Renaissance Technologies LLC recently announced the acquisition of new stake in Alcoa Corporation (NYSE:AA). The institutional investor has increased its shareholding in the Basic Materials company by 26.38% to 4.18 million shares with purchase of 0.87 million shares. This fresh investment now brings its stake to 2.36% valued currently at $163.0 million. In addition, Newton Investment Management Nort raised its holdings by 0.27 million to 4.02 million shares. And BlackRock Investment Management has lifted its position by 23.89% or 0.66 million shares – to 3.43 million shares.
With over 5.58 million Alcoa Corporation (AA) shares trading Tuesday and a closing price of $49.36 on the day, the dollar volume was approximately $275.57 million. The shares have shown a negative half year performance of -19.52% and its price on 11/22/22 gained nearly 5.85%. Currently, there are 179.00M common shares owned by the public and among those 175.35M shares have been available to trade.
Insiders at the company have transacted a total of 84 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 54 of these insider trades were purchases, accounting for 835,773 shares. Insider sales of the common stock occurred on 30 occasions, with total insider shares sold totaling 588,068 shares.
The top 3 mutual fund holders in Alcoa Corporation are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. iShares Core S&P Mid Cap ETF owns 5.41 million shares of the company’s stock, all valued at over $211.04 million. The company bought an additional 2102.0 shares recently to bring their total holdings to about 3.06% of the shares outstanding. Vanguard Total Stock Market Index bought 39772.0 shares to see its total holdings expand to 5.4 million shares valued at over $210.7 million and representing 3.05% of the shares outstanding. Vanguard Small Cap Index Fund bought 74128.0 shares to bring its total holdings to over 4.64 million shares at a value of $181.19 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.62% of the shares outstanding.
Shares of Alcoa Corporation (NYSE: AA) opened at $47.72, up $1.09 from a prior closing price of $46.63. However, the script later moved the day high at 49.42, up 5.85%. The company’s stock has a 5-day price change of 0.30% and -9.31% over the past three months. AA shares are trading -17.15% year to date (YTD), with the 12-month market performance up to 1.75% higher. It has a 12-month low price of $33.55 and touched a high of $98.09 over the same period. AA has an average intraday trading volume of 7.75 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 13.85%, 20.38%, and -14.67% respectively.
Institutional ownership of Alcoa Corporation (NYSE: AA) shares accounts for 82.50% of the company’s 179.00M shares outstanding. Mutual fund holders own 45.37%, while other institutional holders and individual stakeholders account for 8.42% and 36.49% respectively.
It has a market capitalization of $8.74B and a beta (3y monthly) value of 2.41. The earnings-per-share (ttm) stands at -$0.86. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.88% over the week and 5.70% over the month.
Analysts forecast that Alcoa Corporation (AA) will achieve an EPS of -$0.63 for the current quarter, $0.4 for the next quarter and $4.37 for 2023. The lowest estimate earnings-per-share for the quarter is -$1.1 while analysts give the company a high EPS estimate of -$0.24. Comparatively, EPS for the current quarter was $2.5 a year ago. Earnings per share for the fiscal year are expected to increase by 347.00%, and -5.87% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Alcoa Corporation (AA) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 7 of the 14 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the AA, a number of firms have released research notes about the stock. UBS stated their Neutral rating for the stock in a research note on October 07, 2022, with the firm’s price target at $43. Morgan Stanley was of a view on September 16, 2022 that the stock is Overweight, while Citigroup gave the stock Neutral rating on April 21, 2022, issuing a price target of $84. Credit Suisse on their part issued Neutral rating on April 08, 2022.