MetLife Investment Management LLC Increases Position in Alcoa Co. (NYSE:AA)

MetLife Investment Management LLC grew its stake in Alcoa Co. (NYSE:AA - Free Report) by 41.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 133,386 shares of the industrial products company's stock after buying an additional 38,853 shares during the quarter. MetLife Investment Management LLC owned 0.05% of Alcoa worth $5,146,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. ING Groep NV purchased a new position in Alcoa in the third quarter valued at $10,201,000. Douglas Lane & Associates LLC grew its position in shares of Alcoa by 2.0% during the 3rd quarter. Douglas Lane & Associates LLC now owns 1,421,955 shares of the industrial products company's stock valued at $54,859,000 after acquiring an additional 27,217 shares during the period. Aigen Investment Management LP increased its stake 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 purchasing an additional 15,546 shares in the last quarter. U.S. Capital Wealth Advisors LLC acquired a new position in Alcoa in the 2nd quarter worth about $706,000. Finally, Van ECK Associates Corp boosted its position in Alcoa by 43.4% during the third quarter. Van ECK Associates Corp now owns 271,276 shares of the industrial products company's stock worth $11,361,000 after purchasing an additional 82,073 shares in the last quarter.

Analysts Set New Price Targets

A number of analysts have recently commented on AA shares. UBS Group boosted their price objective on Alcoa from $40.00 to $50.00 and gave the company a "buy" rating in a research report on Tuesday, October 15th. Bank of America upped their price objective on shares of Alcoa to $58.00 and gave the stock a "buy" rating in a research report on Thursday. BMO Capital Markets lifted their target price on shares of Alcoa from $42.00 to $45.00 and gave the company a "market perform" rating in a research report on Thursday, October 17th. Morgan Stanley boosted their target price on shares of Alcoa from $48.00 to $49.00 and gave the stock an "overweight" rating in a research note on Friday, October 18th. Finally, StockNews.com raised shares of Alcoa from a "sell" rating to a "hold" rating 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. According to MarketBeat, Alcoa currently has an average rating of "Moderate Buy" and an average target price of $45.25.

Insiders Place Their Bets

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of Alcoa stock in a transaction 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 owns 57,317 shares in the company, valued at $2,423,935.93. The trade was a 29.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Alcoa Price Performance

Shares of Alcoa stock traded up $0.55 on Friday, hitting $46.43. 1,785,249 shares of the company were exchanged, compared to its average volume of 4,613,110. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 0.47. The company has a 50-day moving average price of $41.70 and a 200 day moving average price of $38.23. The stock has a market capitalization of $12.00 billion, a price-to-earnings ratio of -26.38, a price-to-earnings-growth ratio of 0.93 and a beta of 2.42. Alcoa Co. has a 1-year low of $23.80 and a 1-year high of $47.77.

Alcoa (NYSE:AA - Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share 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 analyst estimates of $2.97 billion. During the same quarter in the previous year, the company posted ($1.14) earnings per share. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, sell-side analysts predict that Alcoa Co. will post 0.9 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 29th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Tuesday, October 29th. Alcoa's payout ratio is currently -22.73%.

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.