Convergence Investment Partners LLC Invests $898,000 in Alcoa Co. (NYSE:AA)

Convergence Investment Partners LLC bought a new stake in Alcoa Co. (NYSE:AA - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 23,762 shares of the industrial products company's stock, valued at approximately $898,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Retirement Systems of Alabama grew its holdings in shares of Alcoa by 41.6% during the 3rd quarter. Retirement Systems of Alabama now owns 313,822 shares of the industrial products company's stock worth $12,107,000 after purchasing an additional 92,201 shares in the last quarter. ING Groep NV bought a new stake in shares of Alcoa during the third quarter worth $10,201,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Alcoa by 6.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 628,116 shares of the industrial products company's stock worth $24,233,000 after acquiring an additional 36,869 shares during the last quarter. Aigen Investment Management LP grew its stake in shares of Alcoa by 73.0% during the third quarter. Aigen Investment Management LP now owns 36,848 shares of the industrial products company's stock worth $1,422,000 after purchasing an additional 15,546 shares during the period. Finally, Mountaineer Partners Management LLC grew its stake in Alcoa by 4,023.0% in the third quarter. Mountaineer Partners Management LLC now owns 10,795,880 shares of the industrial products company's stock valued at $416,505,000 after acquiring an additional 10,534,036 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on AA shares. B. Riley raised Alcoa to a "strong-buy" rating in a research note on Tuesday, January 21st. JPMorgan Chase & Co. boosted their price target on Alcoa from $38.00 to $40.00 and gave the company a "neutral" rating in a report on Thursday, January 16th. BMO Capital Markets boosted their price target on Alcoa to $43.00 and gave the company a "hold" rating in a report on Friday, January 17th. Bank of America boosted their price target on Alcoa to $58.00 and gave the company a "buy" rating in a report on Friday, January 24th. Finally, Morgan Stanley cut their price objective on Alcoa from $55.00 to $51.00 and set an "overweight" rating for the company in a research report on Tuesday, January 28th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $46.55.

Alcoa Price Performance

Shares of AA traded down $3.12 during midday trading on Friday, hitting $34.13. The company's stock had a trading volume of 4,297,510 shares, compared to its average volume of 5,045,442. The stock has a market capitalization of $8.82 billion, a price-to-earnings ratio of -213.12, a price-to-earnings-growth ratio of 0.20 and a beta of 2.43. Alcoa Co. has a one year low of $24.86 and a one year high of $47.77. The company's fifty day simple moving average is $37.02 and its two-hundred day simple moving average is $37.76. The company has a quick ratio of 0.86, a current ratio of 1.45 and a debt-to-equity ratio of 0.48.

Alcoa (NYSE:AA - Get Free Report) last announced its quarterly earnings data on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.13. Alcoa had a return on equity of 5.54% and a net margin of 0.50%. As a group, equities analysts expect that Alcoa Co. will post 4.43 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Tuesday, March 4th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.17%. Alcoa's payout ratio is -250.00%.

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.