CI Investments Inc. Trims Stock Position in Alcoa $AA

CI Investments Inc. trimmed its stake in shares of Alcoa (NYSE:AA) by 18.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 67,174 shares of the industrial products company’s stock after selling 15,155 shares during the quarter. CI Investments Inc.’s holdings in Alcoa were worth $4,456,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of AA. Basepoint Wealth LLC purchased a new stake in shares of Alcoa during the fourth quarter worth approximately $25,000. Advisory Services Network LLC acquired a new stake in shares of Alcoa during the third quarter worth $27,000. Raleigh Capital Management Inc. grew its position 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 buying an additional 525 shares during the last quarter. CoreCap Advisors LLC grew its position 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 buying an additional 237 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in Alcoa by 5,281.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after buying an additional 581 shares during the period.

Alcoa Stock Performance

Alcoa stock opened at $45.29 on Friday. The firm has a market capitalization of $11.95 billion, a PE ratio of 9.32, a price-to-earnings-growth ratio of 0.52 and a beta of 1.63. Alcoa has a one year low of $28.11 and a one year high of $84.38. The stock’s 50 day moving average price is $59.93 and its 200 day moving average price is $62.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.92 and a current ratio of 1.53.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.13). The firm 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 period last year, the business earned $0.39 EPS. As a group, sell-side analysts expect that Alcoa will post 6.55 EPS for the current fiscal year.

Alcoa Announces Dividend

The company also recently announced 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 was Tuesday, May 19th. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. Alcoa’s dividend payout ratio is 8.23%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Argus cut their price objective on shares of Alcoa from $73.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday. Wall Street Zen lowered shares of Alcoa from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Bank of America cut their price target on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating for the company in a report on Thursday, July 9th. B. Riley Financial reduced their price objective on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Finally, Zacks Research lowered Alcoa from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 8th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target 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.