Aigen Investment Management LP Increases Stock Holdings in Alcoa Co. (NYSE:AA)

Aigen Investment Management LP boosted its holdings in Alcoa Co. (NYSE:AA - Free Report) by 73.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 36,848 shares of the industrial products company's stock after purchasing an additional 15,546 shares during the quarter. Aigen Investment Management LP's holdings in Alcoa were worth $1,422,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in AA. Newbridge Financial Services Group Inc. purchased a new position in Alcoa in the 2nd quarter worth approximately $27,000. UMB Bank n.a. boosted its position in Alcoa by 481.7% during the 3rd quarter. UMB Bank n.a. now owns 762 shares of the industrial products company's stock worth $29,000 after acquiring an additional 631 shares during the period. Toronto Dominion Bank increased its position in shares of Alcoa by 1,501.9% during the first quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company's stock valued at $57,000 after purchasing an additional 1,592 shares during the period. Fifth Third Bancorp lifted its stake in shares of Alcoa by 15.1% during the second quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company's stock valued at $94,000 after acquiring an additional 309 shares during the period. Finally, Headlands Technologies LLC acquired a new position in shares of Alcoa during the first quarter worth about $101,000. Hedge funds and other institutional investors own 82.39% of the company's stock.

Alcoa Stock Performance

Shares of AA traded down $2.56 during trading hours on Tuesday, reaching $40.95. 6,310,583 shares of the company traded hands, compared to its average volume of 5,868,661. The stock has a market capitalization of $10.58 billion, a P/E ratio of -23.73, a P/E/G ratio of 0.85 and a beta of 2.42. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 0.47. Alcoa Co. has a 12-month low of $23.80 and a 12-month high of $46.55. The business has a fifty day moving average price of $38.00 and a 200-day moving average price of $37.48.

Alcoa (NYSE:AA - Get Free Report) last released its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.34. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same period last year, the firm posted ($1.14) earnings per share. The firm's quarterly revenue was up 11.6% compared to the same quarter last year. Equities analysts anticipate that Alcoa Co. will post 0.89 EPS for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 29th will be given a $0.10 dividend. The ex-dividend date is Tuesday, October 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.98%. Alcoa's payout ratio is -22.73%.

Insider Activity at Alcoa

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total value of $1,009,335.43. Following the completion of the sale, the executive vice president now owns 57,317 shares of the company's stock, valued at $2,423,935.93. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on AA shares. BMO Capital Markets boosted their price target on Alcoa from $42.00 to $45.00 and gave the stock a "market perform" rating in a research report on Thursday, October 17th. Argus upgraded shares of Alcoa from a "hold" rating to a "buy" rating and set a $48.00 price objective for the company in a research note on Wednesday, October 23rd. Wolfe Research upgraded shares of Alcoa from a "peer perform" rating to an "outperform" rating and set a $36.00 price target for the company in a research report on Wednesday, September 4th. StockNews.com raised Alcoa from a "sell" rating to a "hold" rating in a report on Thursday, October 17th. Finally, Bank of America raised Alcoa from a "neutral" rating to a "buy" rating and increased their target price for the stock from $43.00 to $52.00 in a report on Tuesday, October 1st. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $44.75.

Alcoa Company Profile

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.