Prudential Financial Inc. Reduces Position in Alcoa Corp (NYSE:AA)

Prudential Financial Inc. lowered its position in Alcoa Corp (NYSE:AA) by 26.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,036,887 shares of the industrial products company’s stock after selling 381,291 shares during the quarter. Prudential Financial Inc. owned about 0.56% of Alcoa worth $24,274,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in Alcoa by 9.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,704,529 shares of the industrial products company’s stock valued at $125,053,000 after buying an additional 393,862 shares during the last quarter. Geode Capital Management LLC lifted its position in Alcoa by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 1,912,090 shares of the industrial products company’s stock valued at $50,823,000 after buying an additional 40,522 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in Alcoa in the first quarter valued at about $235,000. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Alcoa in the first quarter valued at about $442,000. Finally, World Asset Management Inc acquired a new position in Alcoa in the first quarter valued at about $303,000.

Shares of AA traded up $1.24 during mid-day trading on Thursday, hitting $19.52. 258,939 shares of the company’s stock were exchanged, compared to its average volume of 3,130,443. The company has a market cap of $3.27 billion, a price-to-earnings ratio of 5.44 and a beta of 1.45. Alcoa Corp has a fifty-two week low of $16.46 and a fifty-two week high of $45.45. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.81 and a current ratio of 1.51. The stock’s 50-day moving average is $19.88 and its 200-day moving average is $24.27.

Alcoa (NYSE:AA) last released its earnings results on Wednesday, July 17th. The industrial products company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.34) by $0.33. Alcoa had a negative net margin of 4.92% and a positive return on equity of 2.78%. The firm 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 firm earned $1.52 earnings per share. The business’s quarterly revenue was down 24.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Alcoa Corp will post -0.27 EPS for the current year.

AA has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of Alcoa from a “sell” rating to a “hold” rating in a research report on Monday. Deutsche Bank cut shares of Alcoa from a “buy” rating to a “hold” rating and decreased their target price for the company from $35.00 to $23.00 in a research report on Thursday, July 11th. ValuEngine cut shares of Alcoa from a “buy” rating to a “hold” rating in a research report on Wednesday. BMO Capital Markets set a $35.00 target price on shares of Alcoa and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Finally, Goldman Sachs Group set a $30.00 target price on shares of Alcoa and gave the company a “buy” rating in a research report on Friday, August 30th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $34.23.

Alcoa Company Profile

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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Institutional Ownership by Quarter for Alcoa (NYSE:AA)

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