Amalgamated Bank reduced its holdings in shares of Alcoa Co. (NYSE:AA – Free Report) by 17.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 121,752 shares of the industrial products company’s stock after selling 24,997 shares during the period. Amalgamated Bank owned about 0.07% of Alcoa worth $5,182,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Neo Ivy Capital Management bought a new position in shares of Alcoa in the second quarter worth approximately $27,000. Spire Wealth Management grew its holdings in shares of Alcoa by 384.6% in the fourth quarter. Spire Wealth Management now owns 630 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 500 shares during the last quarter. Fairfield Bush & CO. bought a new position in shares of Alcoa in the first quarter worth approximately $29,000. Resurgent Financial Advisors LLC bought a new position in shares of Alcoa in the fourth quarter worth approximately $32,000. Finally, ICA Group Wealth Management LLC bought a new position in shares of Alcoa in the fourth quarter worth approximately $36,000.
Alcoa Stock Performance
Shares of Alcoa stock opened at $33.74 on Tuesday. The company has a current ratio of 1.80, a quick ratio of 0.87 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $6.02 billion, a P/E ratio of -4.13 and a beta of 2.42. The business has a fifty day simple moving average of $34.57 and a two-hundred day simple moving average of $41.31. Alcoa Co. has a 12 month low of $31.14 and a 12 month high of $58.24.
Alcoa (NYSE:AA – Get Free Report) last posted its quarterly earnings results on Wednesday, July 19th. The industrial products company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.24. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.68 billion. Alcoa had a negative return on equity of 4.36% and a negative net margin of 13.37%. Alcoa’s quarterly revenue was down 26.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.67 EPS. On average, equities analysts forecast that Alcoa Co. will post -1.01 earnings per share for the current fiscal year.
Alcoa Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, June 2nd. Stockholders of record on Tuesday, May 16th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.19%. The ex-dividend date was Monday, May 15th. Alcoa’s dividend payout ratio is presently -4.90%.
Analyst Upgrades and Downgrades
A number of analysts recently commented on the company. Credit Suisse Group dropped their price target on Alcoa from $46.00 to $42.00 and set an “outperform” rating for the company in a research note on Thursday, July 20th. Morgan Stanley lowered Alcoa from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $43.00 to $33.00 in a research note on Wednesday, June 21st. Bank of America dropped their price target on Alcoa from $53.00 to $52.00 in a research note on Wednesday, June 21st. BMO Capital Markets dropped their price target on Alcoa from $33.00 to $30.00 and set a “market perform” rating for the company in a research note on Thursday, July 20th. Finally, Citigroup dropped their price target on Alcoa from $50.00 to $42.00 and set a “buy” rating for the company in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $39.00.
About Alcoa
Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through three segments: Bauxite, Alumina, and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.