The Vanguard Group, Inc. recently announced the acquisition of new stake in Alcoa Corp (NYSE:AA). The institutional investor has increased its shareholding in the Basic Materials company by 0.18% to 17.75 million shares with purchase of 31393.0 shares. This fresh investment now brings its stake to 9.95% valued currently at $603.67 million. In addition, BlackRock Fund Advisors raised its holdings by 99237.0 to 15.09 million shares. And Millennium Management LLC has lifted its position by 35.45% or 1.19 million shares – to 4.56 million shares.
Currently, there are 176.97M common shares owned by the public and among those 176.74M shares have been available to trade.
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Insiders at the company have transacted a total of 47 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 33 of these insider trades were purchases, accounting for 921,378 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 536,140 shares.
The top 3 mutual fund holders in Alcoa Corp are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and SPDR S&P Metals & Mining ETF. Vanguard Total Stock Market ETF owns 5.6 million shares of the company’s stock, all valued at over $190.52 million. The company bought an additional 5784.0 shares recently to bring their total holdings to about 3.14% of the shares outstanding. Vanguard Small Cap Index Fund sold 73213.0 shares to see its total holdings shrink to 4.55 million shares valued at over $154.53 million and representing 2.55% of the shares outstanding. SPDR S&P Metals & Mining ETF bought 18736.0 shares to bring its total holdings to over 3.17 million shares at a value of $107.74 million. SPDR S&P Metals & Mining ETF now owns shares totaling to 1.78% of the shares outstanding.
However, the script later moved the day high at 30.49, up 6.84%. The company’s stock has a 5-day price change of 5.88% and 22.91% over the past three months. AA shares are trading -13.21% year to date (YTD), with the 12-month market performance down to -42.14% lower. It has a 12-month low price of $23.07 and touched a high of $55.74 over the same period. AA has an average intraday trading volume of 6.02 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 -5.43%, 3.59%, and -5.90% respectively.
Institutional ownership of Alcoa Corp (NYSE: AA) shares accounts for 83.33% of the company’s 176.97M shares outstanding. Mutual fund holders own 45.65%, while other institutional holders and individual stakeholders account for 8.53% and 39.11% respectively.
It has a market capitalization of $5.27B and a beta (3y monthly) value of 2.48. The earnings-per-share (ttm) stands at -$3.66. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.67% over the week and 4.00% over the month.
Analysts forecast that Alcoa Corp (AA) will achieve an EPS of -$0.31 for the current quarter, $0.08 for the next quarter and $2.29 for 2025. The lowest estimate earnings-per-share for the quarter is -$0.53 while analysts give the company a high EPS estimate of -$0.18. Comparatively, EPS for the current quarter was -$0.23 a year ago. Earnings per share for the fiscal year are expected to increase by 111.64%, and 829.00% over the next financial year.
Looking at the support for the AA, a number of firms have released research notes about the stock. UBS stated their Sell rating for the stock in a research note on January 16, 2024, with the firm’s price target at $29.
