VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Position in Alcoa $AA

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Alcoa (NYSE:AA) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 27,500 shares of the industrial products company’s stock, valued at approximately $812,000.

Several other hedge funds have also made changes to their positions in the company. CWM LLC grew its stake in shares of Alcoa by 1.9% in the 2nd quarter. CWM LLC now owns 18,628 shares of the industrial products company’s stock valued at $550,000 after buying an additional 354 shares during the period. Louisiana State Employees Retirement System grew its stake in shares of Alcoa by 0.6% in the 2nd quarter. Louisiana State Employees Retirement System now owns 72,800 shares of the industrial products company’s stock valued at $2,148,000 after buying an additional 400 shares during the period. Advisors Asset Management Inc. grew its stake in shares of Alcoa by 7.0% in the 1st quarter. Advisors Asset Management Inc. now owns 9,295 shares of the industrial products company’s stock valued at $283,000 after buying an additional 606 shares during the period. State of Michigan Retirement System grew its stake in shares of Alcoa by 1.1% in the 1st quarter. State of Michigan Retirement System now owns 61,875 shares of the industrial products company’s stock valued at $1,887,000 after buying an additional 700 shares during the period. Finally, CreativeOne Wealth LLC grew its stake in shares of Alcoa by 7.7% in the 1st quarter. CreativeOne Wealth LLC now owns 10,681 shares of the industrial products company’s stock valued at $326,000 after buying an additional 764 shares during the period. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Wall Street Analyst Weigh In

AA has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price target on shares of Alcoa from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday. Citigroup raised shares of Alcoa to a “buy” rating and set a $42.00 price target for the company in a research note on Tuesday, July 8th. BMO Capital Markets increased their price objective on shares of Alcoa from $35.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday. Weiss Ratings raised shares of Alcoa from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 8th. Finally, Morgan Stanley increased their price objective on shares of Alcoa from $38.00 to $42.50 and gave the stock an “overweight” rating in a research report on Wednesday, October 8th. Seven 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’s stock. According to data from MarketBeat.com, Alcoa presently has a consensus rating of “Hold” and an average price target of $42.04.

Alcoa Price Performance

Alcoa stock opened at $40.05 on Friday. The firm has a market cap of $10.37 billion, a PE ratio of 9.25, a price-to-earnings-growth ratio of 0.23 and a beta of 2.20. Alcoa has a 52-week low of $21.53 and a 52-week high of $47.77. The company has a quick ratio of 0.97, a current ratio of 1.65 and a debt-to-equity ratio of 0.41. The company’s 50 day moving average is $33.29 and its two-hundred day moving average is $29.89.

Alcoa (NYSE:AA) last released its earnings results on Wednesday, October 22nd. The industrial products company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.13. The company had revenue of $3 billion for the quarter, compared to analyst estimates of $3.03 billion. Alcoa had a net margin of 8.91% and a return on equity of 16.31%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.57 EPS. On average, research analysts expect that Alcoa will post 4.43 EPS for the current fiscal year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 21st. Stockholders of record on Tuesday, November 4th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, November 4th. Alcoa’s dividend payout ratio (DPR) is presently 9.24%.

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.