Wedge Capital Management L L P NC Trims Position in Alcoa Corp (NYSE:AA)

Wedge Capital Management L L P NC cut its holdings in shares of Alcoa Corp (NYSE:AA) by 20.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 24,079 shares of the industrial products company’s stock after selling 6,291 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Alcoa were worth $483,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of AA. Nuveen Asset Management LLC purchased a new stake in Alcoa during the second quarter worth about $17,128,000. Investec Asset Management LTD purchased a new stake in Alcoa during the second quarter worth about $3,233,000. FMR LLC increased its stake in Alcoa by 136.4% during the first quarter. FMR LLC now owns 1,048,586 shares of the industrial products company’s stock worth $29,528,000 after purchasing an additional 605,094 shares during the period. Robeco Institutional Asset Management B.V. acquired a new position in shares of Alcoa during the third quarter worth about $11,867,000. Finally, Renaissance Technologies LLC grew its position in shares of Alcoa by 22.9% during the second quarter. Renaissance Technologies LLC now owns 2,948,496 shares of the industrial products company’s stock worth $69,024,000 after buying an additional 549,600 shares in the last quarter.

AA traded down $0.03 on Friday, reaching $22.53. The company’s stock had a trading volume of 3,538,131 shares, compared to its average volume of 3,747,501. The stock has a 50 day moving average of $20.68 and a two-hundred day moving average of $21.78. The company has a quick ratio of 0.81, a current ratio of 1.48 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $4.19 billion, a price-to-earnings ratio of 6.29 and a beta of 1.47. Alcoa Corp has a fifty-two week low of $16.46 and a fifty-two week high of $36.72.

Alcoa (NYSE:AA) last announced 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 business had revenue of $2.57 billion during 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 business’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period last year, the company earned $0.63 earnings per share. As a group, analysts anticipate that Alcoa Corp will post -0.78 earnings per share for the current fiscal year.

A number of brokerages have recently commented on AA. Bank of America reissued a “neutral” rating and set a $20.00 price objective (down from $25.00) on shares of Alcoa in a research report on Friday, August 16th. Jefferies Financial Group downgraded Alcoa from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $29.00 to $23.00 in a research report on Thursday, July 18th. Gabelli downgraded Alcoa from a “buy” rating to a “hold” rating in a research report on Monday, October 21st. Goldman Sachs Group raised Alcoa from a “neutral” rating to a “buy” rating in a research report on Monday, September 23rd. Finally, ValuEngine raised Alcoa from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $27.50.

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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Institutional Ownership by Quarter for Alcoa (NYSE:AA)

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