NorthCrest Asset Manangement LLC Buys New Stake in Alcoa $AA

NorthCrest Asset Manangement LLC purchased a new position in shares of Alcoa (NYSE:AA) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 10,983 shares of the industrial products company’s stock, valued at approximately $584,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Mirabella Financial Services LLP boosted its stake in Alcoa by 12,233.1% in the third quarter. Mirabella Financial Services LLP now owns 40,082,462 shares of the industrial products company’s stock valued at $1,318,312,000 after acquiring an additional 39,757,462 shares in the last quarter. Norges Bank purchased a new position in shares of Alcoa during the second quarter worth about $97,933,000. L1 Capital Pty Ltd increased its position in shares of Alcoa by 178.8% during the second quarter. L1 Capital Pty Ltd now owns 4,814,342 shares of the industrial products company’s stock worth $142,071,000 after purchasing an additional 3,087,298 shares in the last quarter. Drummond Knight Asset Management Pty Ltd acquired a new stake in shares of Alcoa during the second quarter worth about $44,893,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Alcoa by 13.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 11,118,560 shares of the industrial products company’s stock valued at $365,710,000 after purchasing an additional 1,322,540 shares during the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AA has been the subject of a number of research analyst reports. Zacks Research cut Alcoa from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 13th. JPMorgan Chase & Co. raised Alcoa from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $50.00 to $68.00 in a research report on Friday, March 13th. UBS Group boosted their price objective on Alcoa from $48.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. B. Riley Financial reissued a “buy” rating on shares of Alcoa in a report on Friday, January 23rd. Finally, Wall Street Zen upgraded shares of Alcoa from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Four analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $50.45.

Alcoa Price Performance

Shares of AA opened at $58.72 on Thursday. The company has a current ratio of 1.44, a quick ratio of 0.87 and a debt-to-equity ratio of 0.40. The stock’s 50 day moving average is $61.03 and its two-hundred day moving average is $48.49. Alcoa has a twelve month low of $21.53 and a twelve month high of $68.40. The firm has a market capitalization of $15.49 billion, a PE ratio of 13.28 and a beta of 1.85.

Alcoa (NYSE:AA) last issued its earnings results on Thursday, January 22nd. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.31. The business had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $3.28 billion. Alcoa had a return on equity of 16.19% and a net margin of 9.12%.The company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.04 EPS. Research analysts anticipate that Alcoa will post 4.43 earnings per share for the current year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Tuesday, March 10th will be given a $0.10 dividend. The ex-dividend date is Tuesday, March 10th. This represents a $0.40 annualized dividend and a yield of 0.7%. Alcoa’s dividend payout ratio is presently 9.05%.

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.