Concentric Capital Strategies LP Buys New Holdings in Alcoa Co. (NYSE:AA)

Concentric Capital Strategies LP purchased a new position in shares of Alcoa Co. (NYSE:AA) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 53,276 shares of the industrial products company’s stock, valued at approximately $2,055,000.

A number of other large investors also recently modified their holdings of AA. Atom Investors LP purchased a new position in shares of Alcoa in the 3rd quarter valued at $3,448,000. Paloma Partners Management Co increased its holdings in Alcoa by 11,317.8% in the 3rd quarter. Paloma Partners Management Co now owns 1,427,799 shares of the industrial products company’s stock valued at $55,084,000 after purchasing an additional 1,415,294 shares in the last quarter. Erste Asset Management GmbH purchased a new position in Alcoa in the third quarter valued at about $2,356,000. ARGA Investment Management LP lifted its stake in shares of Alcoa by 1.5% during the third quarter. ARGA Investment Management LP now owns 2,313,806 shares of the industrial products company’s stock worth $89,267,000 after purchasing an additional 34,878 shares in the last quarter. Finally, Appian Way Asset Management LP purchased a new stake in shares of Alcoa in the third quarter worth about $1,350,000. 82.39% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Alcoa

In related news, EVP Renato Bacchi sold 23,867 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president now owns 57,317 shares of the company’s stock, valued at approximately $2,423,935.93. This trade represents a 29.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.08% of the company’s stock.

Alcoa Trading Down 1.6 %

Shares of NYSE AA opened at $45.71 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 0.47. The stock’s 50 day moving average price is $41.70 and its two-hundred day moving average price is $38.22. Alcoa Co. has a 52-week low of $23.80 and a 52-week high of $47.77. The stock has a market capitalization of $11.81 billion, a P/E ratio of -25.97, a PEG ratio of 0.93 and a beta of 2.42.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.34. The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.97 billion. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The business’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.14) EPS. On average, analysts anticipate that Alcoa Co. will post 0.9 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The firm 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 annualized dividend and a dividend yield of 0.88%. The ex-dividend date was Tuesday, October 29th. Alcoa’s dividend payout ratio (DPR) is presently -22.73%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on AA shares. Wolfe Research raised Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target on the stock in a research report on Wednesday, September 4th. UBS Group boosted their target price on shares of Alcoa from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Bank of America raised their price target on shares of Alcoa to $58.00 and gave the company a “buy” rating in a report on Thursday, November 28th. StockNews.com raised shares of Alcoa from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. Finally, Morgan Stanley lifted their target price on Alcoa from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $45.25.

Alcoa 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.