Old West Investment Management LLC Buys New Stake in Alcoa $AA

Old West Investment Management LLC bought a new stake in shares of Alcoa (NYSE:AA) during the 3rd quarter, Holdings Channel reports. The firm bought 21,865 shares of the industrial products company’s stock, valued at approximately $719,000.

Other institutional investors also recently added to or reduced their stakes in the company. Savant Capital LLC increased its holdings in shares of Alcoa by 34.0% during the third quarter. Savant Capital LLC now owns 11,671 shares of the industrial products company’s stock valued at $384,000 after purchasing an additional 2,960 shares during the period. Envestnet Asset Management Inc. grew its position in Alcoa by 28.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 22,538 shares of the industrial products company’s stock valued at $741,000 after buying an additional 5,051 shares in the last quarter. Hantz Financial Services Inc. increased its stake in Alcoa by 137.2% during the 3rd quarter. Hantz Financial Services Inc. now owns 6,299 shares of the industrial products company’s stock valued at $207,000 after buying an additional 3,643 shares during the period. Penserra Capital Management LLC increased its stake in Alcoa by 2.6% during the 3rd quarter. Penserra Capital Management LLC now owns 29,012 shares of the industrial products company’s stock valued at $954,000 after buying an additional 737 shares during the period. Finally, Atlantic Union Bankshares Corp raised its position in shares of Alcoa by 1,467.4% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 9,859 shares of the industrial products company’s stock worth $324,000 after buying an additional 9,230 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research analysts recently commented on AA shares. UBS Group raised their price objective on shares of Alcoa from $42.00 to $48.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. B. Riley Financial reissued a “buy” rating on shares of Alcoa in a research note on Friday, January 23rd. Argus set a $45.00 target price on Alcoa in a research note on Thursday, October 30th. HSBC lifted their target price on Alcoa from $33.00 to $41.00 and gave the stock a “buy” rating in a report on Friday, October 17th. Finally, Zacks Research raised shares of Alcoa from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $48.25.

Alcoa Price Performance

NYSE AA opened at $59.21 on Friday. The company has a current ratio of 1.45, a quick ratio of 0.87 and a debt-to-equity ratio of 0.40. Alcoa has a 1 year low of $21.53 and a 1 year high of $66.95. The company has a market cap of $15.33 billion, a PE ratio of 13.40 and a beta of 1.91. The stock’s 50-day moving average price is $55.03 and its two-hundred day moving average price is $41.35.

Alcoa (NYSE:AA) last released its earnings results on Thursday, January 22nd. The industrial products company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.31. Alcoa had a net margin of 9.12% and a return on equity of 16.18%. The business had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.28 billion. During the same period last year, the firm posted $1.04 earnings per share. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, analysts predict that Alcoa will post 4.43 EPS for the current year.

About Alcoa

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.