Drummond Knight Asset Management Pty Ltd Acquires Shares of 520,000 Alcoa Co. (NYSE:AA)

Drummond Knight Asset Management Pty Ltd bought a new position in Alcoa Co. (NYSE:AA) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 520,000 shares of the industrial products company’s stock, valued at approximately $19,646,000. Alcoa makes up about 14.3% of Drummond Knight Asset Management Pty Ltd’s portfolio, making the stock its biggest position. Drummond Knight Asset Management Pty Ltd owned 0.20% of Alcoa as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new stake in Alcoa during the third quarter worth about $239,000. Synovus Financial Corp bought a new position in shares of Alcoa during the third quarter valued at approximately $456,000. GAMMA Investing LLC raised its position in shares of Alcoa by 399.0% during the 4th quarter. GAMMA Investing LLC now owns 1,447 shares of the industrial products company’s stock worth $55,000 after purchasing an additional 1,157 shares during the period. Everence Capital Management Inc. bought a new stake in shares of Alcoa in the 4th quarter worth approximately $322,000. Finally, Nordea Investment Management AB boosted its position in Alcoa by 2.3% during the 4th quarter. Nordea Investment Management AB now owns 253,673 shares of the industrial products company’s stock valued at $9,662,000 after purchasing an additional 5,773 shares during the period. 82.39% of the stock is currently owned by institutional investors.

Alcoa Trading Down 0.8 %

Shares of NYSE AA opened at $24.87 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 1.45 and a debt-to-equity ratio of 0.48. Alcoa Co. has a 12 month low of $21.53 and a 12 month high of $47.77. The company has a market cap of $6.44 billion, a price-to-earnings ratio of -155.42, a P/E/G ratio of 0.19 and a beta of 2.29. The business has a fifty day simple moving average of $28.53 and a 200-day simple moving average of $35.69.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Wednesday, April 16th. The industrial products company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.42. Alcoa had a net margin of 0.50% and a return on equity of 5.54%. The company had revenue of $3.37 billion during the quarter, compared to analyst estimates of $3.58 billion. Sell-side analysts predict that Alcoa Co. will post 4.43 EPS for the current year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Tuesday, March 4th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend was Tuesday, March 4th. Alcoa’s payout ratio is 12.05%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Morgan Stanley cut their target price on Alcoa from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Bank of America reissued an “underperform” rating and set a $26.00 target price (down from $58.00) on shares of Alcoa in a research note on Tuesday, April 8th. B. Riley dropped their price target on shares of Alcoa from $44.00 to $43.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Q1 EBITDA beat expectations, Q2 EBITDA estimate raised to 439M from 351M JPMorgan Chase & Co. reduced their price objective on Alcoa from $28.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, April 17th. Finally, BMO Capital Markets lifted their target price on Alcoa to $43.00 and gave the company a “hold” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.17.

Alcoa Company Profile

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.