Alcoa Corp (AA) Holdings Trimmed by Axa
Axa lessened its stake in shares of Alcoa Corp (NYSE:AA) by 5.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 30,000 shares of the industrial products company’s stock after selling 1,600 shares during the quarter. Axa’s holdings in Alcoa were worth $1,212,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Madison Investment Holdings Inc. grew its holdings in Alcoa by 48.0% during the 2nd quarter. Madison Investment Holdings Inc. now owns 226,200 shares of the industrial products company’s stock valued at $10,604,000 after buying an additional 73,400 shares in the last quarter. Toronto Dominion Bank grew its holdings in Alcoa by 445.5% during the 3rd quarter. Toronto Dominion Bank now owns 11,500 shares of the industrial products company’s stock valued at $465,000 after buying an additional 9,392 shares in the last quarter. CIBC World Markets Inc. grew its holdings in Alcoa by 258.6% during the 2nd quarter. CIBC World Markets Inc. now owns 33,257 shares of the industrial products company’s stock valued at $1,559,000 after buying an additional 23,983 shares in the last quarter. Northern Trust Corp grew its holdings in Alcoa by 12.1% during the 2nd quarter. Northern Trust Corp now owns 1,600,561 shares of the industrial products company’s stock valued at $75,034,000 after buying an additional 173,323 shares in the last quarter. Finally, Swiss National Bank grew its holdings in shares of Alcoa by 0.9% during the second quarter. Swiss National Bank now owns 324,094 shares of the industrial products company’s stock worth $15,194,000 after purchasing an additional 3,000 shares in the last quarter.
AA has been the subject of several recent analyst reports. Zacks Investment Research raised Alcoa from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective for the company in a report on Tuesday, September 25th. Citigroup cut their price objective on Alcoa from $53.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 16th. ValuEngine lowered Alcoa from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 27th. JPMorgan Chase & Co. boosted their price objective on Alcoa to $79.00 and gave the stock an “overweight” rating in a report on Thursday, October 18th. Finally, Credit Suisse Group cut their price objective on Alcoa from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Tuesday, September 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $60.07.
Alcoa (NYSE:AA) last issued its earnings results on Wednesday, October 17th. The industrial products company reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.27. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.35 billion. Alcoa had a positive return on equity of 10.38% and a negative net margin of 0.09%. Alcoa’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.72 earnings per share. Sell-side analysts anticipate that Alcoa Corp will post 3.67 EPS for the current year.
Alcoa announced that its Board of Directors has initiated a stock buyback program on Wednesday, October 17th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the industrial products company to buy up to 2.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
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Alcoa Company Profile
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products. The company offers aluminum sheets for the production of cans for beverage and food. It also engages in the aluminum smelting, casting, and rolling businesses; and generation and sale of renewable energy, as well as provision of ancillary services.
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