Entering text into the input field will update the search result below

Alcoa +4.5% after confirming Elliott stake, support of plan to split company

Nov. 23, 2015 2:23 PM ETAlcoa Corporation (AA) StockAABy: Carl Surran, SA News Editor2 Comments
  • Alcoa (AA +4.5%) continues to rally following confirmation that Paul Singer’s Elliott Management bought a 6.4% stake in the company, which says it has had "constructive discussions" with Elliott.
  • The activist firm also supports AA's planned spinoff next year, announced in September, of downstream assets into a separate company.
  • “It’s obviously a vote of confidence from a firm that is steeped in strategic actions,” Sterne Agee CRT analyst Josh Sullivan tells Bloomberg.
  • Elliott's stake makes it the second-biggest shareholder in the company after Vanguard Group, which had an 8.21% stake as of Sept. 30.
  • Citigroup’s Brian Yu earlier reiterated his Buy rating on Alcoa, but trimmed his price target by $1 to $12, arguing that an analysis of the spinoff shows AA's stock has potential while warning that lower commodities prices and slowing earnings pose risks.
  • Earlier: CNBC: Elliott Management takes 6.5% stake in Alcoa

Recommended For You

About AA Stock

SymbolLast Price% Chg
Market Cap
PE
Yield (TTM)
Rev Growth (YoY)
Prev. Close
Compare to Peers

Related Stocks

SymbolLast Price% Chg
AA--
Alcoa Corporation