Alcoa $AA Shares Purchased by HighTower Advisors LLC

HighTower Advisors LLC increased its position in shares of Alcoa (NYSE:AA) by 378.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 351,442 shares of the industrial products company’s stock after buying an additional 278,031 shares during the quarter. HighTower Advisors LLC’s holdings in Alcoa were worth $18,324,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Basepoint Wealth LLC purchased a new stake in Alcoa in the fourth quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Alcoa during the second quarter worth approximately $25,000. Western Wealth Management LLC purchased a new position in shares of Alcoa during the first quarter worth approximately $35,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Alcoa by 5,281.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 581 shares during the period. Finally, Quarry LP increased its holdings in shares of Alcoa by 96.0% in the 4th quarter. Quarry LP now owns 694 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 340 shares during the period.

Analysts Set New Price Targets

Several analysts recently commented on the stock. BMO Capital Markets reduced their price target on shares of Alcoa from $60.00 to $55.00 and set a “market perform” rating for the company in a research report on Friday, July 17th. Royal Bank Of Canada set a $70.00 price objective on shares of Alcoa in a research report on Wednesday, July 1st. JPMorgan Chase & Co. dropped their price objective on shares of Alcoa from $55.00 to $52.00 and set a “neutral” rating on the stock in a research note on Friday, July 17th. Weiss Ratings raised shares of Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Finally, UBS Group decreased their target price on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $61.09.

Alcoa Stock Up 3.6%

AA opened at $51.78 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92. The business has a 50 day simple moving average of $48.56 and a 200-day simple moving average of $59.47. The stock has a market capitalization of $13.66 billion, a P/E ratio of 10.65, a P/E/G ratio of 0.56 and a beta of 1.63. Alcoa has a 12 month low of $30.71 and a 12 month high of $84.38.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.99 billion. Alcoa had a return on equity of 18.90% and a net margin of 9.48%.During the same period in the prior year, the company earned $0.39 EPS. On average, equities analysts anticipate that Alcoa will post 6.55 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Tuesday, August 11th. Alcoa’s payout ratio is presently 8.23%.

Insiders Place Their Bets

In other news, EVP Renato Bacchi sold 700 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $51.02, for a total transaction of $35,714.00. Following the transaction, the executive vice president directly owned 74,930 shares of the company’s stock, valued at $3,822,928.60. This represents a 0.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Tammi Jones sold 15,628 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $50.60, for a total transaction of $790,776.80. Following the completion of the transaction, the executive vice president owned 39,819 shares of the company’s stock, valued at $2,014,841.40. This represents a 28.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

About Alcoa

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.