Aigen Investment Management LP Raises Stock Position in Alcoa Co. (NYSE:AA)

Aigen Investment Management LP grew its stake in shares of Alcoa Co. (NYSE:AA) by 73.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,848 shares of the industrial products company’s stock after acquiring an additional 15,546 shares during the period. Aigen Investment Management LP’s holdings in Alcoa were worth $1,422,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AA. Allspring Global Investments Holdings LLC increased its position in Alcoa by 15.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,344 shares of the industrial products company’s stock worth $485,000 after purchasing an additional 1,867 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Alcoa during the first quarter worth $101,000. Qsemble Capital Management LP grew its position in shares of Alcoa by 26.1% in the first quarter. Qsemble Capital Management LP now owns 19,516 shares of the industrial products company’s stock valued at $659,000 after purchasing an additional 4,041 shares during the period. Russell Investments Group Ltd. increased its stake in Alcoa by 6.3% in the first quarter. Russell Investments Group Ltd. now owns 961,598 shares of the industrial products company’s stock valued at $32,491,000 after purchasing an additional 57,191 shares during the last quarter. Finally, Entropy Technologies LP purchased a new position in Alcoa during the first quarter worth about $1,594,000. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AA. Bank of America raised shares of Alcoa from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $52.00 in a research note on Tuesday, October 1st. JPMorgan Chase & Co. boosted their target price on Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. B. Riley upgraded Alcoa from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $41.00 to $50.00 in a research note on Thursday, October 17th. Morgan Stanley upped their price objective 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. Finally, BMO Capital Markets raised their price objective on shares of Alcoa from $42.00 to $45.00 and gave the stock a “market perform” rating in a report on Thursday, October 17th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.75.

Alcoa Stock Down 4.4 %

Shares of AA stock traded down $1.93 on Tuesday, hitting $41.58. The company’s stock had a trading volume of 1,208,796 shares, compared to its average volume of 5,845,370. Alcoa Co. has a fifty-two week low of $23.80 and a fifty-two week high of $46.55. The firm’s fifty day moving average price is $38.00 and its 200-day moving average price is $37.48. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 0.80. The stock has a market capitalization of $10.74 billion, a price-to-earnings ratio of -23.73, a P/E/G ratio of 0.85 and a beta of 2.42.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.34. The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.97 billion. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. Alcoa’s revenue was up 11.6% compared to the same quarter last year. During the same period last year, the business posted ($1.14) EPS. Research analysts anticipate that Alcoa Co. will post 0.89 EPS for the current year.

Alcoa Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Tuesday, October 29th. Alcoa’s payout ratio is -22.73%.

Insider Activity at Alcoa

In related news, EVP Renato Bacchi sold 23,867 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total value of $1,009,335.43. Following the sale, the executive vice president now directly owns 57,317 shares of the company’s stock, valued at approximately $2,423,935.93. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.08% of the stock is currently owned by corporate insiders.

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.