Squarepoint Ops LLC increased its stake in Alcoa Corp (NYSE:AA) by 18.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 352,636 shares of the industrial products company’s stock after buying an additional 53,752 shares during the period. Squarepoint Ops LLC owned 0.19% of Alcoa worth $7,077,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the business. Steward Partners Investment Advisory LLC bought a new position in Alcoa in the second quarter worth about $25,000. Lindbrook Capital LLC grew its position in shares of Alcoa by 323.7% in the 3rd quarter. Lindbrook Capital LLC now owns 1,339 shares of the industrial products company’s stock worth $27,000 after buying an additional 1,023 shares during the last quarter. TRUE Private Wealth Advisors purchased a new position in shares of Alcoa in the 2nd quarter worth approximately $30,000. Regal Wealth Group Inc. bought a new position in shares of Alcoa during the 3rd quarter worth approximately $30,000. Finally, Quantamental Technologies LLC bought a new position in shares of Alcoa during the 2nd quarter worth approximately $74,000.
A number of research firms recently commented on AA. Bank of America downgraded shares of Alcoa from a “neutral” rating to an “underperform” rating and set a $21.00 target price for the company. in a research note on Wednesday, November 13th. Gabelli lowered shares of Alcoa from a “buy” rating to a “hold” rating in a report on Monday, October 21st. Argus reaffirmed a “hold” rating on shares of Alcoa in a research report on Friday, October 18th. B. Riley increased their price objective on Alcoa from $26.00 to $28.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, Goldman Sachs Group upgraded Alcoa from a “neutral” rating to a “buy” rating in a report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $28.09.
Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, October 16th. The industrial products company reported ($0.44) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.35) by ($0.09). The company had revenue of $2.57 billion for the quarter, compared to analyst estimates of $2.58 billion. Alcoa had a negative net margin of 6.87% and a negative return on equity of 0.03%. The company’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 EPS. On average, equities research analysts expect that Alcoa Corp will post -0.83 earnings per share for the current year.
Alcoa Company Profile
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.
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