Legacy Capital Group California Inc. Invests $539,000 in Alcoa Co. (NYSE:AA)

Legacy Capital Group California Inc. purchased a new stake in shares of Alcoa Co. (NYSE:AA - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 13,963 shares of the industrial products company's stock, valued at approximately $539,000.

Other large investors have also made changes to their positions in the company. Los Angeles Capital Management LLC acquired a new position in Alcoa in the 1st quarter valued at approximately $210,000. Diversified Trust Co grew its position in Alcoa by 5.7% in the first quarter. Diversified Trust Co now owns 7,750 shares of the industrial products company's stock worth $262,000 after acquiring an additional 416 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Alcoa by 15.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 14,344 shares of the industrial products company's stock worth $485,000 after acquiring an additional 1,867 shares in the last quarter. State of Michigan Retirement System grew its position in Alcoa by 2.6% in the first quarter. State of Michigan Retirement System now owns 43,875 shares of the industrial products company's stock worth $1,483,000 after acquiring an additional 1,100 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Alcoa in the first quarter worth approximately $422,000. Institutional investors and hedge funds own 82.39% of the company's stock.

Insider Activity

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.08% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on AA shares. Morgan Stanley upped their price objective on shares of Alcoa from $48.00 to $49.00 and gave the stock an "overweight" rating in a report on Friday, October 18th. B. Riley raised shares of Alcoa from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $41.00 to $50.00 in a report on Thursday, October 17th. Argus raised shares of Alcoa from a "hold" rating to a "buy" rating and set a $48.00 price objective for the company in a report on Wednesday. StockNews.com raised shares of Alcoa from a "sell" rating to a "hold" rating in a report on Thursday, October 17th. Finally, Bank of America raised shares of Alcoa from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $43.00 to $52.00 in a report on Tuesday, October 1st. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $44.75.

Alcoa Stock Performance

AA stock traded down $0.92 during midday trading on Friday, reaching $41.10. 3,768,912 shares of the company were exchanged, compared to its average volume of 5,935,160. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.55 and a quick ratio of 0.92. The business has a 50-day moving average price of $35.97 and a two-hundred day moving average price of $36.98. Alcoa Co. has a one year low of $23.17 and a one year high of $45.48. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of -10.93 and a beta of 2.42.

Alcoa (NYSE:AA - Get Free Report) last announced its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.34. The company had revenue of $2.90 billion during the quarter, compared to analysts' expectations of $2.97 billion. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. Alcoa's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.14) earnings per share. Equities research analysts forecast that Alcoa Co. will post 0.29 EPS for the current year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 29th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.97%. The ex-dividend date is Tuesday, October 29th. Alcoa's dividend payout ratio is currently -10.64%.

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.