IndexIQ Advisors LLC Decreases Stake in Alcoa Corp (AA)

IndexIQ Advisors LLC reduced its holdings in Alcoa Corp (NYSE:AA) by 62.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,737 shares of the industrial products company’s stock after selling 7,870 shares during the period. IndexIQ Advisors LLC’s holdings in Alcoa were worth $133,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of AA. Norges Bank acquired a new stake in Alcoa during the fourth quarter worth about $210,497,000. State of New Jersey Common Pension Fund D acquired a new stake in Alcoa during the fourth quarter worth about $24,002,000. Prudential Financial Inc. increased its position in Alcoa by 282.5% during the fourth quarter. Prudential Financial Inc. now owns 1,076,685 shares of the industrial products company’s stock worth $28,619,000 after purchasing an additional 795,194 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Alcoa by 9.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,704,529 shares of the industrial products company’s stock worth $125,053,000 after purchasing an additional 393,862 shares during the last quarter. Finally, BlackRock Inc. increased its position in Alcoa by 3.7% during the fourth quarter. BlackRock Inc. now owns 9,525,897 shares of the industrial products company’s stock worth $253,197,000 after purchasing an additional 340,639 shares during the last quarter.

Several research firms recently issued reports on AA. Credit Suisse Group cut shares of Alcoa from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $40.00 to $31.00 in a research report on Tuesday, April 2nd. ValuEngine cut shares of Alcoa from a “hold” rating to a “sell” rating in a research report on Monday, February 4th. Jefferies Financial Group set a $36.00 price objective on shares of Alcoa and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Bank of America cut shares of Alcoa from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $45.00 to $31.00 in a research report on Wednesday, April 3rd. Finally, Zacks Investment Research cut shares of Alcoa from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the stock. Alcoa has an average rating of “Buy” and a consensus target price of $43.00.

Shares of AA opened at $24.24 on Thursday. Alcoa Corp has a 1-year low of $23.85 and a 1-year high of $50.59. The stock has a market cap of $4.59 billion, a price-to-earnings ratio of 6.77, a P/E/G ratio of 6.77 and a beta of 1.04. The company has a quick ratio of 0.83, a current ratio of 1.47 and a debt-to-equity ratio of 0.25.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, April 17th. The industrial products company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.06). Alcoa had a negative net margin of 0.94% and a positive return on equity of 6.75%. The company had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.87 billion. During the same quarter in the prior year, the business earned $0.77 earnings per share. Alcoa’s revenue was down 12.0% on a year-over-year basis. As a group, equities research analysts predict that Alcoa Corp will post 0.91 earnings per share for the current fiscal year.

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About Alcoa

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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