Retirement Systems of Alabama Acquires 92,201 Shares of Alcoa Co. (NYSE:AA)

Retirement Systems of Alabama increased its stake in shares of Alcoa Co. (NYSE:AA - Free Report) by 41.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 313,822 shares of the industrial products company's stock after acquiring an additional 92,201 shares during the quarter. Retirement Systems of Alabama owned approximately 0.12% of Alcoa worth $12,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Newbridge Financial Services Group Inc. bought a new position in Alcoa during the 2nd quarter valued at approximately $27,000. UMB Bank n.a. raised its holdings in shares of Alcoa by 481.7% during the third quarter. UMB Bank n.a. now owns 762 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 631 shares in the last quarter. Quarry LP bought a new position in shares of Alcoa during the third quarter valued at approximately $43,000. Continuum Advisory LLC lifted its stake in Alcoa by 1,945.5% in the third quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company's stock worth $46,000 after acquiring an additional 1,070 shares during the period. Finally, Millburn Ridgefield Corp purchased a new position in Alcoa during the 3rd quarter valued at $89,000. 82.39% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on AA. UBS Group raised their price objective on shares of Alcoa from $40.00 to $50.00 and gave the stock a "buy" rating in a report on Tuesday, October 15th. B. Riley upgraded Alcoa from a "neutral" rating to a "buy" rating and lifted their price target for the company from $41.00 to $50.00 in a research report on Thursday, October 17th. Bank of America increased their price objective on Alcoa to $58.00 and gave the stock a "buy" rating in a report on Thursday, November 28th. BMO Capital Markets boosted their target price on shares of Alcoa from $42.00 to $45.00 and gave the company a "market perform" rating in a report on Thursday, October 17th. Finally, StockNews.com raised shares of Alcoa from a "sell" rating to a "hold" rating in a research report on Thursday, October 17th. Four equities research 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.73.

Insider Transactions at Alcoa

In other news, EVP Renato Bacchi sold 23,867 shares of the company's stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total value of $1,009,335.43. Following the completion of the sale, the executive vice president now directly owns 57,317 shares in the company, valued at $2,423,935.93. This represents a 29.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.08% of the company's stock.

Alcoa Stock Performance

NYSE:AA traded down $0.66 during mid-day trading on Monday, reaching $38.46. The company's stock had a trading volume of 3,515,762 shares, compared to its average volume of 5,737,602. The firm's fifty day moving average price is $42.63 and its two-hundred day moving average price is $38.22. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47. The stock has a market cap of $9.94 billion, a P/E ratio of -21.85, a PEG ratio of 0.79 and a beta of 2.44. Alcoa Co. has a 12-month low of $24.86 and a 12-month high of $47.77.

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

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 29th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend was Tuesday, October 29th. Alcoa's payout ratio is currently -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.