Verition Fund Management LLC Cuts Stake in Alcoa Corp (AA)

Verition Fund Management LLC lessened its holdings in Alcoa Corp (NYSE:AA) by 74.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,241 shares of the industrial products company’s stock after selling 35,135 shares during the quarter. Verition Fund Management LLC’s holdings in Alcoa Corp were worth $400,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in AA. AXA bought a new stake in shares of Alcoa Corp in the first quarter worth $206,000. Principal Financial Group Inc. lifted its position in shares of Alcoa Corp by 5.7% in the first quarter. Principal Financial Group Inc. now owns 25,052 shares of the industrial products company’s stock worth $862,000 after purchasing an additional 1,349 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Alcoa Corp by 62.4% in the first quarter. Wellington Management Group LLP now owns 308,248 shares of the industrial products company’s stock worth $10,603,000 after purchasing an additional 118,479 shares in the last quarter. FMR LLC lifted its position in shares of Alcoa Corp by 24.3% in the first quarter. FMR LLC now owns 1,298,555 shares of the industrial products company’s stock worth $44,670,000 after purchasing an additional 253,555 shares in the last quarter. Finally, Teachers Advisors LLC lifted its position in shares of Alcoa Corp by 185.2% in the first quarter. Teachers Advisors LLC now owns 444,056 shares of the industrial products company’s stock worth $15,276,000 after purchasing an additional 288,380 shares in the last quarter.

Alcoa Corp (NYSE:AA) opened at 47.93 on Friday. The firm has a market capitalization of $8.84 billion and a P/E ratio of 54.53. Alcoa Corp has a 12-month low of $20.00 and a 12-month high of $49.30. The firm has a 50 day moving average of $46.37 and a 200 day moving average of $46.37.

Alcoa Corp (NYSE:AA) last released its earnings results on Wednesday, October 18th. The industrial products company reported $0.72 EPS for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.05). Alcoa Corp had a return on equity of 4.91% and a net margin of 2.61%. The business had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter in the previous year, the firm earned $0.32 earnings per share. The company’s revenue for the quarter was up 27.3% on a year-over-year basis. On average, analysts forecast that Alcoa Corp will post $3.15 EPS for the current fiscal year.

A number of analysts have recently commented on AA shares. BMO Capital Markets set a $45.00 price objective on shares of Alcoa Corp and gave the stock a “buy” rating in a research report on Saturday, August 5th. Clarkson Capital reissued a “buy” rating on shares of Alcoa Corp in a research report on Thursday, July 20th. Citigroup Inc. restated a “buy” rating and set a $45.00 target price on shares of Alcoa Corp in a report on Saturday, July 22nd. Morgan Stanley downgraded shares of Alcoa Corp from a “top pick” rating to a “buy” rating and boosted their target price for the stock from $43.00 to $47.00 in a report on Tuesday, June 27th. They noted that the move was a valuation call. Finally, Deutsche Bank AG upgraded shares of Alcoa Corp from a “hold” rating to a “buy” rating and boosted their target price for the stock from $44.00 to $60.00 in a report on Tuesday, September 12th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. Alcoa Corp currently has an average rating of “Buy” and an average target price of $49.88.

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About Alcoa Corp

Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.

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Institutional Ownership by Quarter for Alcoa Corp (NYSE:AA)

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