Alcoa $AA Position Cut by ARGA Investment Management LP

ARGA Investment Management LP trimmed its position in Alcoa (NYSE:AA - Free Report) by 20.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 355,523 shares of the industrial products company's stock after selling 91,932 shares during the quarter. ARGA Investment Management LP owned approximately 0.13% of Alcoa worth $14,932,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Landaas & Co. WI ADV bought a new stake in Alcoa in the third quarter valued at about $256,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Alcoa in the third quarter valued at about $26,000. Vise Technologies Inc. acquired a new position in Alcoa in the third quarter valued at about $681,000. State of Wyoming bought a new position in Alcoa during the third quarter worth about $28,000. Finally, Pinnacle Wealth Planning Services Inc. boosted its holdings in Alcoa by 19.2% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 4,566 shares of the industrial products company's stock worth $192,000 after buying an additional 736 shares during the last quarter.

Insider Buying and Selling

In other Alcoa news, EVP Tammi Jones sold 15,628 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $50.60, for a total transaction of $790,776.80. Following the completion of the transaction, the executive vice president owned 39,819 shares of the company's stock, valued at $2,014,841.40. This represents a 28.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Renato Bacchi sold 700 shares of the firm's stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $51.02, for a total transaction of $35,714.00. Following the transaction, the executive vice president directly owned 74,930 shares of the company's stock, valued at $3,822,928.60. This represents a 0.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Alcoa Stock Performance

Shares of AA opened at $39.51 on Wednesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.66 and a current ratio of 2.31. Alcoa has a twelve month low of $35.12 and a twelve month high of $84.38. The firm's 50 day moving average price is $44.22 and its two-hundred day moving average price is $56.19. The firm has a market cap of $10.43 billion, a P/E ratio of 6.82, a PEG ratio of 0.59 and a beta of 1.83.

Alcoa (NYSE:AA - Get Free Report) last issued its quarterly earnings data on Thursday, October 15th. The industrial products company reported $1.82 EPS for the quarter, topping analysts' consensus estimates of $1.51 by $0.31. The business had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.77 billion. Alcoa had a net margin of 10.77% and a return on equity of 24.58%. The firm's quarterly revenue was up 23.7% on a year-over-year basis. During the same period last year, the business posted $0.88 earnings per share. On average, analysts forecast that Alcoa will post 6.70 EPS for the current fiscal year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Tuesday, October 27th will be paid a $0.10 dividend. The ex-dividend date is Tuesday, October 27th. This represents a $0.40 annualized dividend and a yield of 1.0%. Alcoa's payout ratio is presently 6.91%.

Analyst Ratings Changes

Several research firms have recently issued reports on AA. BMO Capital Markets decreased their target price on Alcoa from $60.00 to $55.00 and set a "market perform" rating for the company in a research report on Friday, July 17th. Zacks Research upgraded shares of Alcoa from a "strong sell" rating to a "hold" rating in a research report on Monday, September 14th. Weiss Ratings reissued a "hold (c+)" rating on shares of Alcoa in a research note on Monday, September 14th. JPMorgan Chase & Co. reduced their price objective on shares of Alcoa from $52.00 to $50.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 7th. Finally, B. Riley Financial decreased their price objective on shares of Alcoa from $80.00 to $63.00 and set a "buy" rating for the company in a report on Tuesday, October 20th. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $58.23.

Alcoa Profile

Alcoa Corporation NYSE: AA is a global producer of bauxite, alumina and aluminum. Its operations span the aluminum value chain, including bauxite mining, alumina refining, aluminum smelting, casting and the production of value-added aluminum products. These materials serve customers in industries such as transportation, building and construction, packaging, aerospace and industrial manufacturing.

The company operates across multiple regions, with assets and activities in North America, South America, Europe, Australia and other international markets.

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