Ieq Capital LLC Acquires New Shares in Alcoa $AA

Ieq Capital LLC acquired a new position in Alcoa (NYSE:AA) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 259,878 shares of the industrial products company’s stock, valued at approximately $13,550,000. Ieq Capital LLC owned approximately 0.10% of Alcoa at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Basepoint Wealth LLC acquired a new stake in shares of Alcoa in the fourth quarter worth about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Alcoa during the 2nd quarter worth about $25,000. Advisory Services Network LLC acquired a new position in shares of Alcoa during the 3rd quarter valued at about $27,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of 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 valued at $31,000 after acquiring an additional 581 shares during the last quarter. Finally, Western Wealth Management LLC bought a new position in shares of Alcoa in the 1st quarter valued at approximately $35,000.

Alcoa Stock Up 2.5%

Shares of AA opened at $51.83 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.92 and a current ratio of 1.53. The company has a 50-day simple moving average of $50.14 and a 200-day simple moving average of $60.25. Alcoa has a 52 week low of $29.49 and a 52 week high of $84.38. The firm has a market capitalization of $13.68 billion, a P/E ratio of 10.66, a P/E/G ratio of 0.59 and a beta of 1.63.

Alcoa (NYSE:AA) last released its earnings results 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 firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.99 billion. During the same period last year, the business earned $0.39 earnings per share. On average, equities research analysts expect that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, August 11th. Alcoa’s dividend payout ratio (DPR) is presently 8.23%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on AA shares. BMO Capital Markets decreased their target price on Alcoa from $60.00 to $55.00 and set a “market perform” rating for the company in a research report on Friday, July 17th. Weiss Ratings upgraded shares of Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. UBS Group decreased their price objective on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Wall Street Zen upgraded shares of Alcoa from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $53.00 target price (down from $79.00) on shares of Alcoa in a research note on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $61.09.

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.