the second quarter. Invesco Ltd. now owns 640,528 shares of the industrial products company’s stock valued at $18,902,000 after buying an additional 12,008 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake 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 in the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Alcoa by 320.1% in the second quarter. First Trust Advisors LP now owns 269,982 shares of the industrial products company’s stock worth $7,967,000 after buying an additional 205,717 shares during the period. 82.39% of the stock is owned by hedge funds and other institutional investors.

Alcoa Trading Down 3.3%

Shares of NYSE AA opened at $49.99 on Wednesday. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. Alcoa has a one year low of $28.92 and a one year high of $84.38. The business has a 50-day moving average price of $51.13 and a two-hundred day moving average price of $60.42. The firm has a market capitalization of $13.19 billion, a PE ratio of 10.29, a PEG ratio of 0.57 and a beta of 1.63.

Alcoa (NYSE:AA) last issued its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.99 billion. Alcoa had a net margin of 9.48% and a return on equity of 18.90%. During the same quarter in the prior year, the company earned $0.39 EPS. As a group, analysts predict that Alcoa will post 6.55 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $0.40 dividend on an annualized basis and a yield of 0.8%. Alcoa’s payout ratio is presently 8.23%.

Analyst Upgrades and Downgrades

AA has been the topic of several analyst reports. B. Riley Financial dropped their target price on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. Zacks Research downgraded shares of Alcoa from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 8th. Weiss Ratings raised shares of Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Bank of America lowered their price objective on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating on the stock in a research report on Thursday, July 9th. Finally, JPMorgan Chase & Co. cut their target price on shares of Alcoa from $55.00 to $52.00 and set a “neutral” rating on the stock in a research note on Friday, July 17th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Alcoa has an average rating of “Hold” and a consensus target price of $61.09.

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.