Point72 Asset Management L.P. Purchases New Position in Alcoa Corp (AA)
Point72 Asset Management L.P. purchased a new position in shares of Alcoa Corp (NYSE:AA) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,139,789 shares of the industrial products company’s stock, valued at approximately $99,757,000. Point72 Asset Management L.P. owned about 1.16% of Alcoa at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of AA. Huntington National Bank purchased a new position in shares of Alcoa during the 3rd quarter valued at $112,000. Sigma Planning Corp purchased a new position in shares of Alcoa during the 3rd quarter valued at $206,000. Pacer Advisors Inc. lifted its stake in shares of Alcoa by 8.4% during the 2nd quarter. Pacer Advisors Inc. now owns 4,488 shares of the industrial products company’s stock valued at $147,000 after buying an additional 348 shares in the last quarter. First Allied Advisory Services Inc. purchased a new position in shares of Alcoa during the 3rd quarter valued at $211,000. Finally, Zweig DiMenna Associates LLC purchased a new position in shares of Alcoa during the 3rd quarter valued at $214,000.
AA has been the topic of a number of analyst reports. Deutsche Bank upgraded shares of Alcoa from a “hold” rating to a “buy” rating and lifted their target price for the company from $44.00 to $60.00 in a research note on Tuesday, September 12th. BMO Capital Markets lifted their target price on shares of Alcoa from $45.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, September 13th. Citigroup restated a “buy” rating and set a $55.00 target price (up previously from $53.00) on shares of Alcoa in a research note on Friday, October 20th. Zacks Investment Research cut shares of Alcoa from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 12th. Finally, J P Morgan Chase & Co reiterated a “buy” rating and issued a $60.00 price target on shares of Alcoa in a research note on Thursday, October 19th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $49.88.
Shares of Alcoa Corp (NYSE AA) opened at $41.40 on Monday. The company has a market cap of $7,659.95 and a price-to-earnings ratio of 19.62. Alcoa Corp has a one year low of $28.01 and a one year high of $50.31. The company has a quick ratio of 0.90, a current ratio of 1.38 and a debt-to-equity ratio of 0.17.
Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, October 18th. The industrial products company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.05). Alcoa had a return on equity of 4.90% and a net margin of 2.61%. The company had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same quarter in the previous year, the firm earned $0.32 EPS. The firm’s revenue for the quarter was up 27.3% compared to the same quarter last year. equities analysts forecast that Alcoa Corp will post 3.2 earnings per share for the current year.
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Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.
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