Tidal Investments LLC Sells 8,713 Shares of Alcoa Co. (NYSE:AA)

Tidal Investments LLC reduced its stake in shares of Alcoa Co. (NYSE:AA) by 21.8% in the 3rd quarter, Holdings Channel reports. The firm owned 31,231 shares of the industrial products company’s stock after selling 8,713 shares during the quarter. Tidal Investments LLC’s holdings in Alcoa were worth $1,205,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AA. Blue Trust Inc. lifted its position in shares of Alcoa by 536.7% in the 2nd quarter. Blue Trust Inc. now owns 2,878 shares of the industrial products company’s stock worth $114,000 after purchasing an additional 2,426 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Alcoa by 79.2% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 22,400 shares of the industrial products company’s stock valued at $891,000 after buying an additional 9,900 shares during the period. Fifth Third Bancorp boosted its position in 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 acquiring an additional 309 shares during the last quarter. Fifth Third Wealth Advisors LLC acquired a new stake in Alcoa during the 2nd quarter worth about $240,000. Finally, Washburn Capital Management Inc. bought a new position in shares of Alcoa in the 2nd quarter worth about $909,000. 82.39% of the stock is owned by institutional investors and hedge funds.

Alcoa Stock Down 2.9 %

Alcoa stock opened at $37.31 on Thursday. The firm has a market capitalization of $9.64 billion, a price-to-earnings ratio of -21.20, a price-to-earnings-growth ratio of 0.79 and a beta of 2.44. The firm’s fifty day moving average price is $42.62 and its two-hundred day moving average price is $38.17. Alcoa Co. has a 1-year low of $24.86 and a 1-year high of $47.77. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.34. The business 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 firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.14) EPS. On average, equities research analysts predict that Alcoa Co. will post 0.9 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 29th were issued 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 1.07%. Alcoa’s dividend payout ratio (DPR) is currently -22.73%.

Insider Activity at Alcoa

In other news, EVP Renato Bacchi sold 23,867 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total value of $1,009,335.43. Following the transaction, the executive vice president now owns 57,317 shares in the company, valued at $2,423,935.93. The trade was a 29.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. upped their target price on Alcoa from $36.00 to $39.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. B. Riley raised shares of Alcoa from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $41.00 to $50.00 in a research report on Thursday, October 17th. Wolfe Research upgraded shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a research note on Wednesday, September 4th. Bank of America increased their target price on shares of Alcoa to $58.00 and gave the stock a “buy” rating in a research note on Thursday, November 28th. Finally, B. Riley Financial reaffirmed a “neutral” rating and issued a $41.00 price target on shares of Alcoa in a research note on Tuesday, September 17th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.73.

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.