35,000 Shares in Alcoa Co. (NYSE:AA) Purchased by Appian Way Asset Management LP

Appian Way Asset Management LP purchased a new position in Alcoa Co. (NYSE:AA) during the third quarter, HoldingsChannel reports. The firm purchased 35,000 shares of the industrial products company’s stock, valued at approximately $1,350,000. Alcoa accounts for approximately 0.3% of Appian Way Asset Management LP’s portfolio, making the stock its 29th biggest holding.

A number of other hedge funds also recently bought and sold shares of the company. Fifth Third Bancorp boosted its stake in Alcoa by 15.1% in the 2nd quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company’s stock worth $94,000 after purchasing an additional 309 shares in the last quarter. Blue Trust Inc. boosted its stake in Alcoa by 12.0% in the 3rd quarter. Blue Trust Inc. now owns 3,222 shares of the industrial products company’s stock worth $128,000 after purchasing an additional 344 shares in the last quarter. CreativeOne Wealth LLC lifted its stake in Alcoa by 4.1% during the 3rd quarter. CreativeOne Wealth LLC now owns 9,114 shares of the industrial products company’s stock valued at $352,000 after acquiring an additional 360 shares during the period. Pacer Advisors Inc. lifted its stake in Alcoa by 1.4% during the 2nd quarter. Pacer Advisors Inc. now owns 26,965 shares of the industrial products company’s stock valued at $1,073,000 after acquiring an additional 368 shares during the period. Finally, Rosenberg Matthew Hamilton lifted its stake in Alcoa by 15.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 3,452 shares of the industrial products company’s stock valued at $133,000 after acquiring an additional 459 shares during the period. Institutional investors own 82.39% of the company’s stock.

Alcoa Trading Up 1.2 %

Alcoa stock opened at $46.45 on Friday. The firm has a 50 day moving average of $41.44 and a 200 day moving average of $38.20. The firm has a market capitalization of $12.00 billion, a price-to-earnings ratio of -26.39, a P/E/G ratio of 0.92 and a beta of 2.42. Alcoa Co. has a 12-month low of $23.80 and a 12-month high of $47.77. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47.

Alcoa (NYSE:AA) last released its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.34. The company had revenue of $2.90 billion during 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%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.14) EPS. As a group, research analysts predict that Alcoa Co. will post 0.9 earnings per share for the current year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 29th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.86%. The ex-dividend date was Tuesday, October 29th. Alcoa’s dividend payout ratio is -22.73%.

Insider Buying and Selling

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the completion of the sale, the executive vice president now directly owns 57,317 shares of the company’s stock, valued at $2,423,935.93. This trade represents a 29.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AA. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. UBS Group upped their target price on shares of Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Argus upgraded shares of Alcoa from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research note on Wednesday, October 23rd. Wolfe Research upgraded shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 target price on the stock in a research note on Wednesday, September 4th. Finally, Bank of America upped their target price on shares of Alcoa to $58.00 and gave the company a “buy” rating in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $45.25.

Alcoa Company 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.