Alcoa $AA Shares Bought by Graham Capital Management L.P.

Key Points

• Graham Capital Management L.P. increased its stake in Alcoa by 140.1%, acquiring an additional 15,476 shares, bringing its total holdings to 26,521 shares valued at approximately $809,000.
• Alcoa reported $0.39 earnings per share in its most recent quarter, exceeding expectations and marking a year-over-year revenue increase of 3.9% to $3.02 billion.
• The company announced a quarterly dividend of $0.10 per share, resulting in an annual yield of 1.3%, with a dividend payout ratio of 10.44%.

Graham Capital Management L.P. raised its position in Alcoa (NYSE:AA - Free Report) by 140.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 26,521 shares of the industrial products company's stock after buying an additional 15,476 shares during the period. Graham Capital Management L.P.'s holdings in Alcoa were worth $809,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AA. Versant Capital Management Inc raised its stake in Alcoa by 134.7% in the 1st quarter. Versant Capital Management Inc now owns 906 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 520 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Alcoa in the fourth quarter worth about $36,000. Montag A & Associates Inc. purchased a new position in shares of Alcoa in the first quarter worth about $40,000. Continuum Advisory LLC boosted its position in Alcoa by 30.7% during the fourth quarter. Continuum Advisory LLC now owns 1,470 shares of the industrial products company's stock worth $56,000 after acquiring an additional 345 shares during the last quarter. Finally, Quarry LP purchased a new stake in Alcoa during the 1st quarter valued at about $57,000.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AA. UBS Group reissued a "neutral" rating and issued a $31.00 target price on shares of Alcoa in a research note on Thursday, May 15th. Wall Street Zen cut Alcoa from a "buy" rating to a "hold" rating in a report on Sunday, June 22nd. Barclays lifted their price objective on Alcoa to $31.00 and gave the stock a "hold" rating in a research report on Friday, May 16th. B. Riley dropped their target price on Alcoa from $38.00 to $37.00 and set a "buy" rating for the company in a report on Tuesday, July 15th. Finally, Bank of America raised their target price on Alcoa from $26.00 to $27.00 and gave the stock an "underperform" rating in a research note on Thursday, July 17th. Six analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Alcoa has a consensus rating of "Hold" and an average price target of $41.67.

Alcoa Trading Up 1.7%

AA traded up $0.53 on Friday, hitting $31.82. The company had a trading volume of 5,685,262 shares, compared to its average volume of 5,052,331. The company's fifty day moving average price is $30.64 and its 200 day moving average price is $29.41. Alcoa has a 1 year low of $21.53 and a 1 year high of $47.77. The company has a current ratio of 1.65, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The firm has a market cap of $8.24 billion, a P/E ratio of 8.31, a PEG ratio of 0.18 and a beta of 2.26.

Alcoa (NYSE:AA - Get Free Report) last announced its earnings results on Wednesday, July 16th. The industrial products company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.10. The company 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 quarter last year, the firm posted $0.16 earnings per share. As a group, equities analysts expect that Alcoa will post 4.43 earnings per share for the current year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Tuesday, August 12th were given a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, August 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.3%. Alcoa's payout ratio is presently 10.44%.

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.