79,407 Shares in Alcoa Co. (NYSE:AA) Purchased by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC bought a new position in Alcoa Co. (NYSE:AA - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 79,407 shares of the industrial products company's stock, valued at approximately $3,051,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. ING Groep NV purchased a new stake in shares of Alcoa in the 3rd quarter worth approximately $10,201,000. Douglas Lane & Associates LLC lifted its holdings in Alcoa by 2.0% during the third quarter. Douglas Lane & Associates LLC now owns 1,421,955 shares of the industrial products company's stock worth $54,859,000 after buying an additional 27,217 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in 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 buying an additional 36,869 shares during the period. Aigen Investment Management LP increased its holdings in shares of Alcoa by 73.0% in the 3rd quarter. Aigen Investment Management LP now owns 36,848 shares of the industrial products company's stock valued at $1,422,000 after acquiring an additional 15,546 shares during the period. Finally, Mountaineer Partners Management LLC boosted its position in Alcoa by 4,023.0% during 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 purchasing an additional 10,534,036 shares in the last quarter.

Alcoa Stock Performance

AA stock traded down $0.89 during midday trading on Tuesday, hitting $41.10. 5,114,533 shares of the stock traded hands, compared to its average volume of 5,760,038. The stock's fifty day simple moving average is $42.58 and its 200-day simple moving average is $38.34. The firm has a market cap of $10.62 billion, a P/E ratio of -23.85, a PEG ratio of 0.85 and a beta of 2.44. Alcoa Co. has a 1-year low of $23.80 and a 1-year high of $47.77. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 0.80.

Alcoa (NYSE:AA - Get Free Report) last announced its quarterly 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 analyst estimates of $2.97 billion. During the same quarter in the previous year, the business earned ($1.14) EPS. Alcoa's revenue for the quarter was up 11.6% compared to the same quarter last year. On average, analysts expect that Alcoa Co. will post 0.9 earnings per share for the current year.

Alcoa Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 29th were paid a $0.10 dividend. The ex-dividend date was Tuesday, October 29th. This represents a $0.40 dividend on an annualized basis and a yield of 0.97%. Alcoa's dividend payout ratio is currently -22.73%.

Analyst Upgrades and Downgrades

AA has been the subject of several analyst reports. Argus raised shares of Alcoa from a "hold" rating to a "buy" rating and set a $48.00 price target for the company in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. increased their price objective on Alcoa from $36.00 to $39.00 and gave the company a "neutral" rating in a report on Thursday, October 17th. Wolfe Research upgraded Alcoa from a "peer perform" rating to an "outperform" rating and set a $36.00 price target on the stock in a research note on Wednesday, September 4th. B. Riley raised shares of Alcoa from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $41.00 to $50.00 in a research report on Thursday, October 17th. Finally, StockNews.com raised Alcoa from a "sell" rating to a "hold" rating in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Alcoa has a consensus rating of "Moderate Buy" and an average price target of $46.73.

Insider Buying and Selling

In other news, EVP Renato Bacchi sold 23,867 shares of Alcoa 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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

About Alcoa

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.