199,470 Shares in Alcoa Co. (NYSE:AA) Acquired by Contravisory Investment Management Inc.

Contravisory Investment Management Inc. purchased a new position in shares of Alcoa Co. (NYSE:AA) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 199,470 shares of the industrial products company’s stock, valued at approximately $7,696,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Newbridge Financial Services Group Inc. purchased a new stake in Alcoa in the 2nd quarter worth approximately $27,000. UMB Bank n.a. lifted its stake in shares of Alcoa by 481.7% in the 3rd 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 during the period. Scarborough Advisors LLC purchased a new position in shares of Alcoa in the 4th quarter valued at approximately $39,000. Toronto Dominion Bank lifted its stake in shares of Alcoa by 1,501.9% in the 1st quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company’s stock valued at $57,000 after purchasing an additional 1,592 shares during the period. Finally, Fifth Third Bancorp lifted its stake in shares of Alcoa by 15.1% in the 2nd quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company’s stock valued at $94,000 after purchasing an additional 309 shares during the period. 82.39% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AA has been the subject of a number of research analyst reports. Bank of America upgraded Alcoa from a “neutral” rating to a “buy” rating and raised their target price for the company from $43.00 to $52.00 in a research note on Tuesday, October 1st. UBS Group lifted their price objective on Alcoa from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. B. Riley lifted their price objective on Alcoa from $37.00 to $41.00 and gave the company a “neutral” rating in a research note on Tuesday, September 17th. Wolfe Research raised 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, JPMorgan Chase & Co. initiated coverage on Alcoa in a report on Wednesday, September 25th. They issued a “neutral” rating and a $36.00 target price for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $41.64.

Alcoa Stock Performance

Shares of AA opened at $39.25 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.55 and a quick ratio of 0.92. Alcoa Co. has a one year low of $23.07 and a one year high of $45.48. The firm has a market capitalization of $7.05 billion, a P/E ratio of -10.44 and a beta of 2.42. The business has a fifty day moving average of $33.55 and a 200 day moving average of $36.44.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, July 17th. The industrial products company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.11 by $0.05. The company had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.84 billion. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. Alcoa’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.35) earnings per share. As a group, sell-side analysts anticipate that Alcoa Co. will post 0.56 EPS for the current year.

Alcoa Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Monday, August 12th were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.02%. Alcoa’s payout ratio is -10.64%.

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.