Castle Hook Partners LP Invests $210.87 Million in Alcoa $AA

Castle Hook Partners LP acquired a new position in Alcoa (NYSE:AA) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 3,968,265 shares of the industrial products company’s stock, valued at approximately $210,874,000. Alcoa comprises 0.9% of Castle Hook Partners LP’s holdings, making the stock its 19th biggest holding.

Other hedge funds have also recently made changes to their positions in the company. Basepoint Wealth LLC bought a new position in shares of Alcoa in the fourth quarter worth about $25,000. Advisory Services Network LLC bought a new position in shares of Alcoa in the third quarter worth about $27,000. Raleigh Capital Management Inc. boosted its stake in shares of Alcoa by 52,500.0% in the fourth quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 525 shares during the period. CoreCap Advisors LLC boosted its stake in shares of Alcoa by 74.1% in the fourth quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 237 shares during the period. Finally, Caitong International Asset Management Co. Ltd boosted 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 acquiring an additional 581 shares during the period.

Alcoa Price Performance

NYSE:AA opened at $61.85 on Thursday. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $16.32 billion, a P/E ratio of 15.66 and a beta of 1.56. Alcoa has a 12 month low of $27.72 and a 12 month high of $84.38. The business’s 50-day moving average is $68.93 and its 200 day moving average is $61.96.

Alcoa (NYSE:AA) last posted its earnings results on Thursday, April 16th. The industrial products company reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.20). The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.35 billion. Alcoa had a return on equity of 12.57% and a net margin of 8.27%.Alcoa’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.15 earnings per share. On average, equities research analysts forecast that Alcoa will post 7.98 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Tuesday, May 19th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Tuesday, May 19th. Alcoa’s payout ratio is currently 10.13%.

Analysts Set New Price Targets

AA has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on Alcoa from $68.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. B. Riley Financial upped their price objective on Alcoa from $78.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, April 7th. Wall Street Zen lowered Alcoa from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Argus set a $73.00 price objective on Alcoa in a research note on Monday, April 27th. Finally, Zacks Research lowered Alcoa from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 12th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $68.50.

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.