Assenagon Asset Management S.A. Purchases 132,840 Shares of Alcoa Co. (NYSE:AA)

Assenagon Asset Management S.A. lifted its position in Alcoa Co. (NYSE:AA) by 44.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 431,399 shares of the industrial products company’s stock after buying an additional 132,840 shares during the period. Assenagon Asset Management S.A.’s holdings in Alcoa were worth $16,643,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in AA. International Assets Investment Management LLC bought a new position in Alcoa in the 3rd quarter valued at approximately $41,720,000. Greenleaf Trust lifted its holdings in shares of Alcoa by 30.4% during the third quarter. Greenleaf Trust now owns 7,533 shares of the industrial products company’s stock valued at $291,000 after purchasing an additional 1,757 shares in the last quarter. Private Advisor Group LLC boosted its position in shares of Alcoa by 65.5% during the third quarter. Private Advisor Group LLC now owns 15,366 shares of the industrial products company’s stock valued at $593,000 after buying an additional 6,083 shares during the last quarter. Signaturefd LLC increased its holdings in Alcoa by 39.5% in the 3rd quarter. Signaturefd LLC now owns 3,826 shares of the industrial products company’s stock worth $148,000 after buying an additional 1,083 shares in the last quarter. Finally, Blue Trust Inc. raised its position in Alcoa by 12.0% in the 3rd quarter. Blue Trust Inc. now owns 3,222 shares of the industrial products company’s stock worth $128,000 after buying an additional 344 shares during the last quarter. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Analyst Upgrades and Downgrades

AA has been the topic of a number of recent analyst reports. Wolfe Research raised shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target on the stock in a report on Wednesday, September 4th. JPMorgan Chase & Co. lifted their target price on shares of Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Morgan Stanley increased their price target on Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Bank of America raised Alcoa from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $43.00 to $52.00 in a report on Tuesday, October 1st. Finally, B. Riley raised Alcoa from a “neutral” rating to a “buy” rating and increased their target price for the company from $41.00 to $50.00 in a report on Thursday, October 17th. Five research 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, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $44.75.

Alcoa Stock Down 2.2 %

NYSE AA opened at $41.10 on Friday. Alcoa Co. has a 52 week low of $23.17 and a 52 week high of $45.48. The company has a quick ratio of 0.92, a current ratio of 1.55 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $7.38 billion, a P/E ratio of -10.93 and a beta of 2.42. The stock’s 50-day moving average price is $35.97 and its 200-day moving average price is $36.98.

Alcoa (NYSE:AA) last released its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.34. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the business earned ($1.14) EPS. On average, equities research analysts predict that Alcoa Co. will post 0.29 earnings per share for the current year.

Alcoa Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 29th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend is Tuesday, October 29th. Alcoa’s dividend payout ratio (DPR) is -10.64%.

Insider Buying and Selling

In other news, EVP Renato Bacchi sold 23,867 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 57,317 shares in the company, valued at $2,423,935.93. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.08% of the stock is currently owned by insiders.

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.