Norges Bank Invests $259.27 Million in Alcoa Co. (NYSE:AA)

Norges Bank bought a new stake in Alcoa Co. (NYSE:AA) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,862,711 shares of the industrial products company’s stock, valued at approximately $259,273,000. Norges Bank owned 2.66% of Alcoa as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Ballentine Partners LLC lifted its holdings in shares of Alcoa by 3.2% during the fourth quarter. Ballentine Partners LLC now owns 8,973 shares of the industrial products company’s stock valued at $339,000 after acquiring an additional 279 shares during the period. Oregon Public Employees Retirement Fund boosted its position in Alcoa by 0.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 52,624 shares of the industrial products company’s stock valued at $1,988,000 after buying an additional 300 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position in Alcoa by 5.3% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 6,521 shares of the industrial products company’s stock valued at $246,000 after buying an additional 328 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Alcoa by 3.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 9,469 shares of the industrial products company’s stock worth $365,000 after buying an additional 339 shares in the last quarter. Finally, CreativeOne Wealth LLC raised its stake in shares of Alcoa by 4.1% in the third quarter. CreativeOne Wealth LLC now owns 9,114 shares of the industrial products company’s stock valued at $352,000 after acquiring an additional 360 shares during the last quarter. Institutional investors and hedge funds own 82.39% of the company’s stock.

Analyst Upgrades and Downgrades

AA has been the topic of a number of research analyst reports. BMO Capital Markets increased their price target on Alcoa to $43.00 and gave the stock a “hold” rating in a research report on Friday, January 17th. UBS Group lowered their target price on Alcoa from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday. Morgan Stanley reduced their price target on shares of Alcoa from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. HC Wainwright increased their price objective on shares of Alcoa to $90.00 and gave the stock a “buy” rating in a report on Tuesday, March 11th. Finally, Bank of America boosted their target price on shares of Alcoa to $58.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Alcoa currently has an average rating of “Moderate Buy” and an average price target of $49.92.

Alcoa Stock Performance

AA stock opened at $30.58 on Friday. The company has a quick ratio of 0.86, a current ratio of 1.45 and a debt-to-equity ratio of 0.48. Alcoa Co. has a twelve month low of $27.12 and a twelve month high of $47.77. The business’s fifty day moving average is $34.75 and its 200-day moving average is $38.13. The company has a market cap of $7.92 billion, a P/E ratio of -191.15, a price-to-earnings-growth ratio of 0.19 and a beta of 2.55.

Alcoa (NYSE:AA) last issued its earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.13. Alcoa had a return on equity of 5.54% and a net margin of 0.50%. Equities research analysts forecast that Alcoa Co. will post 4.43 EPS for the current year.

Alcoa Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Tuesday, March 4th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend was Tuesday, March 4th. Alcoa’s payout ratio is presently -250.00%.

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.