State Street Corp Grows Position in Alcoa Co. (NYSE:AA)

State Street Corp boosted its stake in shares of Alcoa Co. (NYSE:AA - Free Report) by 23.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,563,645 shares of the industrial products company's stock after purchasing an additional 1,805,915 shares during the period. State Street Corp owned approximately 3.70% of Alcoa worth $368,965,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Newbridge Financial Services Group Inc. purchased a new stake in Alcoa in the second quarter valued at approximately $27,000. UMB Bank n.a. boosted 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 valued at $29,000 after acquiring an additional 631 shares during the last quarter. Quarry LP acquired a new stake in shares of Alcoa in the third quarter worth $43,000. Millburn Ridgefield Corp purchased a new position in shares of Alcoa during the third quarter worth $89,000. Finally, Fifth Third Bancorp lifted its position 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.

Insider Transactions at Alcoa

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of Alcoa stock in a transaction dated Tuesday, October 22nd. The shares were 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 of the company's stock, valued at $2,423,935.93. The trade was a 29.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analysts Set New Price Targets

AA has been the subject of a number of recent research reports. Argus upgraded Alcoa from a "hold" rating to a "buy" rating and set a $48.00 price objective for the company in a research note on Wednesday, October 23rd. UBS Group upped their price objective on Alcoa from $40.00 to $50.00 and gave the stock a "buy" rating in a research report on Tuesday, October 15th. StockNews.com raised shares of Alcoa from a "sell" rating to a "hold" rating in a report on Thursday, October 17th. Wolfe Research raised shares of Alcoa from a "peer perform" rating to an "outperform" rating and set a $36.00 price target on the stock in a report on Wednesday, September 4th. Finally, B. Riley raised shares of Alcoa from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $41.00 to $50.00 in a 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 MarketBeat.com, Alcoa has a consensus rating of "Moderate Buy" and an average target price of $46.73.

Alcoa Price Performance

Shares of Alcoa stock traded down $0.90 during mid-day trading on Tuesday, reaching $41.09. 4,919,572 shares of the stock traded hands, compared to its average volume of 5,759,190. The stock has a market capitalization of $10.62 billion, a PE ratio of -23.85, a PEG ratio of 0.85 and a beta of 2.44. The business has a 50-day moving average of $42.58 and a 200 day moving average of $38.34. Alcoa Co. has a fifty-two week low of $23.80 and a fifty-two week high of $47.77. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 0.47.

Alcoa (NYSE:AA - Get Free Report) last posted its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.23 by $0.34. The firm had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.97 billion. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The firm's revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.14) EPS. On average, analysts predict that Alcoa Co. will post 0.9 EPS for the current year.

Alcoa Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date was Tuesday, October 29th. Alcoa's dividend payout ratio (DPR) is -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.