11,807 Shares in Alcoa Co. (NYSE:AA) Bought by Synovus Financial Corp

Synovus Financial Corp acquired a new position in Alcoa Co. (NYSE:AA) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 11,807 shares of the industrial products company’s stock, valued at approximately $456,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AA. Blue Trust Inc. increased its position in shares of Alcoa by 536.7% during the second quarter. Blue Trust Inc. now owns 2,878 shares of the industrial products company’s stock valued at $114,000 after acquiring an additional 2,426 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Alcoa by 79.2% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 22,400 shares of the industrial products company’s stock valued at $891,000 after purchasing an additional 9,900 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Alcoa by 15.1% during 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 during the period. Fifth Third Wealth Advisors LLC bought a new position in Alcoa during the second quarter valued at about $240,000. Finally, Washburn Capital Management Inc. purchased a new stake in Alcoa during the second quarter worth about $909,000. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on AA shares. 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 research report on Wednesday, September 4th. UBS Group boosted their target price on Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Argus upgraded Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research note on Wednesday, October 23rd. StockNews.com raised shares of Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Finally, B. Riley Financial reissued a “neutral” rating and issued a $41.00 price target on shares of Alcoa in a research report on Tuesday, September 17th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.73.

Alcoa Price Performance

NYSE:AA opened at $37.31 on Thursday. Alcoa Co. has a 52-week low of $24.86 and a 52-week high of $47.77. The stock has a fifty day moving average of $42.62 and a 200 day moving average of $38.17. 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 firm has a market capitalization of $9.64 billion, a price-to-earnings ratio of -21.20, a P/E/G ratio of 0.79 and a beta of 2.44.

Alcoa (NYSE:AA) last issued its quarterly 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 firm had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.97 billion. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the company posted ($1.14) EPS. On average, research analysts expect that Alcoa Co. will post 0.9 EPS for the current fiscal year.

Alcoa Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 29th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend was Tuesday, October 29th. Alcoa’s payout ratio is -22.73%.

Insider Activity

In other news, EVP Renato Bacchi sold 23,867 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total value of $1,009,335.43. Following the completion of the transaction, the executive vice president now directly owns 57,317 shares in the company, valued at approximately $2,423,935.93. This represents a 29.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.08% of the company’s stock.

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.