ARGA Investment Management LP Buys 34,878 Shares of Alcoa Co. (NYSE:AA)

ARGA Investment Management LP lifted its position in Alcoa Co. (NYSE:AA - Free Report) by 1.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,313,806 shares of the industrial products company's stock after buying an additional 34,878 shares during the quarter. Alcoa comprises 3.0% of ARGA Investment Management LP's investment portfolio, making the stock its 12th largest holding. ARGA Investment Management LP owned 0.90% of Alcoa worth $89,267,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its stake in shares of Alcoa by 15.1% during the 2nd quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company's stock worth $94,000 after acquiring an additional 309 shares in the last quarter. Blue Trust Inc. lifted its holdings in Alcoa by 12.0% in the 3rd quarter. Blue Trust Inc. now owns 3,222 shares of the industrial products company's stock worth $128,000 after purchasing an additional 344 shares during the last quarter. CreativeOne Wealth LLC boosted its position in Alcoa by 4.1% during the third quarter. CreativeOne Wealth LLC now owns 9,114 shares of the industrial products company's stock worth $352,000 after purchasing an additional 360 shares during the period. Pacer Advisors Inc. grew its holdings in Alcoa by 1.4% during the second quarter. Pacer Advisors Inc. now owns 26,965 shares of the industrial products company's stock valued at $1,073,000 after purchasing an additional 368 shares during the last quarter. Finally, Rosenberg Matthew Hamilton raised its position in shares of Alcoa by 15.3% in the third quarter. Rosenberg Matthew Hamilton now owns 3,452 shares of the industrial products company's stock valued at $133,000 after purchasing an additional 459 shares during the period.

Alcoa Stock Performance

AA stock traded up $0.55 during midday trading on Friday, hitting $46.43. The stock had a trading volume of 1,785,249 shares, compared to its average volume of 4,613,110. The firm has a market capitalization of $12.00 billion, a price-to-earnings ratio of -26.38, a P/E/G ratio of 0.93 and a beta of 2.42. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47. The stock has a 50-day simple moving average of $41.70 and a 200 day simple moving average of $38.23. Alcoa Co. has a 52 week low of $23.80 and a 52 week high of $47.77.

Alcoa (NYSE:AA - Get Free Report) last announced its quarterly earnings results on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $2.90 billion during the quarter, compared to analysts' expectations of $2.97 billion. During the same quarter last year, the company earned ($1.14) earnings per share. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Alcoa Co. will post 0.9 earnings per share for the current year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Tuesday, October 29th. Alcoa's dividend payout ratio (DPR) is -22.73%.

Insiders Place Their Bets

In other news, EVP Renato Bacchi sold 23,867 shares of the business's stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total value of $1,009,335.43. Following the transaction, the executive vice president now directly owns 57,317 shares of the company's stock, valued at $2,423,935.93. The trade was a 29.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analysts Set New Price Targets

Several analysts recently issued reports on AA shares. Bank of America upped their price objective on shares of Alcoa to $58.00 and gave the stock a "buy" rating in a report on Thursday. B. Riley upgraded shares of Alcoa from a "neutral" rating to a "buy" rating and upped their price target for the company from $41.00 to $50.00 in a report on Thursday, October 17th. UBS Group lifted their price objective on Alcoa from $40.00 to $50.00 and gave the stock a "buy" rating in a research note on Tuesday, October 15th. Wolfe Research raised Alcoa from a "peer perform" rating to an "outperform" rating and set a $36.00 price objective for the company in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. raised their target price on Alcoa from $36.00 to $39.00 and gave the company a "neutral" rating in a report on Thursday, October 17th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $45.25.

Alcoa 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.