Clear Harbor Asset Management LLC Increases Stake in Alcoa Co. (NYSE:AA)

Clear Harbor Asset Management LLC grew its position in Alcoa Co. (NYSE:AA) by 21.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 7,051 shares of the industrial products company’s stock after purchasing an additional 1,265 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Alcoa were worth $272,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of AA. Newbridge Financial Services Group Inc. purchased a new position in Alcoa in the 2nd quarter worth approximately $27,000. UMB Bank n.a. increased its holdings in shares of Alcoa by 481.7% in the 3rd quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 631 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Alcoa by 1,501.9% in the first quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company’s stock worth $57,000 after purchasing an additional 1,592 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Alcoa by 15.1% during the second 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 in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Alcoa during the first quarter valued at $101,000. 82.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AA has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their target price on Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Morgan Stanley increased 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. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Bank of America upgraded shares of Alcoa from a “neutral” rating to a “buy” rating and boosted their target price for the company from $43.00 to $52.00 in a research note on Tuesday, October 1st. Finally, Wolfe Research upgraded Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target on the stock in a research note on Wednesday, September 4th. Five investment 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 stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.75.

Alcoa Stock Down 2.2 %

AA stock opened at $41.10 on Monday. The business’s 50-day moving average price is $35.97 and its 200-day moving average price is $36.98. The stock has a market cap of $7.38 billion, a P/E ratio of -10.93 and a beta of 2.42. Alcoa Co. has a twelve month low of $23.17 and a twelve month high of $45.48. The company has a quick ratio of 0.92, a current ratio of 1.55 and a debt-to-equity ratio of 0.46.

Alcoa (NYSE:AA) last posted its quarterly 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 business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.97 billion. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. The company’s revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the business posted ($1.14) earnings per share. On average, equities research analysts forecast that Alcoa Co. will post 0.29 EPS for the current year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, October 29th. This represents a $0.40 dividend on an annualized basis and a yield of 0.97%. Alcoa’s dividend payout ratio is presently -10.64%.

Insider Activity

In related news, EVP Renato Bacchi sold 23,867 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was 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 in the company, valued at approximately $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 can be accessed through this hyperlink. Company insiders own 1.08% of the company’s stock.

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.