Impax Asset Management Group plc purchased a new position in Alcoa Co. (NYSE:AA - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 17,207 shares of the industrial products company's stock, valued at approximately $664,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Quadrature Capital Ltd acquired a new stake in shares of Alcoa in the first quarter valued at $593,000. Douglas Lane & Associates LLC lifted its holdings in shares of Alcoa by 2.0% in the third quarter. Douglas Lane & Associates LLC now owns 1,421,955 shares of the industrial products company's stock valued at $54,859,000 after buying an additional 27,217 shares during the period. U.S. Capital Wealth Advisors LLC acquired a new stake in shares of Alcoa in the second quarter valued at $706,000. Blue Trust Inc. lifted its holdings in shares of Alcoa by 536.7% in the second quarter. Blue Trust Inc. now owns 2,878 shares of the industrial products company's stock valued at $114,000 after buying an additional 2,426 shares during the period. Finally, Edgestream Partners L.P. acquired a new stake in shares of Alcoa in the first quarter valued at $3,064,000.
Analysts Set New Price Targets
Several equities research analysts have recently commented on the company. BMO Capital Markets upped their target price on Alcoa from $42.00 to $45.00 and gave the company a "market perform" rating in a report on Thursday, October 17th. JPMorgan Chase & Co. upped 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. Morgan Stanley upped their target price on Alcoa from $48.00 to $49.00 and gave the company an "overweight" rating in a report on Friday, October 18th. Wolfe Research raised Alcoa from a "peer perform" rating to an "outperform" rating and set a $36.00 target price for the company in a report on Wednesday, September 4th. Finally, StockNews.com raised Alcoa from a "sell" rating to a "hold" 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 company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $44.75.
Read Our Latest Stock Analysis on Alcoa
Alcoa Stock Performance
NYSE:AA traded up $0.34 during mid-day trading on Thursday, hitting $45.71. 5,771,439 shares of the company's stock traded hands, compared to its average volume of 5,884,415. The firm has a 50 day moving average of $37.25 and a two-hundred day moving average of $37.30. Alcoa Co. has a 12 month low of $23.80 and a 12 month high of $46.55. The firm has a market capitalization of $11.81 billion, a price-to-earnings ratio of -25.77, a price-to-earnings-growth ratio of 0.77 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.
Alcoa (NYSE:AA - Get Free Report) last announced its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the prior year, the company earned ($1.14) EPS. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities analysts forecast that Alcoa Co. will post 0.89 earnings per share for the current fiscal year.
Alcoa Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders 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 0.88%. Alcoa's dividend payout ratio is currently -22.73%.
Insiders Place Their Bets
In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of the firm'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 completion of the sale, the executive vice president now owns 57,317 shares in the company, valued at approximately $2,423,935.93. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Alcoa Profile
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Free Report)
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.
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