Comerica Bank raised its stake in Alcoa Corp. (NYSE:AA) by 11.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,468 shares of the industrial products company’s stock after purchasing an additional 2,346 shares during the quarter. Comerica Bank’s holdings in Alcoa were worth $1,065,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in shares of Alcoa by 42.6% in the third quarter. Bank of New York Mellon Corp now owns 1,359,442 shares of the industrial products company’s stock valued at $63,376,000 after acquiring an additional 406,284 shares in the last quarter. Sigma Planning Corp bought a new position in shares of Alcoa in the third quarter valued at approximately $206,000. Rhumbline Advisers grew its holdings in shares of Alcoa by 1.8% in the third quarter. Rhumbline Advisers now owns 175,883 shares of the industrial products company’s stock valued at $8,200,000 after acquiring an additional 3,044 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of Alcoa by 1.6% in the third quarter. New York State Common Retirement Fund now owns 410,440 shares of the industrial products company’s stock valued at $19,135,000 after acquiring an additional 6,500 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new position in shares of Alcoa in the third quarter valued at approximately $391,000.
Several equities analysts have weighed in on AA shares. Deutsche Bank raised Alcoa from a “hold” rating to a “buy” rating and increased their price objective for the company from $44.00 to $60.00 in a report on Tuesday, September 12th. BMO Capital Markets increased their price objective on Alcoa from $45.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 13th. Citigroup reissued a “buy” rating and set a $55.00 price objective (up from $53.00) on shares of Alcoa in a report on Friday, October 20th. Zacks Investment Research lowered Alcoa from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 12th. Finally, J P Morgan Chase & Co reissued a “buy” rating and set a $60.00 price objective on shares of Alcoa in a report on Thursday, October 19th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $49.88.
Shares of Alcoa Corp. (NYSE AA) opened at $41.64 on Monday. The stock has a market capitalization of $7,704.35 and a price-to-earnings ratio of 19.74. Alcoa Corp. has a 12-month low of $28.01 and a 12-month high of $50.31. The company has a current ratio of 1.38, a quick ratio of 0.90 and a debt-to-equity ratio of 0.17.
Alcoa (NYSE:AA) last posted its earnings results on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.05). The company had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Alcoa had a return on equity of 4.90% and a net margin of 2.61%. The company’s revenue was up 27.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 EPS. sell-side analysts forecast that Alcoa Corp. will post 3.2 EPS for the current year.
Alcoa Company Profile
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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