Blume Capital Management Inc. Acquires 1,510 Shares of Alcoa $AA

Blume Capital Management Inc. lifted its stake in Alcoa (NYSE:AA) by 3.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 44,595 shares of the industrial products company’s stock after purchasing an additional 1,510 shares during the period. Blume Capital Management Inc.’s holdings in Alcoa were worth $1,316,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. L1 Capital Pty Ltd acquired a new position in Alcoa in the first quarter valued at about $52,675,000. Dimensional Fund Advisors LP increased its stake in shares of Alcoa by 33.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,803,086 shares of the industrial products company’s stock valued at $207,490,000 after acquiring an additional 1,721,222 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Alcoa in the 2nd quarter valued at about $44,151,000. Nuveen LLC acquired a new stake in shares of Alcoa in the 1st quarter valued at approximately $23,339,000. Finally, Deutsche Bank AG raised its position in shares of Alcoa by 481.2% in the 1st quarter. Deutsche Bank AG now owns 907,117 shares of the industrial products company’s stock valued at $27,667,000 after acquiring an additional 751,053 shares during the period.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Bank of America boosted their price objective on shares of Alcoa from $26.00 to $27.00 and gave the company an “underperform” rating in a report on Thursday, July 17th. JPMorgan Chase & Co. lifted their price target on shares of Alcoa from $27.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, October 9th. Morgan Stanley upped their price objective on shares of Alcoa from $38.00 to $42.50 and gave the company an “overweight” rating in a research report on Wednesday, October 8th. Weiss Ratings raised Alcoa from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 8th. Finally, UBS Group lifted their target price on Alcoa from $31.00 to $34.00 and gave the stock a “neutral” rating in a report on Friday, September 19th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Alcoa currently has a consensus rating of “Moderate Buy” and an average price target of $42.88.

Alcoa Trading Down 4.4%

AA opened at $37.23 on Wednesday. The stock has a market capitalization of $9.64 billion, a P/E ratio of 9.72, a P/E/G ratio of 0.24 and a beta of 2.20. The company has a current ratio of 1.65, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. Alcoa has a 12 month low of $21.53 and a 12 month high of $47.77. The firm’s fifty day simple moving average is $33.04 and its 200 day simple moving average is $29.74.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Tuesday, August 12th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Tuesday, August 12th. Alcoa’s dividend payout ratio is currently 10.44%.

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.