Maverick Capital Ltd. Buys 486,535 Shares of Alcoa Corp (NYSE:AA)

Maverick Capital Ltd. grew its holdings in shares of Alcoa Corp (NYSE:AA) by 421.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 601,902 shares of the industrial products company’s stock after buying an additional 486,535 shares during the period. Maverick Capital Ltd.’s holdings in Alcoa were worth $3,708,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Verus Capital Partners LLC bought a new stake in shares of Alcoa during the 4th quarter valued at $34,000. Sunbelt Securities Inc. bought a new stake in shares of Alcoa during the 4th quarter valued at $17,020,000. Tower Research Capital LLC TRC bought a new stake in shares of Alcoa during the 1st quarter valued at $27,000. Global Retirement Partners LLC boosted its holdings in shares of Alcoa by 700.5% during the 1st quarter. Global Retirement Partners LLC now owns 4,603 shares of the industrial products company’s stock valued at $28,000 after buying an additional 4,028 shares in the last quarter. Finally, Penserra Capital Management LLC bought a new stake in shares of Alcoa during the 4th quarter valued at $175,000.

Several equities analysts have recently issued reports on AA shares. Deutsche Bank lowered Alcoa from a “buy” rating to a “hold” rating and set a $10.00 price target for the company. in a research report on Monday, June 15th. Bank of America raised Alcoa from an “underperform” rating to a “neutral” rating and lowered their price target for the stock from $20.00 to $15.00 in a research report on Wednesday, March 4th. Citigroup boosted their target price on Alcoa from $8.00 to $12.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 16th. Zacks Investment Research raised Alcoa from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research report on Wednesday, June 17th. Finally, B. Riley reaffirmed a “hold” rating and set a $8.00 price target on shares of Alcoa in a research report on Wednesday, June 3rd. Eleven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $16.06.

AA stock traded down $1.05 during trading on Wednesday, reaching $11.15. 3,359,430 shares of the company traded hands, compared to its average volume of 8,631,547. Alcoa Corp has a 12 month low of $5.16 and a 12 month high of $24.63. The business has a 50 day simple moving average of $9.55 and a 200 day simple moving average of $12.78. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of -2.54 and a beta of 2.17. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.82 and a current ratio of 1.50.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, April 22nd. The industrial products company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.06. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.37 billion. Alcoa had a negative return on equity of 2.93% and a negative net margin of 8.38%. The company’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.23) earnings per share. As a group, research analysts forecast that Alcoa Corp will post -1.24 EPS for the current year.

Alcoa Profile

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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