Amalgamated Bank Decreases Stock Position in Alcoa (NYSE:AA)

Amalgamated Bank cut its position in Alcoa (NYSE:AA) by 3.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 117,879 shares of the industrial products company’s stock after selling 4,758 shares during the quarter. Amalgamated Bank’s holdings in Alcoa were worth $3,595,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Drummond Knight Asset Management Pty Ltd purchased a new stake in Alcoa in the 4th quarter worth about $19,646,000. Corient Private Wealth LLC boosted its position in Alcoa by 4.6% during the fourth quarter. Corient Private Wealth LLC now owns 21,602 shares of the industrial products company’s stock worth $816,000 after purchasing an additional 948 shares during the period. SG Americas Securities LLC increased its stake in shares of Alcoa by 630.4% in the first quarter. SG Americas Securities LLC now owns 28,955 shares of the industrial products company’s stock worth $883,000 after purchasing an additional 24,991 shares in the last quarter. M&T Bank Corp raised its position in shares of Alcoa by 16.6% in the fourth quarter. M&T Bank Corp now owns 26,437 shares of the industrial products company’s stock valued at $999,000 after purchasing an additional 3,758 shares during the period. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Alcoa by 59.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,051 shares of the industrial products company’s stock valued at $39,000 after buying an additional 393 shares in the last quarter.

Alcoa Trading Down 1.0%

Shares of AA opened at $31.20 on Friday. Alcoa has a 1-year low of $21.53 and a 1-year high of $47.77. The company has a market capitalization of $8.08 billion, a P/E ratio of 9.40, a P/E/G ratio of 0.19 and a beta of 2.25. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.71 and a quick ratio of 1.00. The firm’s 50 day simple moving average is $27.85 and its 200 day simple moving average is $31.46.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, April 16th. The industrial products company reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.42. The firm had revenue of $3.37 billion for the quarter, compared to analyst estimates of $3.58 billion. Alcoa had a net margin of 6.79% and a return on equity of 18.56%. Sell-side analysts forecast that Alcoa will post 4.43 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Tuesday, May 20th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $0.40 dividend on an annualized basis and a yield of 1.28%. Alcoa’s dividend payout ratio is presently 12.05%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AA. JPMorgan Chase & Co. lifted their price objective on shares of Alcoa from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Wednesday, June 18th. Barclays boosted their price objective on Alcoa to $31.00 and gave the company a “hold” rating in a research note on Friday, May 16th. B. Riley restated a “buy” rating and issued a $38.00 target price (down previously from $43.00) on shares of Alcoa in a research note on Tuesday, June 24th. Wall Street Zen cut Alcoa from a “buy” rating to a “hold” rating in a research report on Sunday, June 22nd. Finally, Bank of America reissued an “underperform” rating and issued a $26.00 price target (down from $58.00) on shares of Alcoa in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, Alcoa has an average rating of “Hold” and a consensus price target of $42.33.

Alcoa 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.