L & S Advisors Inc bought a new stake in shares of Alcoa Corp (NYSE:AA) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 125,125 shares of the industrial products company’s stock, valued at approximately $5,833,000. L & S Advisors Inc owned 0.07% of Alcoa as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in AA. Huntington National Bank bought a new stake in shares of Alcoa in the 3rd quarter worth approximately $112,000. Sigma Planning Corp bought a new stake in shares of Alcoa in the 3rd quarter worth approximately $206,000. Pacer Advisors Inc. lifted its position in shares of Alcoa by 8.4% in the 2nd quarter. Pacer Advisors Inc. now owns 4,488 shares of the industrial products company’s stock worth $147,000 after acquiring an additional 348 shares during the period. Zweig DiMenna Associates LLC bought a new stake in shares of Alcoa in the 3rd quarter worth approximately $214,000. Finally, Wedbush Securities Inc. bought a new stake in shares of Alcoa in the 3rd quarter worth approximately $223,000.
AA has been the subject of a number of recent research reports. Deutsche Bank raised Alcoa from a “hold” rating to a “buy” rating and increased their target price for the stock from $44.00 to $60.00 in a report on Tuesday, September 12th. BMO Capital Markets increased their target price on Alcoa from $45.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 13th. Citigroup reissued a “buy” rating and issued a $55.00 target price (up from $53.00) on shares of Alcoa in a report on Friday, October 20th. Zacks Investment Research cut Alcoa from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 12th. Finally, J P Morgan Chase & Co reissued a “buy” rating and issued a $60.00 target price on shares of Alcoa in a report on Thursday, October 19th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $49.88.
Alcoa (NYSE:AA) last released its quarterly 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). The business had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.95 billion. Alcoa had a net margin of 2.61% and a return on equity of 4.90%. The company’s revenue for the quarter was up 27.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.32 earnings per share. equities analysts anticipate that Alcoa Corp will post 3.2 earnings per share for the current fiscal year.
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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.
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