Thomist Capital Management LP Takes $2.70 Million Position in Alcoa Co. (NYSE:AA)

Thomist Capital Management LP purchased a new position in shares of Alcoa Co. (NYSE:AA) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 67,800 shares of the industrial products company’s stock, valued at approximately $2,697,000. Alcoa accounts for approximately 1.0% of Thomist Capital Management LP’s investment portfolio, making the stock its 17th largest position.

Other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its stake in shares of Alcoa by 6.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,665,106 shares of the industrial products company’s stock worth $265,132,000 after buying an additional 390,930 shares during the last quarter. ANTIPODES PARTNERS Ltd acquired a new position in shares of Alcoa in the second quarter valued at approximately $93,061,000. L1 Capital Pty Ltd bought a new position in shares of Alcoa during the first quarter worth approximately $72,658,000. Capital Research Global Investors lifted its holdings in Alcoa by 29.8% during the 1st quarter. Capital Research Global Investors now owns 2,067,742 shares of the industrial products company’s stock worth $69,869,000 after purchasing an additional 475,000 shares during the last quarter. Finally, ARGA Investment Management LP grew its holdings in Alcoa by 202.2% in the 1st quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock valued at $50,399,000 after buying an additional 997,912 shares in the last quarter. Institutional investors and hedge funds own 82.39% of the company’s stock.

Alcoa Trading Up 1.2 %

AA opened at $34.38 on Thursday. The company’s 50 day moving average is $32.78 and its 200-day moving average is $35.62. The company has a market cap of $6.17 billion, a P/E ratio of -9.14 and a beta of 2.42. Alcoa Co. has a 1-year low of $23.07 and a 1-year high of $45.48. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.05. The company had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.84 billion. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. Alcoa’s revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.35) EPS. Equities research analysts predict that Alcoa Co. will post 0.7 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Monday, August 12th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date was Monday, August 12th. Alcoa’s payout ratio is -10.64%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on AA shares. UBS Group raised shares of Alcoa from a “sell” rating to a “buy” rating and boosted their target price for the company from $32.00 to $38.00 in a research report on Monday, August 12th. B. Riley Financial reaffirmed a “neutral” rating and set a $41.00 target price on shares of Alcoa in a report on Tuesday. Morgan Stanley cut their price target on Alcoa from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Wolfe Research upgraded Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price objective on the stock in a research note on Wednesday, September 4th. Finally, StockNews.com upgraded Alcoa from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Alcoa currently has an average rating of “Hold” and a consensus target price of $40.27.

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.