Jennison Associates LLC Purchases 289,128 Shares of Alcoa Corp. (AA)

Jennison Associates LLC boosted its position in Alcoa Corp. (NYSE:AA) by 91.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 605,341 shares of the industrial products company’s stock after purchasing an additional 289,128 shares during the period. Jennison Associates LLC owned 0.33% of Alcoa Corp. worth $28,221,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Principal Financial Group Inc. boosted its position in shares of Alcoa Corp. by 5.7% during the 1st quarter. Principal Financial Group Inc. now owns 25,052 shares of the industrial products company’s stock valued at $862,000 after purchasing an additional 1,349 shares in the last quarter. Teachers Advisors LLC boosted its position in shares of Alcoa Corp. by 185.2% during the 1st quarter. Teachers Advisors LLC now owns 444,056 shares of the industrial products company’s stock valued at $15,276,000 after purchasing an additional 288,380 shares in the last quarter. Amalgamated Bank boosted its position in shares of Alcoa Corp. by 9.4% during the 1st quarter. Amalgamated Bank now owns 7,954 shares of the industrial products company’s stock valued at $274,000 after purchasing an additional 682 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its position in shares of Alcoa Corp. by 95.5% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 8,940 shares of the industrial products company’s stock valued at $307,000 after purchasing an additional 4,366 shares in the last quarter. Finally, Gateway Investment Advisers LLC boosted its position in shares of Alcoa Corp. by 0.4% during the 2nd quarter. Gateway Investment Advisers LLC now owns 17,020 shares of the industrial products company’s stock valued at $556,000 after purchasing an additional 73 shares in the last quarter.

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Shares of Alcoa Corp. (AA) opened at $42.21 on Thursday. The stock has a market capitalization of $7,746.91 and a price-to-earnings ratio of 19.84. Alcoa Corp. has a 52 week low of $28.01 and a 52 week high of $50.31. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.90 and a current ratio of 1.38.

Alcoa Corp. (NYSE:AA) last posted its quarterly earnings data on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.77 by ($0.05). The business had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $2.95 billion. Alcoa Corp. had a net margin of 2.61% and a return on equity of 4.90%. Alcoa Corp.’s quarterly revenue was up 27.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.32 EPS. equities analysts expect that Alcoa Corp. will post 3.24 EPS for the current fiscal year.

Several brokerages recently commented on AA. BMO Capital Markets restated a “buy” rating and set a $60.00 target price on shares of Alcoa Corp. in a research report on Wednesday. Citigroup Inc. reiterated a “buy” rating and issued a $55.00 price target (up previously from $53.00) on shares of Alcoa Corp. in a report on Friday, October 20th. J P Morgan Chase & Co reiterated a “buy” rating and issued a $60.00 price target on shares of Alcoa Corp. in a report on Thursday, October 19th. Berenberg Bank set a $44.00 price target on Alcoa Corp. and gave the stock a “hold” rating in a report on Wednesday, October 18th. Finally, Cowen and Company set a $51.00 price target on Alcoa Corp. and gave the stock a “hold” rating in a report on Wednesday, October 11th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $49.88.

Alcoa Corp. Profile

Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.

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Institutional Ownership by Quarter for Alcoa Corp. (NYSE:AA)

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