Garner Asset Management Corp Has $295,000 Stock Position in Alcoa Co. (NYSE:AA)

Garner Asset Management Corp cut its holdings in shares of Alcoa Co. (NYSE:AA) by 5.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,652 shares of the industrial products company’s stock after selling 399 shares during the period. Garner Asset Management Corp’s holdings in Alcoa were worth $295,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of AA. ANTIPODES PARTNERS Ltd acquired a new stake in Alcoa in the second quarter worth $93,061,000. L1 Capital Pty Ltd acquired a new position in Alcoa during the first quarter valued at approximately $72,658,000. Marshall Wace LLP increased its holdings in Alcoa by 770.9% during the second quarter. Marshall Wace LLP now owns 1,422,797 shares of the industrial products company’s stock worth $56,599,000 after buying an additional 1,259,430 shares during the last quarter. Global Alpha Capital Management Ltd. bought a new stake in shares of Alcoa in the 3rd quarter valued at about $36,165,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Alcoa by 32.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,888,590 shares of the industrial products company’s stock worth $72,862,000 after acquiring an additional 467,986 shares during the period.

Alcoa Stock Performance

Shares of AA stock opened at $45.47 on Friday. Alcoa Co. has a one year low of $23.80 and a one year high of $46.60. The company has a market cap of $11.75 billion, a P/E ratio of -25.84, a P/E/G ratio of 0.89 and a beta of 2.42. The firm has a 50-day moving average of $40.47 and a 200-day moving average of $37.94. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 0.80.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.23 by $0.34. The firm had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.14) EPS. Equities research analysts forecast that Alcoa Co. will post 0.89 EPS for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th were given a $0.10 dividend. The ex-dividend date was Tuesday, October 29th. This represents a $0.40 annualized dividend and a yield of 0.88%. Alcoa’s dividend payout ratio is currently -22.73%.

Insiders Place Their Bets

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of Alcoa stock in a transaction dated Tuesday, October 22nd. The shares were 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 approximately $2,423,935.93. The trade was a 29.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AA. Argus upgraded Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Wednesday, October 23rd. B. Riley Financial reiterated a “neutral” rating and set a $41.00 price objective on shares of Alcoa in a research note on Tuesday, September 17th. Morgan Stanley boosted their target price 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. JPMorgan Chase & Co. raised their price target on shares of Alcoa from $36.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Wolfe Research raised Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 target price for the company in a report on Wednesday, September 4th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.75.

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.