Renaissance Technologies LLC Sells 80,700 Shares of Alcoa Co. (NYSE:AA)

Renaissance Technologies LLC cut its stake in shares of Alcoa Co. (NYSE:AA) by 11.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 601,096 shares of the industrial products company’s stock after selling 80,700 shares during the quarter. Renaissance Technologies LLC’s holdings in Alcoa were worth $23,912,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Quantbot Technologies LP lifted its position in Alcoa by 12.4% during the second quarter. Quantbot Technologies LP now owns 130,500 shares of the industrial products company’s stock valued at $5,191,000 after purchasing an additional 14,400 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Alcoa by 6.2% during the second quarter. Dimensional Fund Advisors LP now owns 6,665,106 shares of the industrial products company’s stock valued at $265,132,000 after purchasing an additional 390,930 shares during the last quarter. Federated Hermes Inc. lifted its position in Alcoa by 389.0% during the second quarter. Federated Hermes Inc. now owns 72,903 shares of the industrial products company’s stock valued at $2,900,000 after purchasing an additional 57,995 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in Alcoa during the second quarter valued at approximately $635,000. Finally, Qsemble Capital Management LP lifted its position in Alcoa by 170.3% during the second quarter. Qsemble Capital Management LP now owns 52,759 shares of the industrial products company’s stock valued at $2,099,000 after purchasing an additional 33,243 shares during the last quarter. 82.39% of the stock is currently owned by institutional investors.

Alcoa Stock Up 1.7 %

Shares of NYSE AA opened at $34.92 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.55 and a debt-to-equity ratio of 0.46. Alcoa Co. has a 52 week low of $23.07 and a 52 week high of $45.48. The firm’s fifty day moving average is $32.70 and its 200 day moving average is $35.61. The company has a market cap of $6.27 billion, a price-to-earnings ratio of -9.29 and a beta of 2.42.

Alcoa (NYSE:AA) last issued its earnings results on Wednesday, July 17th. The industrial products company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.11 by $0.05. The company had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.84 billion. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.35) earnings per share. On average, equities research analysts expect that Alcoa Co. will post 0.7 earnings per share for the current year.

Alcoa Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Monday, August 12th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date was Monday, August 12th. Alcoa’s payout ratio is currently -10.64%.

Wall Street Analysts Forecast Growth

AA has been the subject of several research analyst reports. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. B. Riley Financial restated a “neutral” rating and issued a $41.00 price objective on shares of Alcoa in a report on Tuesday. Wolfe Research upgraded shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a report on Wednesday, September 4th. Bank of America lowered their price objective on shares of Alcoa from $46.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, July 18th. Finally, B. Riley boosted their price objective on shares of Alcoa from $37.00 to $41.00 and gave the stock a “neutral” rating in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $40.45.

About Alcoa

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.