State Street Corp Has $368.97 Million Position in Alcoa Co. (NYSE:AA)

State Street Corp lifted its holdings in shares of Alcoa Co. (NYSE:AA) by 23.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,563,645 shares of the industrial products company’s stock after buying an additional 1,805,915 shares during the period. State Street Corp owned about 3.70% of Alcoa worth $368,965,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of AA. ING Groep NV acquired a new position in Alcoa during the third quarter valued at approximately $10,201,000. Douglas Lane & Associates LLC boosted its holdings in shares of Alcoa by 2.0% in 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 buying an additional 27,217 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Alcoa by 6.2% in the third 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 buying an additional 36,869 shares in the last quarter. Aigen Investment Management LP grew its stake in shares of Alcoa by 73.0% in the third quarter. Aigen Investment Management LP now owns 36,848 shares of the industrial products company’s stock valued at $1,422,000 after buying an additional 15,546 shares in the last quarter. Finally, Mountaineer Partners Management LLC increased its holdings in Alcoa by 4,023.0% during the third quarter. Mountaineer Partners Management LLC now owns 10,795,880 shares of the industrial products company’s stock worth $416,505,000 after buying an additional 10,534,036 shares during the last quarter.

Alcoa Stock Down 1.2 %

AA opened at $41.98 on Tuesday. 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 $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 market capitalization of $10.85 billion, a P/E ratio of -23.85, a P/E/G ratio of 0.85 and a beta of 2.44.

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

Alcoa Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, October 29th. This represents a $0.40 dividend on an annualized basis and a yield of 0.95%. Alcoa’s dividend payout ratio (DPR) is presently -22.73%.

Insider Buying and Selling at Alcoa

In other news, EVP Renato Bacchi sold 23,867 shares of the company’s stock in a transaction that occurred 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 owns 57,317 shares of the company’s stock, valued at approximately $2,423,935.93. This represents a 29.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Morgan Stanley lifted their price objective on shares of Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. B. Riley Financial reissued a “neutral” rating and set a $41.00 price target on shares of Alcoa in a research report on Tuesday, September 17th. B. Riley upgraded Alcoa from a “neutral” rating to a “buy” rating and upped their price objective for the company from $41.00 to $50.00 in a research note on Thursday, October 17th. Wolfe Research upgraded Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 target price for the company in a research note on Wednesday, September 4th. Finally, Argus raised 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. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $46.73.

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.