Global Alpha Capital Management Ltd. Cuts Holdings in Alcoa $AA

Global Alpha Capital Management Ltd. reduced its position in Alcoa (NYSE:AA) by 18.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,054,451 shares of the industrial products company’s stock after selling 242,520 shares during the period. Alcoa makes up 3.4% of Global Alpha Capital Management Ltd.’s investment portfolio, making the stock its 5th largest holding. Global Alpha Capital Management Ltd.’s holdings in Alcoa were worth $56,034,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Mirabella Financial Services LLP lifted its stake in Alcoa by 12,233.1% during the 3rd quarter. Mirabella Financial Services LLP now owns 40,082,462 shares of the industrial products company’s stock valued at $1,318,312,000 after acquiring an additional 39,757,462 shares in the last quarter. State Street Corp lifted its stake in Alcoa by 6.7% during the 3rd quarter. State Street Corp now owns 11,458,529 shares of the industrial products company’s stock valued at $376,871,000 after acquiring an additional 721,063 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Alcoa by 13.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 11,118,560 shares of the industrial products company’s stock valued at $365,710,000 after acquiring an additional 1,322,540 shares in the last quarter. Geode Capital Management LLC lifted its stake in Alcoa by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 6,655,655 shares of the industrial products company’s stock valued at $389,621,000 after acquiring an additional 349,426 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Alcoa by 211.7% during the 4th quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company’s stock valued at $332,338,000 after acquiring an additional 4,247,559 shares in the last quarter.

Analysts Set New Price Targets

Several brokerages have weighed in on AA. JPMorgan Chase & Co. raised their price objective on Alcoa from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. UBS Group upgraded Alcoa from a “neutral” rating to a “buy” rating and raised their price objective for the company from $75.00 to $80.00 in a research note on Friday, May 22nd. BMO Capital Markets raised their price objective on Alcoa from $65.00 to $75.00 and gave the company a “market perform” rating in a research note on Thursday, April 9th. Weiss Ratings cut Alcoa from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 1st. Finally, Argus set a $73.00 price objective on Alcoa in a research note on Monday, April 27th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $68.60.

Alcoa Trading Down 8.0%

Shares of AA opened at $71.81 on Friday. The business’s 50-day moving average price is $68.79 and its 200-day moving average price is $60.16. Alcoa has a twelve month low of $27.72 and a twelve month high of $84.38. The stock has a market cap of $18.95 billion, a PE ratio of 18.18 and a beta of 1.56. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 0.36.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Thursday, April 16th. The industrial products company reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.20). Alcoa had a net margin of 8.27% and a return on equity of 12.57%. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the prior year, the company earned $2.15 earnings per share. The company’s quarterly revenue was down 5.2% on a year-over-year basis. On average, equities analysts forecast that Alcoa will post 7.95 EPS for the current fiscal year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Tuesday, May 19th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, May 19th. This represents a $0.40 annualized dividend and a dividend yield of 0.6%. Alcoa’s dividend payout ratio is currently 10.13%.

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.