National Bank of Canada FI Sells 43,478 Shares of Alcoa Co. (NYSE:AA)

National Bank of Canada FI reduced its position in Alcoa Co. (NYSE:AA - Free Report) by 50.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,969 shares of the industrial products company's stock after selling 43,478 shares during the period. National Bank of Canada FI's holdings in Alcoa were worth $1,658,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. United Services Automobile Association grew its stake in Alcoa by 17.0% during the 3rd quarter. United Services Automobile Association now owns 16,396 shares of the industrial products company's stock valued at $633,000 after acquiring an additional 2,387 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new position in Alcoa in the 3rd quarter valued at approximately $3,051,000. Weiss Asset Management LP purchased a new stake in Alcoa in the 3rd quarter worth approximately $1,050,000. Temasek Holdings Private Ltd acquired a new stake in shares of Alcoa during the 3rd quarter valued at $13,481,000. Finally, State Street Corp grew its holdings in shares of Alcoa by 23.3% during the 3rd quarter. State Street Corp now owns 9,563,645 shares of the industrial products company's stock valued at $368,965,000 after acquiring an additional 1,805,915 shares in the last quarter.

Insider Activity at Alcoa

In related news, EVP Renato Bacchi sold 23,867 shares of the business's stock in a transaction on Tuesday, October 22nd. The shares were 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 in the company, valued at approximately $2,423,935.93. The trade was a 29.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

AA has been the subject of several recent research reports. 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 raised Alcoa from a "peer perform" rating to an "outperform" rating and set a $36.00 price target for the company in a research note on Wednesday, September 4th. Bank of America boosted their price target on Alcoa to $58.00 and gave the company a "buy" rating in a research note on Thursday, November 28th. Morgan Stanley raised their price objective on shares of Alcoa from $48.00 to $49.00 and gave the company an "overweight" rating in a research report on Friday, October 18th. Finally, UBS Group boosted their target price on shares of Alcoa from $40.00 to $50.00 and gave the stock a "buy" rating in a research report on Tuesday, October 15th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Alcoa has an average rating of "Moderate Buy" and an average price target of $46.73.

Alcoa Trading Down 1.3 %

AA stock traded down $0.50 during midday trading on Friday, reaching $39.12. The stock had a trading volume of 3,602,623 shares, compared to its average volume of 5,746,822. The firm has a market cap of $10.11 billion, a price-to-earnings ratio of -22.23, a PEG ratio of 0.79 and a beta of 2.44. Alcoa Co. has a twelve month low of $24.86 and a twelve month high of $47.77. 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 business has a fifty day simple moving average of $42.65 and a two-hundred day simple moving average of $38.33.

Alcoa (NYSE:AA - Get Free Report) last posted its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.34. The firm had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.97 billion. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The company's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the company posted ($1.14) earnings per share. As a group, research analysts expect that Alcoa Co. will post 0.9 EPS for the current fiscal year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 29th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, October 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.02%. Alcoa's payout ratio is presently -22.73%.

Alcoa Company 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.