Victory Capital Management Inc. Boosts Stake in Alcoa Co. (NYSE:AA)

Victory Capital Management Inc. raised its stake in shares of Alcoa Co. (NYSE:AA - Free Report) by 32.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 543,086 shares of the industrial products company's stock after purchasing an additional 133,345 shares during the quarter. Victory Capital Management Inc. owned about 0.21% of Alcoa worth $20,952,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ANTIPODES PARTNERS Ltd acquired a new position in shares of Alcoa in the 2nd quarter valued at about $93,061,000. L1 Capital Pty Ltd acquired a new stake in shares of Alcoa during the 1st quarter worth approximately $72,658,000. Marshall Wace LLP lifted its stake in shares of Alcoa by 770.9% in the 2nd quarter. Marshall Wace LLP now owns 1,422,797 shares of the industrial products company's stock valued at $56,599,000 after purchasing an additional 1,259,430 shares during the period. Capital Research Global Investors boosted its holdings in Alcoa by 29.8% during the first quarter. Capital Research Global Investors now owns 2,067,742 shares of the industrial products company's stock worth $69,869,000 after buying an additional 475,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Alcoa by 43.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,478,424 shares of the industrial products company's stock valued at $49,958,000 after buying an additional 444,393 shares during the period.

Insider Activity

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 transaction, the executive vice president now owns 57,317 shares of the company's stock, valued at $2,423,935.93. This represents a 29.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Alcoa Price Performance

Shares of AA stock traded up $1.59 during trading hours on Tuesday, reaching $45.57. The company had a trading volume of 4,031,169 shares, compared to its average volume of 5,858,684. Alcoa Co. has a 12-month low of $23.80 and a 12-month high of $46.55. The company has a market capitalization of $11.77 billion, a price-to-earnings ratio of -25.57, a PEG ratio of 0.84 and a beta of 2.42. 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 stock has a fifty day moving average of $39.24 and a 200-day moving average of $37.70.

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, beating the consensus estimate 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 return on equity of 1.45% and a negative net margin of 2.65%. The firm's quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the business earned ($1.14) EPS. On average, equities analysts anticipate that Alcoa Co. will post 0.89 earnings per share 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 issued a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, October 29th. This represents a $0.40 annualized dividend and a yield of 0.88%. Alcoa's payout ratio is -22.73%.

Analyst Ratings Changes

Several equities analysts recently weighed in on AA shares. B. Riley raised Alcoa from a "neutral" rating to a "buy" rating and upped their price target for the stock from $41.00 to $50.00 in a report on Thursday, October 17th. JPMorgan Chase & Co. upped their target price on Alcoa from $36.00 to $39.00 and gave the stock a "neutral" rating in a research note 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 research note on Wednesday, September 4th. BMO Capital Markets upped their price objective on shares of Alcoa from $42.00 to $45.00 and gave the stock a "market perform" rating in a research report on Thursday, October 17th. Finally, UBS Group lifted their target price on shares of Alcoa from $40.00 to $50.00 and gave the company a "buy" rating in a research report on Tuesday, October 15th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, Alcoa presently has a consensus rating of "Moderate Buy" and a consensus target price of $44.75.

About Alcoa

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.