Alcoa Co. (NYSE:AA) Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC cut its stake in shares of Alcoa Co. (NYSE:AA) by 13.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,872,199 shares of the industrial products company’s stock after selling 302,086 shares during the quarter. Fisher Asset Management LLC owned about 0.72% of Alcoa worth $72,229,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Quadrature Capital Ltd purchased a new stake in Alcoa during the 1st quarter valued at about $593,000. ING Groep NV purchased a new stake in Alcoa in the third quarter valued at approximately $10,201,000. Douglas Lane & Associates LLC boosted its position in Alcoa by 2.0% in the third quarter. Douglas Lane & Associates LLC now owns 1,421,955 shares of the industrial products company’s stock valued at $54,859,000 after buying an additional 27,217 shares during the last quarter. Aigen Investment Management LP increased its holdings in Alcoa by 73.0% in the 3rd quarter. Aigen Investment Management LP now owns 36,848 shares of the industrial products company’s stock worth $1,422,000 after buying an additional 15,546 shares during the period. Finally, U.S. Capital Wealth Advisors LLC purchased a new position in Alcoa during the 2nd quarter worth approximately $706,000. 82.39% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Alcoa

In other news, EVP Renato Bacchi sold 23,867 shares of the 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 completion of the sale, the executive vice president now directly owns 57,317 shares in the company, valued at $2,423,935.93. This represents a 29.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. UBS Group upped their price target on shares of Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Morgan Stanley lifted their price objective on Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. BMO Capital Markets upped their target price on Alcoa from $42.00 to $45.00 and gave the stock a “market perform” rating in a research note on Thursday, October 17th. Finally, Wolfe Research upgraded Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target for the company in a research report on Wednesday, September 4th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $44.75.

Alcoa Price Performance

Alcoa stock opened at $47.24 on Tuesday. The stock has a market capitalization of $12.20 billion, a P/E ratio of -26.84, a P/E/G ratio of 0.87 and a beta of 2.42. The company’s fifty day moving average price is $40.73 and its 200 day moving average price is $38.02. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.80 and a current ratio of 1.41. Alcoa Co. has a 1 year low of $23.80 and a 1 year high of $47.44.

Alcoa (NYSE:AA) last announced its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.34. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same quarter last year, the business earned ($1.14) earnings per share. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities research analysts anticipate 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 was paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, October 29th. This represents a $0.40 annualized dividend and a yield of 0.85%. 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.