United Services Automobile Association lessened its holdings in shares of Alcoa Corp (NYSE:AA) by 3.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 28,365 shares of the industrial products company’s stock after selling 1,160 shares during the quarter. United Services Automobile Association’s holdings in Alcoa were worth $664,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also modified their holdings of the company. Nuveen Asset Management LLC acquired a new stake in Alcoa in the second quarter valued at approximately $17,128,000. Investec Asset Management LTD acquired a new stake in Alcoa in the second quarter valued at approximately $3,233,000. FMR LLC raised its holdings in Alcoa by 136.4% in the first quarter. FMR LLC now owns 1,048,586 shares of the industrial products company’s stock valued at $29,528,000 after acquiring an additional 605,094 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Alcoa by 22.9% in the second quarter. Renaissance Technologies LLC now owns 2,948,496 shares of the industrial products company’s stock valued at $69,024,000 after acquiring an additional 549,600 shares in the last quarter. Finally, Morgan Stanley raised its holdings in Alcoa by 58.9% in the second quarter. Morgan Stanley now owns 1,409,160 shares of the industrial products company’s stock valued at $32,989,000 after acquiring an additional 522,612 shares in the last quarter.
Several analysts recently weighed in on AA shares. Goldman Sachs Group raised shares of Alcoa from a “neutral” rating to a “buy” rating in a report on Monday, September 23rd. ValuEngine raised Alcoa from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Macquarie lowered Alcoa from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $34.00 to $25.00 in a research report on Tuesday, July 9th. Argus lowered Alcoa from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Finally, Jefferies Financial Group lowered Alcoa from a “buy” rating to a “hold” rating and reduced their price target for the stock from $29.00 to $23.00 in a research report on Thursday, July 18th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $28.33.
Alcoa (NYSE:AA) last announced its earnings results on Wednesday, July 17th. The industrial products company reported ($0.01) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.33. Alcoa had a positive return on equity of 2.78% and a negative net margin of 4.92%. The company had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same period in the prior year, the company posted $1.52 EPS. Alcoa’s quarterly revenue was down 24.3% on a year-over-year basis. On average, equities analysts expect that Alcoa Corp will post -0.41 earnings per share for the current fiscal year.
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.
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