DAVENPORT & Co LLC Makes New Investment in Alcoa $AA

DAVENPORT & Co LLC acquired a new position in Alcoa (NYSE:AA - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,653 shares of the industrial products company's stock, valued at approximately $344,000.

Several other institutional investors have also added to or reduced their stakes in the stock. 111 Capital bought a new position in Alcoa in the 2nd quarter worth $430,000. QRG Capital Management Inc. increased its stake in shares of Alcoa by 96.5% in the 2nd quarter. QRG Capital Management Inc. now owns 22,081 shares of the industrial products company's stock worth $652,000 after acquiring an additional 10,845 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Alcoa in the 2nd quarter worth about $82,000. Truist Financial Corp increased its stake in shares of Alcoa by 15.9% in the 2nd quarter. Truist Financial Corp now owns 10,472 shares of the industrial products company's stock worth $309,000 after acquiring an additional 1,440 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in shares of Alcoa by 24.8% in the 2nd quarter. Janney Montgomery Scott LLC now owns 23,819 shares of the industrial products company's stock worth $703,000 after acquiring an additional 4,732 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Bank of America increased their price target on shares of Alcoa from $26.00 to $27.00 and gave the stock an "underperform" rating in a research note on Thursday, July 17th. Morgan Stanley increased their price target on shares of Alcoa from $38.00 to $42.50 and gave the stock an "overweight" rating in a research note on Wednesday. B. Riley increased their price target on shares of Alcoa from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. Wall Street Zen lowered shares of Alcoa from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Alcoa from $27.00 to $34.00 and gave the stock a "neutral" rating in a research note on Thursday. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $43.04.

Alcoa Stock Down 5.3%

NYSE:AA opened at $35.05 on Monday. The firm has a market cap of $9.07 billion, a P/E ratio of 9.15, a P/E/G ratio of 0.21 and a beta of 2.20. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 1.65. Alcoa has a fifty-two week low of $21.53 and a fifty-two week high of $47.77. The firm has a 50-day simple moving average of $32.07 and a two-hundred day simple moving average of $29.36.

Alcoa (NYSE:AA - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The industrial products company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.10. The business had revenue of $3.02 billion during the quarter, compared to analyst estimates of $2.96 billion. Alcoa had a net margin of 7.86% and a return on equity of 19.18%. Alcoa's revenue was up 3.9% compared to the same quarter last year. During the same period last year, the business earned $0.16 EPS. Analysts predict that Alcoa will post 4.43 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Tuesday, August 12th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Tuesday, August 12th. Alcoa's dividend payout ratio (DPR) is currently 10.44%.

Alcoa 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.

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