Convergence Investment Partners LLC Takes Position in Alcoa Corp. (AA)

Convergence Investment Partners LLC bought a new stake in shares of Alcoa Corp. (NYSE:AA) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 46,582 shares of the industrial products company’s stock, valued at approximately $2,172,000.

Other large investors have also bought and sold shares of the company. Old Mutual Global Investors UK Ltd. lifted its stake in Alcoa by 163.5% in the 2nd quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock valued at $148,198,000 after buying an additional 2,816,320 shares in the last quarter. BT Investment Management Ltd purchased a new position in Alcoa in the 2nd quarter valued at about $83,380,000. Vanguard Group Inc. lifted its stake in Alcoa by 14.5% in the 2nd quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock valued at $484,895,000 after buying an additional 1,885,745 shares in the last quarter. Orbis Allan Gray Ltd lifted its stake in Alcoa by 454.2% in the 2nd quarter. Orbis Allan Gray Ltd now owns 1,928,763 shares of the industrial products company’s stock valued at $62,974,000 after buying an additional 1,580,729 shares in the last quarter. Finally, Elliott Management Corp lifted its stake in Alcoa by 14.7% in the 2nd quarter. Elliott Management Corp now owns 11,737,457 shares of the industrial products company’s stock valued at $383,228,000 after buying an additional 1,500,000 shares in the last quarter.

Alcoa Corp. (NYSE AA) opened at $41.79 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 1.38 and a debt-to-equity ratio of 0.17. Alcoa Corp. has a 12 month low of $28.01 and a 12 month high of $50.31. The firm has a market cap of $7,704.35 and a P/E ratio of 19.74.

Alcoa (NYSE:AA) last released its earnings results on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.05). Alcoa had a return on equity of 4.90% and a net margin of 2.61%. The business had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same period last year, the business earned $0.32 earnings per share. The company’s revenue for the quarter was up 27.3% compared to the same quarter last year. sell-side analysts predict that Alcoa Corp. will post 3.2 earnings per share for the current fiscal year.

A number of brokerages recently weighed in on AA. BMO Capital Markets raised their price target on shares of Alcoa from $45.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, September 13th. Macquarie reaffirmed a “buy” rating and issued a $62.00 price target (up from $55.00) on shares of Alcoa in a research note on Tuesday, October 10th. Morgan Stanley reaffirmed an “overweight” rating and issued a $47.00 price target on shares of Alcoa in a research note on Wednesday, September 20th. Deutsche Bank reaffirmed a “hold” rating and issued a $44.00 price target on shares of Alcoa in a research note on Wednesday, August 9th. Finally, J P Morgan Chase & Co reaffirmed a “buy” rating and issued a $60.00 price target on shares of Alcoa in a research note on Thursday, October 19th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. Alcoa has an average rating of “Buy” and an average target price of $49.88.

COPYRIGHT VIOLATION NOTICE: “Convergence Investment Partners LLC Takes Position in Alcoa Corp. (AA)” was reported by Chaffey Breeze and is owned by of Chaffey Breeze. If you are viewing this piece of content on another publication, it was stolen and republished in violation of international trademark & copyright legislation. The legal version of this piece of content can be read at https://www.chaffeybreeze.com/2017/12/05/convergence-investment-partners-llc-takes-position-in-alcoa-corp-aa.html.

Alcoa Company Profile

Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.

Want to see what other hedge funds are holding AA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alcoa Corp. (NYSE:AA).

Institutional Ownership by Quarter for Alcoa (NYSE:AA)

Receive News & Ratings for Alcoa Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alcoa Corp. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply