Norges Bank Makes New Investment in Alcoa $AA

Norges Bank bought a new position in shares of Alcoa (NYSE:AA) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,271,781 shares of the industrial products company’s stock, valued at approximately $67,582,000. Norges Bank owned 0.49% of Alcoa as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of AA. NewEdge Advisors LLC grew its holdings in Alcoa by 1,098.0% during the 1st quarter. NewEdge Advisors LLC now owns 11,704 shares of the industrial products company’s stock worth $357,000 after acquiring an additional 10,727 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Alcoa by 0.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 646,609 shares of the industrial products company’s stock worth $19,722,000 after acquiring an additional 4,624 shares during the period. Invesco Ltd. grew its holdings in Alcoa by 1.9% during the 2nd quarter. Invesco Ltd. now owns 640,528 shares of the industrial products company’s stock worth $18,902,000 after acquiring an additional 12,008 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Alcoa by 173.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,040 shares of the industrial products company’s stock worth $60,000 after acquiring an additional 1,295 shares during the period. Finally, First Trust Advisors LP grew its holdings in Alcoa by 320.1% during the 2nd quarter. First Trust Advisors LP now owns 269,982 shares of the industrial products company’s stock worth $7,967,000 after acquiring an additional 205,717 shares during the period.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Citigroup lifted their target price on shares of Alcoa from $54.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, March 16th. Zacks Research lowered shares of Alcoa from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 12th. Wall Street Zen lowered shares of Alcoa from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. B. Riley Financial lifted their target price on shares of Alcoa from $78.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday, April 7th. Finally, Argus set a $73.00 price target on shares of Alcoa in a research report on Monday, April 27th. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $68.60.

Alcoa Trading Down 8.0%

AA opened at $71.81 on Friday. The stock has a market capitalization of $18.95 billion, a P/E ratio of 18.18 and a beta of 1.56. Alcoa has a 12 month low of $27.72 and a 12 month high of $84.38. The firm’s fifty day simple moving average is $68.79 and its 200 day simple moving average is $60.16. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 0.36.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Thursday, April 16th. The industrial products company reported $1.40 EPS for the quarter, missing the consensus estimate of $1.60 by ($0.20). The company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.35 billion. Alcoa had a net margin of 8.27% and a return on equity of 12.57%. The company’s revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.15 earnings per share. As a group, research analysts anticipate that Alcoa will post 7.95 EPS for the current fiscal year.

Alcoa Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Tuesday, May 19th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Tuesday, May 19th. Alcoa’s payout ratio is currently 10.13%.

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.