Bornite Capital Management LP Invests $1.69 Million in Alcoa Co. (NYSE:AA)

Bornite Capital Management LP purchased a new position in shares of Alcoa Co. (NYSE:AA) in the first quarter, HoldingsChannel reports. The fund purchased 50,000 shares of the industrial products company’s stock, valued at approximately $1,690,000.

A number of other hedge funds and other institutional investors have also modified their holdings of AA. Norges Bank purchased a new stake in shares of Alcoa during the fourth quarter worth about $45,730,000. Dimensional Fund Advisors LP grew its holdings in shares of Alcoa by 34.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,312,340 shares of the industrial products company’s stock worth $146,626,000 after buying an additional 1,104,423 shares in the last quarter. ARGA Investment Management LP grew its holdings in shares of Alcoa by 202.2% during the first quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock worth $50,399,000 after buying an additional 997,912 shares in the last quarter. Raymond James & Associates grew its holdings in Alcoa by 3,731.1% in the fourth quarter. Raymond James & Associates now owns 799,705 shares of the industrial products company’s stock valued at $27,190,000 after purchasing an additional 778,831 shares during the period. Finally, Capital Research Global Investors grew its holdings in Alcoa by 29.8% in the first quarter. Capital Research Global Investors now owns 2,067,742 shares of the industrial products company’s stock valued at $69,869,000 after purchasing an additional 475,000 shares during the period.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. UBS Group boosted their target price on shares of Alcoa from $27.00 to $32.00 and gave the company a “sell” rating in a report on Friday, April 19th. Bank of America lowered their target price on shares of Alcoa from $46.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, July 18th. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Morgan Stanley lowered their target price on shares of Alcoa from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. Finally, Jefferies Financial Group boosted their target price on shares of Alcoa from $45.00 to $48.00 and gave the company a “buy” rating in a report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Alcoa has a consensus rating of “Hold” and an average price target of $38.80.

Alcoa Stock Performance

AA stock traded down $0.41 during trading on Monday, hitting $33.02. 4,263,408 shares of the company’s stock traded hands, compared to its average volume of 5,921,126. The company has a quick ratio of 0.92, a current ratio of 1.55 and a debt-to-equity ratio of 0.46. Alcoa Co. has a 52 week low of $23.07 and a 52 week high of $45.48. The stock has a fifty day moving average price of $39.58 and a two-hundred day moving average price of $34.72. The stock has a market capitalization of $5.93 billion, a price-to-earnings ratio of -8.78 and a beta of 2.45.

Alcoa (NYSE:AA) last released its earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.05. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. The firm had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.84 billion. During the same quarter in the previous year, the firm earned ($0.35) earnings per share. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, equities analysts anticipate that Alcoa Co. will post 0.53 EPS for the current fiscal year.

Alcoa Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Tuesday, May 21st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, May 20th. This represents a $0.40 annualized dividend and a dividend yield of 1.21%. Alcoa’s dividend payout ratio is currently -10.64%.

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 two segments, 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.