Carmel Capital Partners LLC Has $799,000 Stock Holdings in Alcoa Co. (NYSE:AA)

Carmel Capital Partners LLC reduced its stake in shares of Alcoa Co. (NYSE:AA - Free Report) by 39.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,701 shares of the industrial products company's stock after selling 13,525 shares during the quarter. Carmel Capital Partners LLC's holdings in Alcoa were worth $799,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its position in shares of Alcoa by 6.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,665,106 shares of the industrial products company's stock worth $265,132,000 after buying an additional 390,930 shares during the period. ANTIPODES PARTNERS Ltd bought a new position in shares of Alcoa during the 2nd quarter valued at about $93,061,000. L1 Capital Pty Ltd bought a new position in shares of Alcoa during the 1st quarter valued at about $72,658,000. Capital Research Global Investors lifted its holdings in shares of Alcoa by 29.8% during the 1st quarter. Capital Research Global Investors now owns 2,067,742 shares of the industrial products company's stock valued at $69,869,000 after purchasing an additional 475,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Alcoa by 43.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,478,424 shares of the industrial products company's stock valued at $49,958,000 after purchasing an additional 444,393 shares in the last quarter. 82.39% of the stock is currently owned by institutional investors and hedge funds.

Alcoa Stock Down 2.0 %

Shares of Alcoa stock traded down $0.91 on Friday, reaching $44.78. 3,887,659 shares of the company were exchanged, compared to its average volume of 5,875,210. Alcoa Co. has a one year low of $23.80 and a one year high of $46.55. The company has a market capitalization of $11.57 billion, a price-to-earnings ratio of -25.45, a PEG ratio of 0.78 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 company has a 50-day moving average of $37.77 and a 200 day moving average of $37.41.

Alcoa (NYSE:AA - Get Free Report) last announced its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.34. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The company had revenue of $2.90 billion for the quarter, compared to analysts' expectations of $2.97 billion. During the same quarter in the prior year, the business posted ($1.14) EPS. The business's revenue was up 11.6% compared to the same quarter last year. On average, equities research analysts forecast that Alcoa Co. will post 0.89 earnings per share for the current year.

Alcoa Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 29th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date is Tuesday, October 29th. Alcoa's payout ratio is presently -22.73%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on AA shares. Bank of America upgraded Alcoa from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $43.00 to $52.00 in a report on Tuesday, October 1st. BMO Capital Markets lifted their price objective on Alcoa from $42.00 to $45.00 and gave the company a "market perform" rating in a report on Thursday, October 17th. B. Riley Financial reiterated a "neutral" rating and set a $41.00 price objective on shares of Alcoa in a report on Tuesday, September 17th. Wolfe Research upgraded Alcoa from a "peer perform" rating to an "outperform" rating and set a $36.00 target price on the stock in a research note on Wednesday, September 4th. Finally, B. Riley upgraded Alcoa from a "neutral" rating to a "buy" rating and boosted their target price for the company from $41.00 to $50.00 in a research note on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $44.75.

Insider Buying and Selling

In related 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 transaction 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 approximately $2,423,935.93. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.08% of the stock is owned by insiders.

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.