Hsbc Holdings PLC Has $11.30 Million Stake in Alcoa $AA

Hsbc Holdings PLC lowered its position in Alcoa (NYSE:AA) by 59.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 211,873 shares of the industrial products company’s stock after selling 311,195 shares during the quarter. Hsbc Holdings PLC’s holdings in Alcoa were worth $11,305,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of AA. Mirabella Financial Services LLP raised its position in Alcoa by 12,233.1% in the 3rd 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 purchasing an additional 39,757,462 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Alcoa by 211.7% during the fourth quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company’s stock worth $332,338,000 after purchasing an additional 4,247,559 shares during the last quarter. Castle Hook Partners LP bought a new stake in shares of Alcoa during the fourth quarter worth $210,874,000. Maple Rock Capital Partners Inc. bought a new stake in shares of Alcoa during the fourth quarter worth $173,412,000. Finally, AQR Capital Management LLC increased its stake in shares of Alcoa by 153.4% in the fourth quarter. AQR Capital Management LLC now owns 4,134,425 shares of the industrial products company’s stock valued at $219,703,000 after buying an additional 2,503,132 shares in the last quarter.

More Alcoa News

Here are the key news stories impacting Alcoa this week:

• Negative Sentiment: Morgan Stanley downgraded Alcoa to Equal-weight from a more favorable view, cutting its price target to $53 from $79. The firm said the changing supply backdrop should favor copper, gold, and silver, while aluminum is likely headed into surplus and iron ore remains under pressure. Morgan Stanley upgrades Ivanhoe Mines, cuts Alcoa and Vale on metals outlook
• Negative Sentiment: Another report noted Morgan Stanley reaffirmed its Equal-weight rating on Alcoa while reducing the price target from $79 to $53, reinforcing a more cautious stance on the stock’s near-term upside. Alcoa had its “equal weight” rating reaffirmed by Morgan Stanley
• Negative Sentiment: B. Riley Financial also lowered its price target on Alcoa to $80 from $92, even while keeping a Buy rating. The cut adds to the sense that analysts see less room for a sustained move higher in the stock. Alcoa (NYSE:AA) Price Target Lowered to $80.00 at B. Riley Financial
• Neutral Sentiment: Recent market commentary and analyst-call roundups have kept Alcoa in focus, but the main driver remains the softer outlook for aluminum prices compared with other metals. Here Are Wednesday’s Best Wall Street Analyst Research Calls: Alcoa, Commercial Metals, DTE Energy, Dollar Tree, Occidental Petroleum, PayPal, Pinterest, Snap, Travelers, and More

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AA. BMO Capital Markets lifted their price target on Alcoa from $65.00 to $75.00 and gave the company a “market perform” rating in a report on Thursday, April 9th. Weiss Ratings raised shares of Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Zacks Research cut shares of Alcoa from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 12th. UBS Group dropped their target price on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Finally, B. Riley Financial reduced their target price on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Alcoa currently has a consensus rating of “Hold” and a consensus price target of $64.00.

Alcoa Trading Down 1.1%

Shares of AA opened at $48.47 on Thursday. The stock’s fifty day simple moving average is $63.84 and its 200-day simple moving average is $62.80. The firm has a market capitalization of $12.79 billion, a PE ratio of 12.27, a price-to-earnings-growth ratio of 0.67 and a beta of 1.63. Alcoa has a 12-month low of $28.11 and a 12-month high of $84.38. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 0.36.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Thursday, April 16th. The industrial products company reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.20). The firm had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.35 billion. Alcoa had a return on equity of 12.57% and a net margin of 8.27%.Alcoa’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.15 earnings per share. As a group, research analysts predict that Alcoa will post 8.48 earnings per share for the current year.

Alcoa Announces Dividend

The firm 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 was Tuesday, May 19th. This represents a $0.40 annualized dividend and a dividend yield of 0.8%. Alcoa’s payout ratio is currently 10.13%.

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.