Harvest Fund Management Co. Ltd Makes New Investment in Alcoa $AA

Harvest Fund Management Co. Ltd purchased a new position in shares of Alcoa (NYSE:AA) in the 4th quarter, Holdings Channel reports. The firm purchased 13,453 shares of the industrial products company’s stock, valued at approximately $714,000.

Other hedge funds also recently bought and sold shares of the company. NewEdge Advisors LLC raised its holdings in Alcoa by 1,098.0% in the 1st quarter. NewEdge Advisors LLC now owns 11,704 shares of the industrial products company’s stock valued at $357,000 after acquiring an additional 10,727 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Alcoa by 0.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 646,609 shares of the industrial products company’s stock worth $19,722,000 after purchasing an additional 4,624 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Alcoa by 1.9% during the second quarter. Invesco Ltd. now owns 640,528 shares of the industrial products company’s stock worth $18,902,000 after purchasing an additional 12,008 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Alcoa by 173.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,040 shares of the industrial products company’s stock worth $60,000 after purchasing an additional 1,295 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Alcoa by 320.1% during the second quarter. First Trust Advisors LP now owns 269,982 shares of the industrial products company’s stock worth $7,967,000 after purchasing an additional 205,717 shares during the last quarter.

Alcoa Price Performance

AA stock opened at $71.81 on Friday. Alcoa has a 1 year low of $27.72 and a 1 year high of $84.38. The firm has a market cap of $18.95 billion, a P/E ratio of 18.18 and a beta of 1.56. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.88 and a current ratio of 1.48. The stock has a 50-day simple moving average of $68.79 and a 200-day simple moving average of $60.16.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Thursday, April 16th. The industrial products company reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.20). Alcoa had a net margin of 8.27% and a return on equity of 12.57%. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same quarter last year, the business earned $2.15 EPS. Alcoa’s revenue for the quarter was down 5.2% compared to the same quarter last year. On average, equities analysts predict that Alcoa will post 7.95 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 5th. Stockholders of record on Tuesday, May 19th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.6%. Alcoa’s dividend payout ratio (DPR) is presently 10.13%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Morgan Stanley upgraded Alcoa from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $64.00 to $80.00 in a report on Thursday, April 9th. UBS Group upgraded Alcoa from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $75.00 to $80.00 in a report on Friday, May 22nd. BMO Capital Markets raised their price objective on Alcoa from $65.00 to $75.00 and gave the stock a “market perform” rating in a report on Thursday, April 9th. B. Riley Financial raised their price objective on Alcoa from $78.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday, April 7th. Finally, Zacks Research cut Alcoa from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 12th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $68.60.

Alcoa Profile

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.