Robinhood Asset Management LLC Takes $8.50 Million Position in Alcoa $AA

Robinhood Asset Management LLC acquired a new position in Alcoa (NYSE:AA) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 162,995 shares of the industrial products company’s stock, valued at approximately $8,499,000.

A number of other institutional investors also recently bought and sold shares of AA. Basepoint Wealth LLC purchased a new position in Alcoa during the fourth quarter valued at $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Alcoa in the second quarter worth about $25,000. Western Wealth Management LLC purchased a new stake in Alcoa in the first quarter worth about $35,000. Caitong International Asset Management Co. Ltd raised its stake 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 buying an additional 581 shares during the period. Finally, Quarry LP lifted its position in shares of Alcoa by 96.0% during the 4th quarter. Quarry LP now owns 694 shares of the industrial products company’s stock valued at $37,000 after buying an additional 340 shares in the last quarter. 82.39% of the stock is owned by institutional investors.

Alcoa Price Performance

NYSE:AA opened at $51.83 on Friday. The business’s 50-day simple moving average is $50.14 and its two-hundred day simple moving average is $60.25. Alcoa has a 52 week low of $29.49 and a 52 week high of $84.38. The stock has a market cap of $13.68 billion, a PE ratio of 10.66, a P/E/G ratio of 0.57 and a beta of 1.63. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30.

Alcoa (NYSE:AA) last released its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $3.99 billion. During the same period last year, the company earned $0.39 EPS. As a group, analysts forecast 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. Shareholders of record on Tuesday, August 11th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.8%. The ex-dividend date is Tuesday, August 11th. Alcoa’s dividend payout ratio is presently 8.23%.

Wall Street Analysts Forecast Growth

AA has been the subject of a number of recent research reports. Zacks Research downgraded Alcoa from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 8th. BMO Capital Markets decreased their target price on shares of Alcoa from $60.00 to $55.00 and set a “market perform” rating on the stock 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 on the stock in a report on Friday, July 17th. Morgan Stanley reiterated an “equal weight” rating and issued a $53.00 price target (down from $79.00) on shares of Alcoa in a research report on Wednesday, July 8th. Finally, Argus reduced their price objective on shares of Alcoa from $73.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Alcoa has an average rating of “Hold” and an average price target of $61.09.

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.