Alcoa Corp (AA) Stake Decreased by CIBC World Markets Inc.

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CIBC World Markets Inc. cut its position in shares of Alcoa Corp (NYSE:AA) by 68.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,468 shares of the industrial products company’s stock after selling 22,789 shares during the period. CIBC World Markets Inc.’s holdings in Alcoa were worth $423,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Madison Investment Holdings Inc. boosted its holdings in shares of Alcoa by 48.0% during the 2nd quarter. Madison Investment Holdings Inc. now owns 226,200 shares of the industrial products company’s stock worth $10,604,000 after buying an additional 73,400 shares during the period. Toronto Dominion Bank boosted its holdings in shares of Alcoa by 445.5% during the 3rd quarter. Toronto Dominion Bank now owns 11,500 shares of the industrial products company’s stock worth $465,000 after buying an additional 9,392 shares during the period. Northern Trust Corp boosted its holdings in shares of Alcoa by 12.1% during the 2nd quarter. Northern Trust Corp now owns 1,600,561 shares of the industrial products company’s stock worth $75,034,000 after buying an additional 173,323 shares during the period. Swiss National Bank boosted its holdings in shares of Alcoa by 0.9% during the 2nd quarter. Swiss National Bank now owns 324,094 shares of the industrial products company’s stock worth $15,194,000 after buying an additional 3,000 shares during the period. Finally, Korea Investment CORP bought a new stake in shares of Alcoa during the 2nd quarter worth about $328,000.

NYSE AA opened at $28.82 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.40 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $5.53 billion, a price-to-earnings ratio of 7.49, a price-to-earnings-growth ratio of 2.00 and a beta of 0.69. Alcoa Corp has a 12-month low of $28.12 and a 12-month high of $62.35.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Wednesday, October 17th. The industrial products company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.27. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.35 billion. Alcoa had a negative net margin of 0.09% and a positive return on equity of 10.38%. The business’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.72 EPS. On average, research analysts forecast that Alcoa Corp will post 3.67 EPS for the current fiscal year.

Alcoa announced that its board has initiated a share buyback plan on Wednesday, October 17th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the industrial products company to buy up to 2.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Several analysts recently commented on AA shares. JPMorgan Chase & Co. lifted their target price on shares of Alcoa to $79.00 and gave the stock an “overweight” rating in a report on Thursday, October 18th. Zacks Investment Research raised shares of Alcoa from a “hold” rating to a “strong-buy” rating and set a $48.00 target price for the company in a report on Tuesday, September 25th. Credit Suisse Group reduced their target price on shares of Alcoa from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Tuesday, September 25th. ValuEngine downgraded shares of Alcoa from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 27th. Finally, Berenberg Bank initiated coverage on shares of Alcoa in a report on Friday, September 21st. They issued a “buy” rating and a $54.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. Alcoa currently has an average rating of “Buy” and an average price target of $59.53.

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Alcoa Company Profile

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products. The company offers aluminum sheets for the production of cans for beverage and food. It also engages in the aluminum smelting, casting, and rolling businesses; and generation and sale of renewable energy, as well as provision of ancillary services.

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Institutional Ownership by Quarter for Alcoa (NYSE:AA)

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