PNC Financial Services Group Inc. Reduces Stock Position in Alcoa Co. (NYSE:AA)

PNC Financial Services Group Inc. reduced its stake in shares of Alcoa Co. (NYSE:AA) by 3.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 184,668 shares of the industrial products company’s stock after selling 6,301 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Alcoa were worth $7,124,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. ANTIPODES PARTNERS Ltd bought a new stake in shares of Alcoa during the second quarter valued at approximately $93,061,000. L1 Capital Pty Ltd purchased a new stake in shares of Alcoa in the 1st quarter worth approximately $72,658,000. Marshall Wace LLP boosted its stake in shares of Alcoa by 770.9% during the second quarter. Marshall Wace LLP now owns 1,422,797 shares of the industrial products company’s stock valued at $56,599,000 after purchasing an additional 1,259,430 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Alcoa by 43.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,478,424 shares of the industrial products company’s stock worth $49,958,000 after buying an additional 444,393 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Alcoa by 6.2% during the second quarter. Dimensional Fund Advisors LP now owns 6,665,106 shares of the industrial products company’s stock worth $265,132,000 after buying an additional 390,930 shares during the period.

Insider Transactions at Alcoa

In other news, EVP Renato Bacchi sold 23,867 shares of the business’s stock in a transaction dated 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 completion of the sale, the executive vice president now owns 57,317 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is available at this link.

Alcoa Trading Down 2.1 %

Alcoa stock opened at $45.47 on Friday. The firm has a market cap of $11.75 billion, a PE ratio of -25.84, a P/E/G ratio of 0.89 and a beta of 2.42. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47. The stock’s 50 day simple moving average is $40.47 and its two-hundred day simple moving average is $37.94. Alcoa Co. has a 12 month low of $23.80 and a 12 month high of $46.60.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.34. The firm had revenue of $2.90 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the firm earned ($1.14) EPS. Analysts anticipate that Alcoa Co. will post 0.89 earnings per share for the current year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 29th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend was Tuesday, October 29th. Alcoa’s dividend payout ratio (DPR) is presently -22.73%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Argus raised Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Wednesday, October 23rd. Wolfe Research upgraded 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 note on Wednesday, September 4th. Bank of America upgraded Alcoa from a “neutral” rating to a “buy” rating and raised their target price for the stock from $43.00 to $52.00 in a research note on Tuesday, October 1st. StockNews.com upgraded Alcoa from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Finally, UBS Group raised their price objective on Alcoa from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Alcoa currently has an average rating of “Moderate Buy” and a consensus target price of $44.75.

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.