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California Public Employees Retirement System Cuts Position in Alcoa Co. (NYSE:AA)

California Public Employees Retirement System trimmed its position in Alcoa Co. (NYSE:AA) by 2.3% during the third quarter, according to the company in…

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This article was originally published by ETF Daily News

California Public Employees Retirement System trimmed its position in Alcoa Co. (NYSE:AA) by 2.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 435,772 shares of the industrial products company’s stock after selling 10,253 shares during the quarter. California Public Employees Retirement System owned 0.23% of Alcoa worth $21,327,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in AA. TCI Wealth Advisors Inc. grew its stake in shares of Alcoa by 81.1% in the third quarter. TCI Wealth Advisors Inc. now owns 538 shares of the industrial products company’s stock valued at $26,000 after buying an additional 241 shares in the last quarter. Allworth Financial LP grew its stake in shares of Alcoa by 78.0% in the third quarter. Allworth Financial LP now owns 543 shares of the industrial products company’s stock valued at $27,000 after buying an additional 238 shares in the last quarter. Sandy Spring Bank acquired a new stake in shares of Alcoa in the third quarter valued at about $30,000. Harbor Investment Advisory LLC acquired a new stake in shares of Alcoa in the third quarter valued at about $34,000. Finally, IndexIQ Advisors LLC grew its stake in shares of Alcoa by 62.5% in the third quarter. IndexIQ Advisors LLC now owns 835 shares of the industrial products company’s stock valued at $41,000 after buying an additional 321 shares in the last quarter.

NYSE:AA opened at $56.21 on Monday. The company has a quick ratio of 0.88, a current ratio of 1.46 and a debt-to-equity ratio of 0.32. The business’s 50 day moving average is $54.02 and its two-hundred day moving average is $47.93. Alcoa Co. has a 52 week low of $17.30 and a 52 week high of $64.37. The company has a market cap of $10.52 billion, a PE ratio of 13.07 and a beta of 2.45.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, January 19th. The industrial products company reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.73. The business had revenue of $3.30 billion for the quarter, compared to the consensus estimate of $3.35 billion. Alcoa had a return on equity of 16.78% and a net margin of 7.29%. The business’s revenue was up 38.0% on a year-over-year basis. During the same quarter last year, the business posted $0.26 EPS. As a group, sell-side analysts expect that Alcoa Co. will post 6.26 EPS for the current fiscal year.

Alcoa announced that its Board of Directors has authorized a stock repurchase plan on Thursday, October 14th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the industrial products company to buy up to 4.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

A number of research firms have recently issued reports on AA. Zacks Investment Research upgraded Alcoa from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a research note on Wednesday, January 19th. BMO Capital Markets raised their price objective on Alcoa from $57.00 to $65.00 and gave the company a “market perform” rating in a research note on Thursday. Morgan Stanley raised their price objective on Alcoa from $62.00 to $66.00 and gave the company an “overweight” rating in a research note on Wednesday, November 3rd. Argus raised their price objective on Alcoa from $64.00 to $68.00 in a research note on Friday. Finally, Citigroup raised their price objective on Alcoa from $58.00 to $70.00 in a research note on Friday. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $64.75.

In related news, CFO William F. Oplinger sold 166,369 shares of the firm’s stock in a transaction that occurred on Tuesday, November 16th. The stock was sold at an average price of $48.40, for a total value of $8,052,259.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Alcoa Company Profile

Alcoa Corp. engages in the production of bauxite, alumina, and aluminum products. It operates through the following segments: Bauxite, Alumina, and Aluminum. The Bauxite segment represents the company’ global bauxite mining operations. The Alumina segment includes the company’s worldwide refining system, which processes bauxite into alumina.

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The post California Public Employees Retirement System Cuts Position in Alcoa Co. (NYSE:AA) appeared first on ETF Daily News.


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