Pictet Asset Management Ltd. Buys 319,408 Shares of Alcoa Corp. (NYSE:AA)

Pictet Asset Management Ltd. boosted its position in shares of Alcoa Corp. (NYSE:AA) by 159.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 519,402 shares of the industrial products company’s stock after purchasing an additional 319,408 shares during the quarter. Pictet Asset Management Ltd. owned approximately 0.28% of Alcoa Corp. worth $24,214,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Alcoa Corp. by 14.5% during the second quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock worth $484,895,000 after buying an additional 1,885,745 shares during the period. Elliott Management Corp lifted its position in Alcoa Corp. by 14.7% during the second quarter. Elliott Management Corp now owns 11,737,457 shares of the industrial products company’s stock worth $383,228,000 after buying an additional 1,500,000 shares during the period. Balyasny Asset Management LLC lifted its position in Alcoa Corp. by 22.8% during the second quarter. Balyasny Asset Management LLC now owns 7,848,750 shares of the industrial products company’s stock worth $256,262,000 after buying an additional 1,458,488 shares during the period. BlackRock Inc. lifted its position in Alcoa Corp. by 14.1% during the second quarter. BlackRock Inc. now owns 7,779,093 shares of the industrial products company’s stock worth $253,986,000 after buying an additional 958,494 shares during the period. Finally, Old Mutual Global Investors UK Ltd. lifted its position in Alcoa Corp. by 163.5% during the second quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock worth $148,198,000 after buying an additional 2,816,320 shares during the period.

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Shares of Alcoa Corp. (NYSE AA) opened at $43.13 on Tuesday. Alcoa Corp. has a 1 year low of $28.01 and a 1 year high of $50.31. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.38 and a quick ratio of 0.90. The company has a market capitalization of $7,957.83 and a P/E ratio of 20.38.

Alcoa Corp. (NYSE:AA) last issued its quarterly earnings results on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.05). Alcoa Corp. had a net margin of 2.61% and a return on equity of 4.90%. The firm had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same quarter last year, the business posted $0.32 earnings per share. The firm’s revenue for the quarter was up 27.3% compared to the same quarter last year. equities analysts anticipate that Alcoa Corp. will post 3.15 earnings per share for the current year.

Several equities analysts recently weighed in on AA shares. BMO Capital Markets set a $45.00 target price on Alcoa Corp. and gave the stock a “buy” rating in a research report on Saturday, August 5th. Clarkson Capital restated a “buy” rating on shares of Alcoa Corp. in a research note on Thursday, July 20th. Citigroup Inc. restated a “buy” rating and set a $45.00 price target on shares of Alcoa Corp. in a research note on Saturday, July 22nd. Deutsche Bank AG upgraded Alcoa Corp. from a “hold” rating to a “buy” rating and upped their price target for the stock from $44.00 to $60.00 in a research note on Tuesday, September 12th. Finally, Zacks Investment Research upgraded Alcoa Corp. from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Thursday, September 14th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $49.88.

Alcoa Corp. Company Profile

Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.

Institutional Ownership by Quarter for Alcoa Corp. (NYSE:AA)

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