Assenagon Asset Management S.A. Purchases Shares of 1,950,553 Alcoa Corp. (NYSE:AA)

Assenagon Asset Management S.A. acquired a new stake in shares of Alcoa Corp. (NYSE:AA) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,950,553 shares of the industrial products company’s stock, valued at approximately $63,686,000. Alcoa Corp. makes up approximately 1.4% of Assenagon Asset Management S.A.’s holdings, making the stock its 3rd largest position. Assenagon Asset Management S.A. owned approximately 1.06% of Alcoa Corp. as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Private Advisor Group LLC boosted its stake in shares of Alcoa Corp. by 16.3% in the first quarter. Private Advisor Group LLC now owns 9,225 shares of the industrial products company’s stock worth $312,000 after buying an additional 1,294 shares during the last quarter. Nordea Investment Management AB boosted its stake in shares of Alcoa Corp. by 21.2% in the first quarter. Nordea Investment Management AB now owns 25,648 shares of the industrial products company’s stock worth $882,000 after buying an additional 4,494 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Alcoa Corp. by 3.3% in the first quarter. Pacer Advisors Inc. now owns 4,140 shares of the industrial products company’s stock worth $142,000 after buying an additional 132 shares during the last quarter. Penserra Capital Management LLC acquired a new stake in shares of Alcoa Corp. during the first quarter worth about $1,262,000. Finally, Oxford Asset Management acquired a new stake in shares of Alcoa Corp. during the first quarter worth about $499,000.

Shares of Alcoa Corp. (NYSE AA) remained flat at $37.78 during mid-day trading on Friday. The company had a trading volume of 2,974,324 shares. The firm has a market cap of $6.96 billion and a PE ratio of 42.98. The company’s 50 day moving average is $35.61 and its 200-day moving average is $34.38. Alcoa Corp. has a 52 week low of $20.00 and a 52 week high of $40.36.

Alcoa Corp. (NYSE:AA) last released its earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. The firm had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.88 billion. Alcoa Corp. had a return on equity of 3.29% and a net margin of 1.63%. The firm’s revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the business posted $0.15 earnings per share. Analysts anticipate that Alcoa Corp. will post $2.80 earnings per share for the current year.

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Several equities research analysts recently weighed in on the stock. Clarkson Capital reaffirmed a “buy” rating on shares of Alcoa Corp. in a research report on Thursday, July 20th. BMO Capital Markets set a $45.00 price objective on shares of Alcoa Corp. and gave the stock a “buy” rating in a research report on Tuesday, July 4th. Morgan Stanley reaffirmed an “overweight” rating on shares of Alcoa Corp. in a research report on Friday, July 21st. Cowen and Company increased their target price on shares of Alcoa Corp. from $29.00 to $35.00 and gave the stock an “outperform” rating in a report on Wednesday, April 19th. Finally, Credit Suisse Group assumed coverage on shares of Alcoa Corp. in a report on Wednesday. They issued a “neutral” rating and a $42.00 target price for the company. Six investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $39.00.

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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