CIBC Asset Management Inc Makes New Investment in Alcoa $AA

CIBC Asset Management Inc acquired a new position in shares of Alcoa (NYSE:AA) during the 4th quarter, Holdings Channel reports. The firm acquired 7,978 shares of the industrial products company’s stock, valued at approximately $424,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of AA. Basepoint Wealth LLC purchased a new stake in Alcoa during the 4th quarter worth approximately $25,000. Advisory Services Network LLC purchased a new stake in Alcoa during the 3rd quarter worth approximately $27,000. Raleigh Capital Management Inc. increased its holdings in Alcoa by 52,500.0% during the 4th quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 525 shares during the last quarter. CoreCap Advisors LLC increased its holdings in Alcoa by 74.1% during the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 237 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Alcoa by 91.9% during the 3rd quarter. NewEdge Advisors LLC now owns 1,161 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 556 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Wall Street Zen downgraded Alcoa from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. JPMorgan Chase & Co. boosted their price target on Alcoa from $68.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. B. Riley Financial boosted their price target on Alcoa from $78.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, April 7th. Wells Fargo & Company set a $68.00 price target on Alcoa in a report on Thursday, March 12th. Finally, Zacks Research downgraded Alcoa from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 12th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $68.60.

Alcoa Price Performance

Shares of NYSE AA opened at $72.48 on Wednesday. Alcoa has a twelve month low of $27.72 and a twelve month high of $84.38. 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 $19.13 billion, a price-to-earnings ratio of 18.35 and a beta of 1.56. The business has a 50 day simple moving average of $69.39 and a 200-day simple moving average of $60.84.

Alcoa (NYSE:AA) last released its quarterly earnings data on Thursday, April 16th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.20). Alcoa had a net margin of 8.27% and a return on equity of 12.57%. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same quarter in the prior year, the firm earned $2.15 EPS. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, equities research analysts expect that Alcoa will post 7.95 earnings per share for the current year.

Alcoa Dividend Announcement

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

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.