Quarry LP Invests $43,000 in Alcoa Co. (NYSE:AA)

Quarry LP acquired a new position in shares of Alcoa Co. (NYSE:AA) during the third quarter, HoldingsChannel reports. The firm acquired 1,103 shares of the industrial products company’s stock, valued at approximately $43,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. ING Groep NV acquired a new stake in Alcoa during the 3rd quarter valued at $10,201,000. Douglas Lane & Associates LLC lifted its holdings in Alcoa by 2.0% during the 3rd quarter. Douglas Lane & Associates LLC now owns 1,421,955 shares of the industrial products company’s stock valued at $54,859,000 after purchasing an additional 27,217 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Alcoa by 6.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 628,116 shares of the industrial products company’s stock valued at $24,233,000 after purchasing an additional 36,869 shares during the last quarter. Aigen Investment Management LP lifted its holdings in Alcoa by 73.0% during the 3rd quarter. Aigen Investment Management LP now owns 36,848 shares of the industrial products company’s stock valued at $1,422,000 after purchasing an additional 15,546 shares during the last quarter. Finally, Mountaineer Partners Management LLC lifted its holdings in Alcoa by 4,023.0% during the 3rd quarter. Mountaineer Partners Management LLC now owns 10,795,880 shares of the industrial products company’s stock valued at $416,505,000 after purchasing an additional 10,534,036 shares during the last quarter. Institutional investors own 82.39% of the company’s stock.

Insider Activity at Alcoa

In other news, EVP Renato Bacchi sold 23,867 shares of Alcoa stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following 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 trade represents a 29.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.08% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. UBS Group raised their price target on Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. B. Riley Financial reaffirmed a “neutral” rating and set a $41.00 price target on shares of Alcoa in a report on Tuesday, September 17th. Morgan Stanley increased their price objective on Alcoa from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Bank of America increased their price objective on Alcoa to $58.00 and gave the stock a “buy” rating in a research report on Thursday, November 28th. Finally, Wolfe Research upgraded Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price objective on the stock in a research report on Wednesday, September 4th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.73.

Alcoa Stock Down 2.1 %

Shares of NYSE AA opened at $41.10 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.80 and a current ratio of 1.41. Alcoa Co. has a 52 week low of $23.80 and a 52 week high of $47.77. The stock has a market capitalization of $10.62 billion, a P/E ratio of -23.35, a PEG ratio of 0.85 and a beta of 2.44. The stock’s fifty day moving average is $42.61 and its 200 day moving average is $38.33.

Alcoa (NYSE:AA) last issued its quarterly earnings results 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 analysts’ expectations of $2.97 billion. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. Alcoa’s revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the business earned ($1.14) earnings per share. Sell-side analysts forecast that Alcoa Co. will post 0.9 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 29th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend was Tuesday, October 29th. Alcoa’s dividend payout ratio (DPR) is presently -22.73%.

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.