PNC Financial Services Group Inc. Cuts Stock Holdings in Alcoa $AA

PNC Financial Services Group Inc. reduced its stake in Alcoa (NYSE:AA) by 8.9% during the 1st quarter, Holdings Channel reports. The fund owned 169,993 shares of the industrial products company’s stock after selling 16,585 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Alcoa were worth $11,276,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Basepoint Wealth LLC acquired a new position in Alcoa during the 4th quarter worth $25,000. Advisory Services Network LLC acquired a new stake in Alcoa in the 3rd quarter valued at about $27,000. Raleigh Capital Management Inc. boosted its stake in shares of Alcoa by 52,500.0% in the 4th quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock valued at $28,000 after buying an additional 525 shares during the period. CoreCap Advisors LLC boosted its stake in shares of Alcoa by 74.1% in the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock valued at $30,000 after buying an additional 237 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of 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 buying an additional 581 shares in the last quarter.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Bank of America cut their target price on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating on the stock in a research note on Thursday, July 9th. BMO Capital Markets decreased their price target on shares of Alcoa from $60.00 to $55.00 and set a “market perform” rating for the company in a research note on Friday, July 17th. Wells Fargo & Company lowered their price target on shares of Alcoa from $72.00 to $71.00 and set an “overweight” rating for the company in a report on Friday, July 17th. B. Riley Financial dropped their price objective on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $53.00 price objective (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Alcoa currently has a consensus rating of “Hold” and a consensus price target of $61.09.

Alcoa Trading Down 2.4%

NYSE:AA opened at $44.20 on Friday. Alcoa has a 1 year low of $28.11 and a 1 year high of $84.38. The stock has a market cap of $11.66 billion, a P/E ratio of 9.10, a P/E/G ratio of 0.50 and a beta of 1.63. 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 stock has a 50-day simple moving average of $59.57 and a 200-day simple moving average of $62.13.

Alcoa (NYSE:AA) last issued its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.13). The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.99 billion. Alcoa had a return on equity of 18.90% and a net margin of 9.48%.During the same period last year, the business posted $0.39 EPS. As a group, analysts anticipate that Alcoa will post 6.55 earnings per share for the current fiscal 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 paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.9%. The ex-dividend date was Tuesday, May 19th. Alcoa’s dividend payout ratio is currently 8.23%.

Alcoa Company 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.