VIRGINIA RETIREMENT SYSTEMS ET Al Takes $3.85 Million Position in Alcoa $AA

Key Points

• Virginia Retirement Systems purchased 73,900 Alcoa shares during the second quarter, establishing a position valued at approximately $3.85 million. Other institutional investors also recently initiated or increased their holdings.
• Analysts have generally reduced their price targets, with Alcoa receiving a consensus “Hold” rating and an average target price of $61.09.
• Alcoa’s latest quarterly results fell slightly short of expectations, reporting $2.12 in earnings per share versus the $2.25 consensus estimate, while the company maintained a quarterly dividend of $0.10 per share.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Alcoa (NYSE:AA - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 73,900 shares of the industrial products company's stock, valued at approximately $3,853,000.

Other large investors have also recently made changes to their positions in the company. Basepoint Wealth LLC purchased a new position in Alcoa in the 4th quarter valued at $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Alcoa in the second quarter valued at about $25,000. Western Wealth Management LLC acquired a new stake in shares of Alcoa in the first quarter valued at about $35,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Alcoa by 5,281.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company's stock worth $31,000 after buying an additional 581 shares in the last quarter. Finally, Quarry LP lifted its stake in shares of Alcoa by 96.0% in the fourth quarter. Quarry LP now owns 694 shares of the industrial products company's stock worth $37,000 after buying an additional 340 shares in the last quarter.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. BMO Capital Markets dropped their price objective on shares of Alcoa from $60.00 to $55.00 and set a "market perform" rating for the company in a research note on Friday, July 17th. Morgan Stanley reissued an "equal weight" rating and issued a $53.00 target price (down from $79.00) on shares of Alcoa in a research note on Wednesday, July 8th. JPMorgan Chase & Co. lowered their target price on Alcoa from $55.00 to $52.00 and set a "neutral" rating on the stock in a report on Friday, July 17th. Royal Bank Of Canada set a $70.00 price target on Alcoa in a research report on Wednesday, July 1st. Finally, B. Riley Financial cut their price target on Alcoa from $92.00 to $80.00 and set a "buy" rating for the company in a report on Tuesday, July 7th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Alcoa presently has a consensus rating of "Hold" and a consensus target price of $61.09.

Insider Buying and Selling

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

Alcoa Price Performance

Alcoa stock opened at $50.68 on Thursday. Alcoa has a 12-month low of $30.71 and a 12-month high of $84.38. The stock has a market cap of $13.38 billion, a P/E ratio of 10.43, a PEG ratio of 0.58 and a beta of 1.63. The company has a 50-day moving average price of $48.63 and a 200 day moving average price of $59.41. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30.

Alcoa (NYSE:AA - Get Free Report) last posted its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a net margin of 9.48% and a return on equity of 18.90%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.99 billion. During the same quarter in the previous year, the firm earned $0.39 earnings per share. Sell-side analysts anticipate that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were issued a $0.10 dividend. The ex-dividend date was Tuesday, August 11th. This represents a $0.40 dividend on an annualized basis and a yield of 0.8%. Alcoa's dividend payout ratio is currently 8.23%.

Alcoa Profile

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company's operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa's product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.