State of New Jersey Common Pension Fund D Raises Stake in Alcoa Co. (NYSE:AA)

State of New Jersey Common Pension Fund D increased its stake in Alcoa Co. (NYSE:AA) by 27.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,459 shares of the industrial products company’s stock after purchasing an additional 17,974 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Alcoa were worth $3,258,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. purchased a new stake in Alcoa during the second quarter worth $27,000. UMB Bank n.a. boosted its position 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 buying an additional 631 shares in the last quarter. Toronto Dominion Bank grew its stake in Alcoa by 1,501.9% in the 1st quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company’s stock valued at $57,000 after acquiring an additional 1,592 shares during the last quarter. Fifth Third Bancorp increased its holdings in Alcoa by 15.1% during the 2nd quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company’s stock valued at $94,000 after acquiring an additional 309 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in Alcoa during the first quarter worth about $101,000. Institutional investors and hedge funds own 82.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AA. BMO Capital Markets raised their price objective on shares of Alcoa from $42.00 to $45.00 and gave the stock a “market perform” rating in a research note on Thursday, October 17th. Wolfe Research raised Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target for the company in a research report on Wednesday, September 4th. Bank of America upgraded Alcoa from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $52.00 in a research report on Tuesday, October 1st. B. Riley Financial reiterated a “neutral” rating and set a $41.00 price objective on shares of Alcoa in a research report on Tuesday, September 17th. Finally, Argus upgraded 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. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $44.75.

Insider Activity

In related news, EVP Renato Bacchi sold 23,867 shares of the company’s stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 57,317 shares of the company’s stock, valued at approximately $2,423,935.93. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.08% of the company’s stock.

Alcoa Trading Down 5.9 %

AA stock opened at $40.95 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 0.47. The company has a market cap of $10.58 billion, a price-to-earnings ratio of -23.27, a PEG ratio of 0.85 and a beta of 2.42. The business has a fifty day simple moving average of $38.21 and a 200-day simple moving average of $37.51. Alcoa Co. has a 52 week low of $23.80 and a 52 week high of $46.55.

Alcoa (NYSE:AA) last released its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.34. The company had revenue of $2.90 billion for 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 company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period last year, the business posted ($1.14) EPS. On average, equities research analysts expect that Alcoa Co. will post 0.89 EPS for the current year.

Alcoa Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th will be paid a dividend of $0.10 per share. The ex-dividend date is Tuesday, October 29th. This represents a $0.40 annualized dividend and a yield of 0.98%. Alcoa’s dividend payout ratio is currently -22.73%.

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.