Polar Asset Management Partners Inc. Trims Holdings in Alcoa Co. (NYSE:AA)

Polar Asset Management Partners Inc. reduced its stake in Alcoa Co. (NYSE:AA - Free Report) by 59.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 61,054 shares of the industrial products company's stock after selling 88,946 shares during the quarter. Polar Asset Management Partners Inc.'s holdings in Alcoa were worth $2,355,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Newbridge Financial Services Group Inc. purchased a new position in Alcoa in the second quarter valued at about $27,000. UMB Bank n.a. raised its holdings in shares of Alcoa by 481.7% in the 3rd quarter. UMB Bank n.a. now owns 762 shares of the industrial products company's stock worth $29,000 after purchasing an additional 631 shares during the period. Millburn Ridgefield Corp purchased a new position in Alcoa in the third quarter valued at approximately $89,000. Fifth Third Bancorp grew its holdings in Alcoa by 15.1% during the second quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company's stock valued at $94,000 after purchasing an additional 309 shares during the period. Finally, William B. Walkup & Associates Inc. purchased a new stake in Alcoa in the second quarter worth $102,000. 82.39% of the stock is currently owned by institutional investors.

Alcoa Price Performance

AA traded down $3.68 on Friday, reaching $42.49. The company had a trading volume of 9,525,389 shares, compared to its average volume of 5,760,929. Alcoa Co. has a 52-week low of $23.80 and a 52-week high of $47.77. The company has a market cap of $10.98 billion, a price-to-earnings ratio of -24.14, a P/E/G ratio of 0.92 and a beta of 2.44. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.80 and a current ratio of 1.41. The business has a 50 day simple moving average of $42.44 and a 200 day simple moving average of $38.40.

Alcoa (NYSE:AA - Get Free Report) last released its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, beating 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 business had revenue of $2.90 billion for the quarter, compared to analysts' expectations of $2.97 billion. During the same quarter in the prior year, the firm earned ($1.14) earnings per share. The firm's revenue was up 11.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Alcoa Co. will post 0.9 EPS for the current year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.94%. The ex-dividend date was Tuesday, October 29th. Alcoa's dividend payout ratio is currently -22.73%.

Wall Street Analyst Weigh In

AA has been the topic of a number of research reports. B. Riley Financial restated a "neutral" rating and issued a $41.00 price objective on shares of Alcoa in a research note on Tuesday, September 17th. Bank of America boosted their price target on shares of Alcoa to $58.00 and gave the company a "buy" rating in a research report on Thursday, November 28th. JPMorgan Chase & Co. raised their price objective on shares of Alcoa from $36.00 to $39.00 and gave the stock a "neutral" rating 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 target price on the stock in a report on Wednesday, October 23rd. Finally, BMO Capital Markets raised their price target on Alcoa from $42.00 to $45.00 and gave the stock a "market perform" rating in a report on Thursday, October 17th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, Alcoa has an average rating of "Moderate Buy" and an average price target of $45.25.

Insiders Place Their Bets

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of the firm's stock in a transaction on Tuesday, October 22nd. The shares were 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 of the company's stock, valued at $2,423,935.93. This trade represents a 29.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.08% of the company's stock.

Alcoa 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.