MQS Management LLC Buys Shares of 9,384 Alcoa $AA

MQS Management LLC purchased a new position in Alcoa (NYSE:AA) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 9,384 shares of the industrial products company’s stock, valued at approximately $309,000.

A number of other hedge funds have also made changes to their positions in the stock. State Street Corp lifted its holdings in Alcoa by 9.8% in the 2nd quarter. State Street Corp now owns 10,737,466 shares of the industrial products company’s stock worth $316,863,000 after purchasing an additional 959,240 shares during the last quarter. L1 Capital Pty Ltd grew its holdings in Alcoa by 178.8% during the second quarter. L1 Capital Pty Ltd now owns 4,814,342 shares of the industrial products company’s stock valued at $142,071,000 after purchasing an additional 3,087,298 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Alcoa by 4.8% in the second quarter. Geode Capital Management LLC now owns 4,637,897 shares of the industrial products company’s stock valued at $136,898,000 after purchasing an additional 211,141 shares during the period. Norges Bank acquired a new stake in shares of Alcoa in the second quarter worth $97,933,000. Finally, ARGA Investment Management LP boosted its holdings in shares of Alcoa by 2.8% during the 2nd quarter. ARGA Investment Management LP now owns 3,018,772 shares of the industrial products company’s stock worth $89,084,000 after buying an additional 83,410 shares during the period.

Alcoa Price Performance

Shares of NYSE:AA opened at $60.47 on Friday. The firm has a market capitalization of $15.66 billion, a PE ratio of 13.68 and a beta of 1.91. 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 business’s 50 day moving average is $56.56 and its 200-day moving average is $42.19.

Alcoa (NYSE:AA) last issued its earnings results on Thursday, January 22nd. The industrial products company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.31. Alcoa had a return on equity of 16.18% and a net margin of 9.12%.The business had revenue of $6.75 billion during the quarter, compared to analyst estimates of $3.28 billion. During the same period in the prior year, the company posted $1.04 earnings per share. Alcoa’s revenue was down 1.1% on a year-over-year basis. Sell-side analysts predict that Alcoa will post 4.43 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Citigroup boosted their target price on shares of Alcoa from $42.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. JPMorgan Chase & Co. restated an “underweight” rating and set a $50.00 target price (up previously from $45.00) on shares of Alcoa in a research note on Thursday, January 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Alcoa in a report on Monday, December 29th. B. Riley Financial reiterated a “buy” rating on shares of Alcoa in a report on Friday, January 23rd. Finally, Argus set a $45.00 price objective on Alcoa in a research report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $48.25.

Alcoa Company 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.