Alcoa Corp (NYSE:AA) Seeks to Expand Operations
Alcoa Corp (NYSE:AA) recently announced plans to expand smelting operations at its Newburgh facility. The company has been doing quite well and exceeded analysts’ expectations in the 1st quarter.
Recent SEC fillings indicate that companies such as SG Americas Securities LLC and Aberdeen Asset Management PLC UK have purchased significant stakes in Alcoa Corp. Other large investors such as Prudential Financial Inc. have also increased their holdings in the company.
Prudential Financial Inc (NYSE:PRU) increased its shares in Alcoa Corp by 768.8% and currently owns 258,674 shares in Alcoa. JPMorgan Chase & Co. (NYSE:JPM) also bought an additional 2,547,180 shares in Alcoa increasing its stake in the industrial products company by 192.6% in the first quarter.
Alcoa Corp has been performing extremely well since the beginning of the year, which has led to many analysts rating the stock as either a buy or a hold. The fact that major investment firms have been acquiring stakes in Alcoa is also a vote of confidence in the firm’s future prospects.
However, a company’s past performance is not an indicator of its future performance. Therefore, there is no guarantee that Alcoa Corp will continue performing well into the future.
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