Robinhood Asset Management LLC Purchases New Position in Alcoa $AA

Robinhood Asset Management LLC purchased a new stake in shares of Alcoa (NYSE:AA) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 162,995 shares of the industrial products company’s stock, valued at approximately $8,499,000. Robinhood Asset Management LLC owned approximately 0.06% of Alcoa as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in AA. Callan Family Office LLC bought a new position in Alcoa in the 2nd quarter valued at approximately $310,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Alcoa in the 2nd quarter worth $70,000. Allworth Financial LP purchased a new position in shares of Alcoa in the second quarter worth $349,000. Advisors Preferred LLC purchased a new position in shares of Alcoa in the second quarter worth $1,181,000. Finally, OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Alcoa during the second quarter valued at $800,000. 82.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on AA. Royal Bank Of Canada set a $70.00 price objective on Alcoa in a research report on Wednesday, July 1st. Morgan Stanley reissued an “equal weight” rating and issued a $53.00 target price (down from $79.00) on shares of Alcoa in a research report on Wednesday, July 8th. B. Riley Financial lowered their target price on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. BMO Capital Markets dropped their price target on shares of Alcoa from $60.00 to $55.00 and set a “market perform” rating on the stock in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Alcoa from $55.00 to $52.00 and set a “neutral” rating for the company in a research note on Friday, July 17th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $61.09.

Alcoa Stock Up 2.5%

AA stock opened at $51.83 on Friday. Alcoa has a fifty-two week low of $29.49 and a fifty-two week high of $84.38. The business’s 50-day moving average is $50.14 and its two-hundred day moving average is $60.25. 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 market cap of $13.68 billion, a price-to-earnings ratio of 10.66, a P/E/G ratio of 0.57 and a beta of 1.63.

Alcoa (NYSE:AA) last released its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). Alcoa had a net margin of 9.48% and a return on equity of 18.90%. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $3.99 billion. During the same quarter in the prior year, the firm earned $0.39 earnings per share. As a group, analysts forecast that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Dividend Announcement

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

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.