Westpac Banking Corp increased its stake in Alcoa Corp (NYSE:AA) by 5.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 141,405 shares of the industrial products company’s stock after buying an additional 7,003 shares during the period. Westpac Banking Corp owned 0.08% of Alcoa worth $3,310,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of AA. Dimensional Fund Advisors LP increased its position in Alcoa by 9.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,704,529 shares of the industrial products company’s stock valued at $125,053,000 after purchasing an additional 393,862 shares during the period. Geode Capital Management LLC increased its position in Alcoa by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 1,912,090 shares of the industrial products company’s stock valued at $50,823,000 after purchasing an additional 40,522 shares during the period. Investors Research Corp purchased a new position in Alcoa during the 1st quarter valued at about $124,000. Trellus Management Company LLC increased its position in Alcoa by 107.8% during the 1st quarter. Trellus Management Company LLC now owns 31,000 shares of the industrial products company’s stock valued at $873,000 after purchasing an additional 16,085 shares during the period. Finally, Oppenheimer & Co. Inc. purchased a new position in Alcoa during the 1st quarter valued at about $235,000.
A number of research analysts have commented on AA shares. ValuEngine raised shares of Alcoa from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Macquarie downgraded shares of Alcoa from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $34.00 to $25.00 in a research report on Tuesday, July 9th. Argus downgraded shares of Alcoa from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Gabelli raised shares of Alcoa from a “hold” rating to a “buy” rating in a research report on Monday, April 22nd. Finally, Bank of America reaffirmed a “neutral” rating and issued a $20.00 price objective (down previously from $25.00) on shares of Alcoa in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $34.85.
Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, July 17th. The industrial products company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.33. Alcoa had a negative net margin of 4.92% and a positive return on equity of 2.78%. The firm had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the previous year, the firm earned $1.52 EPS. The company’s quarterly revenue was down 24.3% compared to the same quarter last year. As a group, equities research analysts forecast that Alcoa Corp will post -0.23 EPS for the current fiscal year.
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.
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