Geode Capital Management LLC Acquires 1,239,479 Shares of Alcoa Co. (NYSE:AA)

Geode Capital Management LLC boosted its holdings in shares of Alcoa Co. (NYSE:AA) by 42.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,193,744 shares of the industrial products company’s stock after buying an additional 1,239,479 shares during the quarter. Geode Capital Management LLC owned approximately 1.62% of Alcoa worth $161,838,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AA. Newbridge Financial Services Group Inc. bought a new stake in shares of Alcoa during the 2nd quarter valued at $27,000. UMB Bank n.a. lifted its position in Alcoa by 481.7% during the third quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 631 shares in the last quarter. Quarry LP bought a new stake in Alcoa during the third quarter valued at about $43,000. Continuum Advisory LLC increased its position in Alcoa by 1,945.5% in the third quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock worth $46,000 after buying an additional 1,070 shares in the last quarter. Finally, Millburn Ridgefield Corp bought a new position in shares of Alcoa in the third quarter worth about $89,000. 82.39% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Alcoa 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 transaction of $1,009,335.43. Following the transaction, the executive vice president now owns 57,317 shares in the company, valued at $2,423,935.93. The trade was a 29.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.08% of the company’s stock.

Alcoa Stock Down 1.3 %

NYSE AA opened at $39.12 on Monday. The stock has a 50 day moving average price of $42.65 and a 200-day moving average price of $38.26. Alcoa Co. has a one year low of $24.86 and a one year high of $47.77. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.80 and a current ratio of 1.41. The company has a market capitalization of $10.11 billion, a P/E ratio of -22.23, a P/E/G ratio of 0.79 and a beta of 2.44.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.34. The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.97 billion. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. The business’s revenue was up 11.6% on a year-over-year basis. During the same period last year, the company posted ($1.14) EPS. As a group, equities analysts predict that Alcoa Co. will post 0.9 EPS for the current fiscal year.

Alcoa Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, October 29th. This represents a $0.40 dividend on an annualized basis and a yield of 1.02%. Alcoa’s dividend payout ratio (DPR) is presently -22.73%.

Wall Street Analyst Weigh In

AA has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their price objective on Alcoa from $36.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. B. Riley Financial reiterated a “neutral” rating and issued a $41.00 price target on shares of Alcoa in a research report on Tuesday, September 17th. Morgan Stanley raised 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. Wolfe Research raised shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 target price for the company in a report on Wednesday, September 4th. Finally, UBS Group raised their price target on Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $46.73.

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.