Convergence Investment Partners LLC Invests $898,000 in Alcoa Co. (NYSE:AA)

Convergence Investment Partners LLC bought a new position in Alcoa Co. (NYSE:AA) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 23,762 shares of the industrial products company’s stock, valued at approximately $898,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of AA. Ballentine Partners LLC boosted its position in shares of Alcoa by 3.2% during the fourth quarter. Ballentine Partners LLC now owns 8,973 shares of the industrial products company’s stock valued at $339,000 after buying an additional 279 shares during the period. Wilmington Savings Fund Society FSB boosted its holdings in Alcoa by 5.3% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 6,521 shares of the industrial products company’s stock valued at $246,000 after acquiring an additional 328 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Alcoa by 3.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 9,469 shares of the industrial products company’s stock valued at $365,000 after acquiring an additional 339 shares during the last quarter. Blue Trust Inc. increased its stake in Alcoa by 12.0% in the third quarter. Blue Trust Inc. now owns 3,222 shares of the industrial products company’s stock worth $128,000 after purchasing an additional 344 shares during the period. Finally, CreativeOne Wealth LLC lifted its position in shares of Alcoa by 4.1% during the third quarter. CreativeOne Wealth LLC now owns 9,114 shares of the industrial products company’s stock worth $352,000 after purchasing an additional 360 shares during the last quarter.

Alcoa Stock Performance

Shares of NYSE:AA opened at $36.18 on Thursday. The company has a market capitalization of $9.35 billion, a price-to-earnings ratio of -226.14, a price-to-earnings-growth ratio of 0.20 and a beta of 2.43. The company has a quick ratio of 0.86, a current ratio of 1.45 and a debt-to-equity ratio of 0.48. Alcoa Co. has a 52 week low of $24.86 and a 52 week high of $47.77. The firm has a 50 day moving average of $37.07 and a 200 day moving average of $37.77.

Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.91 by $0.13. Alcoa had a return on equity of 5.54% and a net margin of 0.50%. On average, sell-side analysts predict that Alcoa Co. will post 4.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on AA. Jefferies Financial Group reduced their price target on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Argus raised shares of Alcoa from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Wednesday, October 23rd. Bank of America boosted their price target on Alcoa to $58.00 and gave the company a “buy” rating in a report on Friday, January 24th. B. Riley upgraded Alcoa to a “strong-buy” rating in a report on Tuesday, January 21st. Finally, BMO Capital Markets lifted their target price on Alcoa to $43.00 and gave the company a “hold” rating in a research report on Friday, January 17th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.55.

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.