Bull Harbor Capital LLC Invests $921,000 in Alcoa $AA

Bull Harbor Capital LLC acquired a new stake in shares of Alcoa (NYSE:AA) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 13,887 shares of the industrial products company’s stock, valued at approximately $921,000.

Several other institutional investors and hedge funds have also modified their holdings of AA. NewEdge Advisors LLC boosted its holdings in shares of Alcoa by 1,098.0% in the first quarter. NewEdge Advisors LLC now owns 11,704 shares of the industrial products company’s stock valued at $357,000 after buying an additional 10,727 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of 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 worth $19,722,000 after acquiring an additional 4,624 shares during the period. Invesco Ltd. raised its holdings in shares of Alcoa by 1.9% during the second quarter. Invesco Ltd. now owns 640,528 shares of the industrial products company’s stock worth $18,902,000 after acquiring an additional 12,008 shares during the period. EverSource Wealth Advisors LLC lifted its position in Alcoa by 173.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,040 shares of the industrial products company’s stock valued at $60,000 after acquiring an additional 1,295 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in Alcoa by 320.1% in the 2nd quarter. First Trust Advisors LP now owns 269,982 shares of the industrial products company’s stock valued at $7,967,000 after acquiring an additional 205,717 shares in the last quarter.

Analysts Set New Price Targets

A number of research firms have issued reports on AA. JPMorgan Chase & Co. lowered their target price on Alcoa from $55.00 to $52.00 and set a “neutral” rating for the company in a report on Friday, July 17th. Morgan Stanley restated an “equal weight” rating and issued a $53.00 price target (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. Bank of America reduced their price objective on Alcoa from $57.00 to $51.00 and set an “underperform” rating for the company in a research report on Thursday, July 9th. UBS Group decreased their price objective on Alcoa from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Finally, Royal Bank Of Canada set a $70.00 target price on Alcoa in a research report on Wednesday, July 1st. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $61.09.

Alcoa Stock Performance

NYSE AA opened at $44.94 on Friday. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. The firm’s fifty day moving average price is $57.96 and its two-hundred day moving average price is $61.61. Alcoa has a 1 year low of $28.11 and a 1 year high of $84.38. The firm has a market capitalization of $11.86 billion, a P/E ratio of 9.25, a price-to-earnings-growth ratio of 0.48 and a beta of 1.63.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate 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, research analysts anticipate that Alcoa will post 6.55 EPS for the current year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, August 11th. Alcoa’s dividend payout ratio (DPR) is 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.