Douglas Lane & Associates LLC raised its holdings in Alcoa Co. (NYSE:AA - Free Report) by 2.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,421,955 shares of the industrial products company's stock after buying an additional 27,217 shares during the period. Douglas Lane & Associates LLC owned about 0.79% of Alcoa worth $54,859,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of the business. Newbridge Financial Services Group Inc. purchased a new position in shares of Alcoa during the second quarter worth about $27,000. UMB Bank n.a. lifted its stake in Alcoa by 481.7% in the third quarter. UMB Bank n.a. now owns 762 shares of the industrial products company's stock valued at $29,000 after buying an additional 631 shares during the last quarter. Scarborough Advisors LLC acquired a new stake in shares of Alcoa in the fourth quarter valued at approximately $39,000. Toronto Dominion Bank grew its position in shares of Alcoa by 1,501.9% during the first quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company's stock worth $57,000 after acquiring an additional 1,592 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of Alcoa by 15.1% in the 2nd quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company's stock valued at $94,000 after acquiring an additional 309 shares during the period. 82.39% of the stock is owned by hedge funds and other institutional investors.
Alcoa Trading Up 4.5 %
Shares of Alcoa stock traded up $1.77 during trading hours on Friday, reaching $41.02. 5,202,101 shares of the company's stock were exchanged, compared to its average volume of 5,973,030. The firm has a market capitalization of $7.37 billion, a price-to-earnings ratio of -10.91 and a beta of 2.42. The company has a fifty day moving average of $33.78 and a 200-day moving average of $36.56. Alcoa Co. has a 52-week low of $23.07 and a 52-week high of $45.48. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46.
Alcoa (NYSE:AA - Get Free Report) last issued its earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.05. The company had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.84 billion. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. During the same quarter in the prior year, the business earned ($0.35) earnings per share. The company's revenue was up 8.3% compared to the same quarter last year. Sell-side analysts forecast that Alcoa Co. will post 0.29 EPS for the current fiscal year.
Alcoa Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Monday, August 12th were given 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 yield of 0.98%. Alcoa's payout ratio is currently -10.64%.
Wall Street Analyst Weigh In
Several analysts have commented on the company. UBS Group upped their price objective on Alcoa from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, September 19th. 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 their target price on Alcoa from $37.00 to $41.00 and gave the company a "neutral" rating in a report on Tuesday, September 17th. B. Riley Financial reaffirmed 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. initiated coverage on shares of Alcoa in a research note on Wednesday, September 25th. They issued a "neutral" rating and a $36.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, Alcoa has a consensus rating of "Hold" and an average price target of $41.64.
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About Alcoa
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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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