Arizona State Retirement System Has $2.83 Million Stock Position in Alcoa Co. (NYSE:AA)

Arizona State Retirement System lifted its stake in Alcoa Co. (NYSE:AA) by 10.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 74,974 shares of the industrial products company’s stock after buying an additional 6,980 shares during the period. Arizona State Retirement System’s holdings in Alcoa were worth $2,833,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Mountaineer Partners Management LLC grew its position in Alcoa by 4,023.0% in the third quarter. Mountaineer Partners Management LLC now owns 10,795,880 shares of the industrial products company’s stock valued at $416,505,000 after acquiring an additional 10,534,036 shares during the period. State Street Corp boosted its stake in shares of Alcoa by 23.3% in the 3rd quarter. State Street Corp now owns 9,563,645 shares of the industrial products company’s stock valued at $368,965,000 after purchasing an additional 1,805,915 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Alcoa by 42.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,193,744 shares of the industrial products company’s stock worth $161,838,000 after purchasing an additional 1,239,479 shares during the last quarter. ARGA Investment Management LP increased its position in shares of Alcoa by 29.6% during the 4th quarter. ARGA Investment Management LP now owns 2,998,311 shares of the industrial products company’s stock worth $113,276,000 after purchasing an additional 684,505 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Alcoa by 8.1% during the 4th quarter. Bank of New York Mellon Corp now owns 2,550,861 shares of the industrial products company’s stock valued at $96,372,000 after purchasing an additional 192,078 shares during the last quarter. 82.39% of the stock is owned by institutional investors and hedge funds.

Alcoa Price Performance

Shares of AA stock opened at $32.84 on Monday. The firm has a market cap of $8.50 billion, a price-to-earnings ratio of -205.27, a PEG ratio of 0.19 and a beta of 2.55. Alcoa Co. has a 12 month low of $27.12 and a 12 month high of $47.77. The company has a quick ratio of 0.86, a current ratio of 1.45 and a debt-to-equity ratio of 0.48. The stock has a 50-day moving average price of $35.92 and a 200 day moving average price of $37.99.

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

Alcoa Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Tuesday, March 4th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Tuesday, March 4th. Alcoa’s payout ratio is -250.00%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. B. Riley raised shares of Alcoa to a “strong-buy” rating in a research note on Tuesday, January 21st. Bank of America raised their price target on Alcoa to $58.00 and gave the company a “buy” rating in a report on Friday, January 24th. JPMorgan Chase & Co. lifted their price objective on Alcoa from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Morgan Stanley decreased their target price on Alcoa from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Finally, Jefferies Financial Group cut their price target on Alcoa from $50.00 to $45.00 and set a “buy” rating for the company in a report on Monday, January 6th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alcoa presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.55.

Alcoa Company 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.