Profit Investment Management Lowers stake in Alcoa Inc (AA)

Alcoa Inc (AA) : Profit Investment Management reduced its stake in Alcoa Inc by 41.73% during the most recent quarter end. The investment management company now holds a total of 26,062 shares of Alcoa Inc which is valued at $697,159 after selling 18,663 shares in Alcoa Inc , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.Alcoa Inc makes up approximately 0.70% of Profit Investment Management’s portfolio.

Other Hedge Funds, Including , Msi Financial Services Inc boosted its stake in AA in the latest quarter, The investment management firm added 12,388 additional shares and now holds a total of 40,398 shares of Alcoa Inc which is valued at $1,080,647. Alcoa Inc makes up approx 0.04% of Msi Financial Services Inc’s portfolio.Terra Nova Asset Management reduced its stake in AA by selling 1,205 shares or 14.35% in the most recent quarter. The Hedge Fund company now holds 7,190 shares of AA which is valued at $200,673. Alcoa Inc makes up approx 0.45% of Terra Nova Asset Management’s portfolio.Fruth Investment Management reduced its stake in AA by selling 333 shares or 2.7% in the most recent quarter. The Hedge Fund company now holds 11,992 shares of AA which is valued at $334,697. Alcoa Inc makes up approx 0.17% of Fruth Investment Management’s portfolio.Advisory Services Network boosted its stake in AA in the latest quarter, The investment management firm added 1,197 additional shares and now holds a total of 2,267 shares of Alcoa Inc which is valued at $71,116. Alcoa Inc makes up approx 0.01% of Advisory Services Network’s portfolio.

Alcoa Inc closed down -3.6 points or -11.42% at $27.91 with 3,26,68,220 shares getting traded on Tuesday. Post opening the session at $29.73, the shares hit an intraday low of $27.89 and an intraday high of $29.73 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Alcoa Inc reported $0.32 EPS for the quarter, based on the information available during the earnings call on Oct 11, 2016. Analyst had a consensus estimate of $0.32. The company had revenue of $5213.00 million for the quarter, compared to analysts expectations of $5292.01 million. The company’s revenue was down -6.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.07 EPS.

Investors should note that on Sep 29, 2016, Alcoa Inc announced a cash dividend of $0.9375. The company’s management has announced Dec 7, 2016 as the ex-dividend date and fixed the record date on Dec 9, 2016. The payable date has been fixed on Jan 1, 2017.

Many Wall Street Analysts have commented on Alcoa Inc. Company shares were Reiterated by Cowen on Oct 13, 2016 to “Market Perform”, Firm has raised the Price Target to $ 30 from a previous price target of $10 .Shares were Reiterated by RBC Capital Mkts on Oct 12, 2016 to “Sector Perform” and Lowered the Price Target to $ 31 from a previous price target of $33 .Alcoa Inc was Downgraded by BofA/Merrill to ” Neutral” on Oct 12, 2016.

Alcoa Inc. (Alcoa) is engaged in lightweight metals engineering and manufacturing. The Company operates in four segments: Alumina Primary Metals Global Rolled Products and Engineered Products and Solutions. Its products which include aluminum titanium and nickel are used in aircraft automobiles commercial transportation packaging building and construction oil and gas defense consumer electronics and industrial applications across the world. It also produces and manages primary aluminum fabricated aluminum and alumina combined through its active participation in the aspects of the industry including technology mining refining smelting fabricating and recycling. The Company has investments and operating activities in Australia Brazil China Guinea Iceland Russia and Saudi Arabia among others. It produces three dimensional (3D-printed) titanium specialty metals and plastic parts for aerospace medical and energy applications.

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