Hsbc Holdings PLC Buys Shares of 366,741 Alcoa $AA

Hsbc Holdings PLC bought a new position in shares of Alcoa (NYSE:AA) during the second quarter, Holdings Channel reports. The institutional investor bought 366,741 shares of the industrial products company’s stock, valued at approximately $19,468,000.

A number of other large investors also recently modified their holdings of the business. Basepoint Wealth LLC acquired a new position in shares of Alcoa in the 4th quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Alcoa during the 2nd quarter valued at about $25,000. Advisory Services Network LLC bought a new stake in shares of Alcoa during the 3rd quarter valued at about $27,000. Caitong International Asset Management Co. Ltd raised its stake in Alcoa by 5,281.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 581 shares during the period. Finally, Western Wealth Management LLC acquired a new stake in Alcoa during the first quarter worth about $35,000. 82.39% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

AA has been the subject of a number of research reports. Bank of America decreased their target price on Alcoa from $57.00 to $51.00 and set an “underperform” rating for the company in a research note on Thursday, July 9th. Wells Fargo & Company dropped their price target on Alcoa from $72.00 to $71.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Argus cut their price target on Alcoa from $73.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. B. Riley Financial cut their price target on Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Finally, Zacks Research lowered Alcoa from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 8th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Alcoa currently has a consensus rating of “Hold” and an average target price of $61.09.

Alcoa Stock Up 3.2%

AA stock opened at $51.32 on Friday. The stock has a market cap of $13.54 billion, a PE ratio of 10.56, a price-to-earnings-growth ratio of 0.56 and a beta of 1.63. The firm’s 50-day simple moving average is $49.21 and its 200 day simple moving average is $60.03. Alcoa has a fifty-two week low of $30.21 and a fifty-two week high of $84.38. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30.

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

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, August 11th. Alcoa’s payout ratio is 8.23%.

Alcoa Profile

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.