Contravisory Investment Management Inc. Makes New Investment in Alcoa Co. (NYSE:AA)

Contravisory Investment Management Inc. acquired a new stake in Alcoa Co. (NYSE:AA - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 199,470 shares of the industrial products company's stock, valued at approximately $7,696,000. Contravisory Investment Management Inc. owned about 0.11% of Alcoa at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in shares of Alcoa by 6.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,665,106 shares of the industrial products company's stock valued at $265,132,000 after buying an additional 390,930 shares in the last quarter. ANTIPODES PARTNERS Ltd acquired a new position in shares of Alcoa in the 2nd quarter valued at $93,061,000. L1 Capital Pty Ltd acquired a new position in shares of Alcoa in the 1st quarter valued at $72,658,000. Capital Research Global Investors boosted its holdings in shares of Alcoa by 29.8% in the 1st quarter. Capital Research Global Investors now owns 2,067,742 shares of the industrial products company's stock valued at $69,869,000 after buying an additional 475,000 shares in the last quarter. Finally, ARGA Investment Management LP boosted its holdings in shares of Alcoa by 202.2% in the 1st quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company's stock valued at $50,399,000 after buying an additional 997,912 shares in the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.

Alcoa Price Performance

Shares of AA traded up $1.77 during trading hours on Friday, reaching $41.02. The company had a trading volume of 5,189,854 shares, compared to its average volume of 5,973,030. The firm has a 50 day simple moving average of $33.78 and a 200-day simple moving average of $36.50. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $7.37 billion, a price-to-earnings ratio of -10.91 and a beta of 2.42. Alcoa Co. has a 12-month low of $23.07 and a 12-month high of $45.48.

Alcoa (NYSE:AA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.05. The business had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.84 billion. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. The business's revenue was up 8.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.35) EPS. Research analysts expect that Alcoa Co. will post 0.29 earnings per share for the current year.

Alcoa Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Monday, August 12th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.98%. Alcoa's dividend payout ratio is presently -10.64%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on AA shares. B. Riley increased their price target on shares of Alcoa from $37.00 to $41.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 17th. StockNews.com cut shares of Alcoa from a "hold" rating to a "sell" rating in a research note on Tuesday, October 1st. Morgan Stanley decreased their price target on shares of Alcoa from $50.00 to $48.00 and set an "overweight" rating for the company in a research note on Monday, July 22nd. B. Riley Financial reiterated a "neutral" rating and set a $41.00 price target on shares of Alcoa in a research note on Tuesday, September 17th. Finally, JPMorgan Chase & Co. started coverage on shares of Alcoa in a research note on Wednesday, September 25th. They set a "neutral" rating and a $36.00 price target for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $41.64.

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.