Concert Wealth Management Inc. boosted its position in shares of Alcoa Inc. (NYSE:AA) by 89.2% during the second quarter, Holdings Channel reports. The fund owned 27,644 shares of the company’s stock after buying an additional 13,031 shares during the period. Concert Wealth Management Inc.’s holdings in Alcoa were worth $256,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. CIBC World Markets Inc. purchased a new stake in shares of Alcoa during the first quarter worth about $278,000. Ngam Advisors L.P. raised its stake in shares of Alcoa by 16.6% in the first quarter. Ngam Advisors L.P. now owns 157,575 shares of the company’s stock worth $1,510,000 after buying an additional 22,423 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in shares of Alcoa during the first quarter worth about $823,000. M&T Bank Corp raised its stake in shares of Alcoa by 89.6% in the first quarter. M&T Bank Corp now owns 91,300 shares of the company’s stock worth $875,000 after buying an additional 43,139 shares during the last quarter. Finally, Aviva PLC raised its stake in shares of Alcoa by 0.9% in the first quarter. Aviva PLC now owns 662,675 shares of the company’s stock worth $6,348,000 after buying an additional 5,886 shares during the last quarter.
Alcoa Inc. (NYSE:AA) traded down 1.16% during midday trading on Friday, hitting $26.44. 9,373,476 shares of the stock traded hands. Alcoa Inc. has a one year low of $18.42 and a one year high of $34.50. The company’s 50 day moving average is $29.51 and its 200-day moving average is $29.79. The company’s market cap is $11.59 billion.
Alcoa (NYSE:AA) last released its quarterly earnings data on Tuesday, October 11th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.21. The business earned $5.21 billion during the quarter. Alcoa had a negative net margin of 0.88% and a positive return on equity of 3.87%. Alcoa’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period last year, the firm posted $0.07 earnings per share. On average, equities research analysts forecast that Alcoa Inc. will post $0.44 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Stockholders of record on Friday, November 4th will be given a dividend of $0.03 per share. The ex-dividend date is Wednesday, November 2nd. This represents a $0.12 annualized dividend and a dividend yield of 0.45%. Alcoa’s dividend payout ratio (DPR) is currently -63.15%.
AA has been the subject of a number of research reports. Bank of America Corp. reiterated a “buy” rating on shares of Alcoa in a report on Friday, June 17th. Morgan Stanley reiterated an “overweight” rating and issued a $12.00 price target (up previously from $11.00) on shares of Alcoa in a report on Thursday, June 30th. Berenberg Bank reissued a “hold” rating and issued a $9.00 price objective on shares of Alcoa in a research note on Thursday, June 30th. Credit Suisse Group AG reissued a “buy” rating on shares of Alcoa in a research note on Thursday, June 30th. Finally, JPMorgan Chase & Co. reissued a “hold” rating on shares of Alcoa in a research note on Tuesday, July 12th. Eleven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Alcoa currently has a consensus rating of “Buy” and a consensus target price of $17.74.
In other news, Director Ulrich Schmidt acquired 5,000 shares of the firm’s stock in a transaction dated Wednesday, July 20th. The stock was acquired at an average cost of $10.40 per share, with a total value of $52,000.00. Following the transaction, the director now owns 10,000 shares in the company, valued at $104,000. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Alcoa Inc is engaged in lightweight metals engineering and manufacturing. The Company operates in five segments: Alumina, Primary Metals, Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. The Company’s multi-material products, which include aluminum, titanium and nickel, are used across the world in aerospace, automobiles, commercial transportation, packaging, building and construction, defense, consumer electronics, oil and gas, and industrial applications.
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