Bornite Capital Management LP Acquires Shares of 50,000 Alcoa Co. (NYSE:AA)

Bornite Capital Management LP acquired a new stake in Alcoa Co. (NYSE:AA) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 50,000 shares of the industrial products company’s stock, valued at approximately $1,690,000.

A number of other hedge funds have also recently added to or reduced their stakes in AA. Raymond James & Associates boosted its position in shares of Alcoa by 3,731.1% during the fourth quarter. Raymond James & Associates now owns 799,705 shares of the industrial products company’s stock valued at $27,190,000 after buying an additional 778,831 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Alcoa by 16.4% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 44,612 shares of the industrial products company’s stock valued at $1,517,000 after buying an additional 6,295 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of Alcoa by 78.7% during the fourth quarter. Pacer Advisors Inc. now owns 26,829 shares of the industrial products company’s stock valued at $912,000 after buying an additional 11,817 shares during the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Alcoa during the fourth quarter valued at approximately $227,000. Finally, Quent Capital LLC boosted its position in shares of Alcoa by 64.2% during the fourth quarter. Quent Capital LLC now owns 990 shares of the industrial products company’s stock valued at $34,000 after buying an additional 387 shares during the last quarter.

Alcoa Price Performance

Shares of NYSE:AA traded down $0.41 on Monday, hitting $33.02. The company’s stock had a trading volume of 4,263,408 shares, compared to its average volume of 5,921,126. The company has a 50-day simple moving average of $39.58 and a 200 day simple moving average of $34.72. Alcoa Co. has a 1 year low of $23.07 and a 1 year high of $45.48. The company has a market capitalization of $5.93 billion, a PE ratio of -8.78 and a beta of 2.45. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.55 and a quick ratio of 0.92.

Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.05. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The firm had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.84 billion. During the same quarter last year, the firm posted ($0.35) EPS. The company’s revenue was up 8.3% compared to the same quarter last year. Sell-side analysts forecast that Alcoa Co. will post 0.53 EPS for the current fiscal year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Tuesday, May 21st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, May 20th. This represents a $0.40 annualized dividend and a dividend yield of 1.21%. Alcoa’s dividend payout ratio (DPR) is presently -10.64%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on AA shares. Citigroup upped their price objective on Alcoa from $32.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, May 21st. Morgan Stanley reduced their price objective on Alcoa from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. UBS Group upped their price target on Alcoa from $27.00 to $32.00 and gave the company a “sell” rating in a research report on Friday, April 19th. Jefferies Financial Group upped their price target on Alcoa from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Finally, B. Riley increased their price objective on Alcoa from $39.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.80.

Alcoa Profile

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.