3,968,265 Shares in Alcoa $AA Bought by Castle Hook Partners LP

Castle Hook Partners LP acquired a new position in Alcoa (NYSE:AA) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,968,265 shares of the industrial products company’s stock, valued at approximately $210,874,000. Alcoa accounts for approximately 0.9% of Castle Hook Partners LP’s portfolio, making the stock its 19th largest holding. Castle Hook Partners LP owned about 1.53% of Alcoa at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Basepoint Wealth LLC bought a new stake in shares of Alcoa in the fourth quarter worth $25,000. Advisory Services Network LLC bought a new stake in shares of Alcoa in the third quarter worth $27,000. Raleigh Capital Management Inc. grew its holdings in shares of Alcoa by 52,500.0% in the fourth quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 525 shares during the period. CoreCap Advisors LLC grew its holdings in shares of Alcoa by 74.1% in the fourth quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 237 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of 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 worth $31,000 after acquiring an additional 581 shares during the period.

Alcoa Stock Performance

NYSE:AA opened at $61.85 on Thursday. The stock has a 50-day simple moving average of $68.93 and a two-hundred day simple moving average of $61.96. Alcoa has a 52-week low of $27.72 and a 52-week high of $84.38. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.88 and a current ratio of 1.48. The firm has a market capitalization of $16.32 billion, a PE ratio of 15.66 and a beta of 1.56.

Alcoa (NYSE:AA) last released its quarterly earnings results on Thursday, April 16th. The industrial products company reported $1.40 earnings per share (EPS) 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 period in the prior year, the firm posted $2.15 EPS. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. Analysts forecast that Alcoa will post 7.98 EPS for the current year.

Alcoa Announces Dividend

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

Analysts Set New Price Targets

AA has been the subject of several research analyst reports. Wall Street Zen lowered Alcoa from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. UBS Group raised Alcoa from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $75.00 to $80.00 in a report on Friday, May 22nd. Argus set a $73.00 price objective on Alcoa in a report on Monday, April 27th. Wells Fargo & Company set a $68.00 price objective on Alcoa in a report on Thursday, March 12th. Finally, Zacks Research lowered Alcoa from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 12th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Alcoa presently has an average rating of “Hold” and an average target price of $68.50.

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.