Retirement Systems of Alabama Has $12.11 Million Position in Alcoa Co. (NYSE:AA)

Retirement Systems of Alabama raised its stake in shares of Alcoa Co. (NYSE:AA) by 41.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 313,822 shares of the industrial products company’s stock after buying an additional 92,201 shares during the period. Retirement Systems of Alabama owned about 0.12% of Alcoa worth $12,107,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AA. Newbridge Financial Services Group Inc. bought a new position in shares of Alcoa during the 2nd quarter valued at $27,000. UMB Bank n.a. raised its holdings in shares of Alcoa by 481.7% during the 3rd quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 631 shares in the last quarter. Quarry LP bought a new position in shares of Alcoa during the 3rd quarter valued at $43,000. Continuum Advisory LLC raised its holdings in shares of Alcoa by 1,945.5% during the 3rd quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 1,070 shares in the last quarter. Finally, Millburn Ridgefield Corp bought a new position in shares of Alcoa during the 3rd quarter valued at $89,000. Institutional investors and hedge funds own 82.39% of the company’s stock.

Alcoa Price Performance

Shares of NYSE:AA opened at $39.12 on Monday. Alcoa Co. has a 1-year low of $24.86 and a 1-year high of $47.77. The firm has a market capitalization of $10.11 billion, a PE ratio of -22.23, a PEG ratio of 0.79 and a beta of 2.44. The business’s 50 day moving average is $42.65 and its 200-day moving average is $38.26. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47.

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

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 29th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Tuesday, October 29th. Alcoa’s payout ratio is presently -22.73%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on AA shares. Wolfe Research upgraded 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. Bank of America boosted their target price on shares of Alcoa to $58.00 and gave the stock a “buy” rating in a research report on Thursday, November 28th. JPMorgan Chase & Co. boosted their target price on shares of Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. UBS Group boosted their target price on shares of Alcoa from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Finally, Morgan Stanley raised their target price on Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Alcoa has an average rating of “Moderate Buy” and a consensus target price of $46.73.

Insider Activity at Alcoa

In related news, EVP Renato Bacchi sold 23,867 shares of the business’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 sale, the executive vice president now owns 57,317 shares of the company’s stock, valued at $2,423,935.93. The trade was a 29.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.08% of the stock is owned by insiders.

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.