PNC Financial Services Group Inc. Trims Stock Position in Alcoa $AA

PNC Financial Services Group Inc. cut its holdings in Alcoa (NYSE:AA) by 8.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 169,993 shares of the industrial products company’s stock after selling 16,585 shares during the period. PNC Financial Services Group Inc. owned 0.06% of Alcoa worth $11,276,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Checchi Capital Advisers LLC raised its position in Alcoa by 3.4% in the first quarter. Checchi Capital Advisers LLC now owns 5,138 shares of the industrial products company’s stock valued at $341,000 after purchasing an additional 170 shares during the period. Prime Capital Investment Advisors LLC grew its holdings in shares of Alcoa by 1.9% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 10,682 shares of the industrial products company’s stock worth $568,000 after purchasing an additional 204 shares during the period. Northwestern Mutual Investment Management Company LLC increased its position in shares of Alcoa by 0.4% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 57,940 shares of the industrial products company’s stock worth $3,079,000 after purchasing an additional 229 shares during the last quarter. CoreCap Advisors LLC increased its position in shares of 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, Crossmark Global Holdings Inc. raised its holdings in Alcoa by 1.8% in the 4th quarter. Crossmark Global Holdings Inc. now owns 13,596 shares of the industrial products company’s stock valued at $722,000 after buying an additional 241 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on AA shares. Zacks Research cut shares of Alcoa from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 8th. Wall Street Zen cut shares of Alcoa from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings raised shares of Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Bank of America decreased their price objective on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating on the stock in a report on Thursday, July 9th. Finally, Royal Bank Of Canada set a $70.00 price objective on shares of Alcoa in a research report on Wednesday, July 1st. Six equities research 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 MarketBeat.com, Alcoa presently has a consensus rating of “Hold” and a consensus price target of $61.09.

Alcoa Price Performance

AA opened at $44.20 on Friday. The stock’s 50-day moving average price is $59.57 and its 200 day moving average price is $62.13. Alcoa has a 12-month low of $28.11 and a 12-month high of $84.38. The firm has a market cap of $11.66 billion, a price-to-earnings ratio of 9.10, a PEG ratio of 0.50 and a beta of 1.63. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30.

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 the consensus estimate of $2.25 by ($0.13). The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.99 billion. Alcoa had a net margin of 9.48% and a return on equity of 18.90%. During the same period in the prior year, the firm earned $0.39 earnings per share. As a group, sell-side analysts expect that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Tuesday, May 19th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. Alcoa’s dividend payout ratio (DPR) is presently 8.23%.

Alcoa 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.