Nikko Asset Management Americas Inc. boosted its position in shares of Alcoa Corp (NYSE:AA) by 30.6% in the third quarter, HoldingsChannel.com reports. The fund owned 82,068 shares of the industrial products company’s stock after purchasing an additional 19,213 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Alcoa were worth $3,325,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new position in Alcoa during the 2nd quarter valued at about $105,000. Quad Cities Investment Group LLC purchased a new position in shares of Alcoa in the 2nd quarter valued at about $112,000. Berson & Corrado Investment Advisors LLC purchased a new position in shares of Alcoa in the 2nd quarter valued at about $202,000. Lodestar Investment Counsel LLC IL purchased a new position in shares of Alcoa in the 2nd quarter valued at about $205,000. Finally, Hartford Investment Management Co. purchased a new position in shares of Alcoa in the 2nd quarter valued at about $206,000.
Several equities analysts have recently issued reports on AA shares. Zacks Investment Research upgraded Alcoa from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective for the company in a research note on Tuesday, September 25th. Jefferies Financial Group set a $65.00 price objective on Alcoa and gave the company a “buy” rating in a research note on Thursday, July 19th. Berenberg Bank started coverage on Alcoa in a research note on Friday, September 21st. They issued a “buy” rating and a $54.00 price objective for the company. Credit Suisse Group decreased their price objective on Alcoa from $65.00 to $58.00 and set an “outperform” rating for the company in a research note on Tuesday, September 25th. Finally, B. Riley upgraded Alcoa from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $48.00 to $50.00 in a research note on Wednesday, September 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. Alcoa presently has an average rating of “Buy” and an average price target of $61.13.
Alcoa (NYSE:AA) last posted its earnings results on Wednesday, July 18th. The industrial products company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.19. The firm had revenue of $3.58 billion during the quarter, compared to analysts’ expectations of $3.49 billion. Alcoa had a return on equity of 10.30% and a net margin of 1.11%. The firm’s revenue was up 25.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.62 earnings per share. As a group, sell-side analysts anticipate that Alcoa Corp will post 4.22 earnings per share for the current fiscal year.
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products. The company offers aluminum sheets for the production of cans for beverage and food. It also engages in the aluminum smelting, casting, and rolling businesses; and generation and sale of renewable energy, as well as provision of ancillary services.
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