Aigen Investment Management LP Buys 15,546 Shares of Alcoa Co. (NYSE:AA)

Aigen Investment Management LP boosted its holdings in Alcoa Co. (NYSE:AA) by 73.0% in the third quarter, Holdings Channel reports. The institutional investor owned 36,848 shares of the industrial products company’s stock after buying an additional 15,546 shares during the period. Aigen Investment Management LP’s holdings in Alcoa were worth $1,422,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Newbridge Financial Services Group Inc. bought a new stake in shares of Alcoa in the 2nd quarter valued at $27,000. UMB Bank n.a. raised its holdings in 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 acquiring an additional 631 shares during the period. Toronto Dominion Bank grew its stake in Alcoa by 1,501.9% during the first quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company’s stock valued at $57,000 after acquiring an additional 1,592 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Alcoa by 15.1% in the 2nd quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company’s stock valued at $94,000 after purchasing an additional 309 shares during the period. Finally, Headlands Technologies LLC bought a new position in shares of Alcoa in the first quarter worth $101,000. Institutional investors own 82.39% of the company’s stock.

Insider Activity

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 57,317 shares of the company’s stock, valued at $2,423,935.93. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Argus raised shares of Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Wednesday, October 23rd. JPMorgan Chase & Co. raised their price objective on Alcoa from $36.00 to $39.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. BMO Capital Markets raised their price objective on Alcoa from $42.00 to $45.00 and gave the company a “market perform” rating in a research note on Thursday, October 17th. Finally, B. Riley Financial reissued a “neutral” rating and set a $41.00 price objective on shares of Alcoa in a research note on Tuesday, September 17th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.75.

Alcoa Trading Down 4.4 %

Shares of AA traded down $1.93 during mid-day trading on Tuesday, reaching $41.58. 1,208,796 shares of the company’s stock traded hands, compared to its average volume of 5,845,370. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 0.80. The stock’s 50-day moving average is $38.00 and its two-hundred day moving average is $37.48. Alcoa Co. has a 12 month low of $23.80 and a 12 month high of $46.55. The stock has a market cap of $10.74 billion, a P/E ratio of -23.73, a P/E/G ratio of 0.85 and a beta of 2.42.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.34. The company had revenue of $2.90 billion during the quarter, compared to analyst estimates 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 in the prior year, the business earned ($1.14) earnings per share. Research analysts forecast that Alcoa Co. will post 0.89 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th will be given a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, October 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.96%. Alcoa’s dividend payout ratio (DPR) is currently -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.