Legacy Capital Group California Inc. Makes New $539,000 Investment in Alcoa Co. (NYSE:AA)

Legacy Capital Group California Inc. acquired a new stake in shares of Alcoa Co. (NYSE:AA) during the third quarter, according to its most recent filing with the SEC. The fund acquired 13,963 shares of the industrial products company’s stock, valued at approximately $539,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. ANTIPODES PARTNERS Ltd bought a new position in shares of Alcoa in the second quarter worth $93,061,000. L1 Capital Pty Ltd purchased a new stake in shares of Alcoa in the 1st quarter valued at about $72,658,000. Marshall Wace LLP boosted its position in shares of Alcoa by 770.9% during the 2nd quarter. Marshall Wace LLP now owns 1,422,797 shares of the industrial products company’s stock valued at $56,599,000 after acquiring an additional 1,259,430 shares during the last quarter. Capital Research Global Investors grew its holdings in shares of Alcoa by 29.8% during the first quarter. Capital Research Global Investors now owns 2,067,742 shares of the industrial products company’s stock worth $69,869,000 after purchasing an additional 475,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Alcoa by 43.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,478,424 shares of the industrial products company’s stock worth $49,958,000 after purchasing an additional 444,393 shares during the last quarter. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Alcoa Trading Down 2.2 %

NYSE:AA opened at $41.10 on Friday. The firm has a market capitalization of $7.38 billion, a P/E ratio of -10.93 and a beta of 2.42. Alcoa Co. has a 52 week low of $23.17 and a 52 week 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. The company has a fifty day moving average of $35.97 and a 200 day moving average of $36.98.

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

Alcoa Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on AA shares. Morgan Stanley lifted 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. B. Riley Financial reiterated a “neutral” rating and issued a $41.00 target price on shares of Alcoa in a research report on Tuesday, September 17th. UBS Group increased their target price on Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Bank of America raised Alcoa from a “neutral” rating to a “buy” rating and lifted their price target for the stock 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 objective on the stock in a research report on Wednesday, September 4th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $44.75.

Insider Transactions at Alcoa

In related news, EVP Renato Bacchi sold 23,867 shares of the business’s stock in a transaction dated 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 owns 57,317 shares in the company, valued at $2,423,935.93. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.08% of the company’s stock.

Alcoa Company Profile

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.