Permanens Capital L.P. Acquires Shares of 12,832 Alcoa $AA

Permanens Capital L.P. acquired a new stake in shares of Alcoa (NYSE:AA) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 12,832 shares of the industrial products company’s stock, valued at approximately $669,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Basepoint Wealth LLC acquired a new stake in shares of Alcoa in the 4th quarter worth about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Alcoa during the 2nd quarter valued at about $25,000. Advisory Services Network LLC acquired a new position in Alcoa during the 3rd quarter valued at about $27,000. Caitong International Asset Management Co. Ltd increased its holdings in Alcoa by 5,281.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 581 shares in the last quarter. Finally, Western Wealth Management LLC bought a new stake in Alcoa during the 1st quarter worth approximately $35,000.

Alcoa Stock Down 3.0%

AA stock opened at $49.72 on Thursday. The stock’s fifty day simple moving average is $49.37 and its two-hundred day simple moving average is $60.09. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. Alcoa has a 1-year low of $30.21 and a 1-year high of $84.38. The stock has a market cap of $13.12 billion, a P/E ratio of 10.23, a P/E/G ratio of 0.58 and a beta of 1.63.

Alcoa (NYSE:AA) last announced its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a net margin of 9.48% and a return on equity of 18.90%. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $3.99 billion. During the same period in the prior year, the business earned $0.39 earnings per share. Analysts expect that Alcoa will post 6.55 EPS for the current year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, August 11th. This represents a $0.40 annualized dividend and a yield of 0.8%. Alcoa’s dividend payout ratio is presently 8.23%.

Analyst Upgrades and Downgrades

AA has been the topic of a number of recent research reports. Zacks Research lowered Alcoa from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 8th. UBS Group decreased their price target on Alcoa from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. JPMorgan Chase & Co. dropped their price objective on Alcoa from $55.00 to $52.00 and set a “neutral” rating on the stock in a research note on Friday, July 17th. Wells Fargo & Company dropped their price objective on Alcoa from $72.00 to $71.00 and set an “overweight” rating on the stock in a research note on Friday, July 17th. Finally, Argus cut their price objective on shares of Alcoa from $73.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Alcoa currently has an average rating of “Hold” and a consensus target price of $61.09.

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.