Perigon Wealth Management LLC Purchases New Shares in Alcoa $AA

Perigon Wealth Management LLC acquired a new stake in Alcoa (NYSE:AA) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 16,834 shares of the industrial products company’s stock, valued at approximately $878,000.

Other large investors have also modified their holdings of the company. Basepoint Wealth LLC acquired a new stake in shares of Alcoa during the 4th quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Alcoa in the 2nd quarter worth about $25,000. Western Wealth Management LLC purchased a new position in Alcoa during the first quarter worth approximately $35,000. Caitong International Asset Management Co. Ltd grew its holdings in Alcoa by 5,281.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 581 shares during the period. Finally, Quarry LP grew its holdings in Alcoa by 96.0% in the fourth quarter. Quarry LP now owns 694 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 340 shares during the period. Institutional investors and hedge funds own 82.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Zacks Research downgraded Alcoa from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 8th. B. Riley Financial cut their price target on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday, July 7th. Bank of America reduced their price objective on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating for the company in a research report on Thursday, July 9th. Royal Bank Of Canada set a $70.00 price objective on shares of Alcoa in a report on Wednesday, July 1st. Finally, UBS Group dropped their target price on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Six 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $61.09.

Alcoa Stock Down 3.3%

NYSE AA opened at $49.99 on Wednesday. The business has a fifty day moving average price of $51.13 and a 200 day moving average price of $60.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.92 and a current ratio of 1.53. The company has a market cap of $13.19 billion, a P/E ratio of 10.29, a P/E/G ratio of 0.57 and a beta of 1.63. Alcoa has a one year low of $28.92 and a one year high of $84.38.

Alcoa (NYSE:AA) last announced its earnings results 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). Alcoa had a return on equity of 18.90% and a net margin of 9.48%.The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.99 billion. During the same period last year, the firm earned $0.39 EPS. Research analysts anticipate that Alcoa will post 6.55 EPS for the current fiscal year.

Alcoa Announces Dividend

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