Corebridge Financial Inc. Has $11.04 Million Stock Position in Alcoa Co. (NYSE:AA)

Corebridge Financial Inc. cut its position in Alcoa Co. (NYSE:AA) by 4.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 292,255 shares of the industrial products company’s stock after selling 13,184 shares during the quarter. Corebridge Financial Inc.’s holdings in Alcoa were worth $11,041,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Alcoa by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 25,979,129 shares of the industrial products company’s stock valued at $981,491,000 after acquiring an additional 165,420 shares during the period. LPL Financial LLC increased its stake in Alcoa by 3.4% during the 4th quarter. LPL Financial LLC now owns 163,391 shares of the industrial products company’s stock valued at $6,173,000 after purchasing an additional 5,446 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in Alcoa during the fourth quarter worth $1,485,000. Sei Investments Co. lifted its stake in shares of Alcoa by 25.6% in the fourth quarter. Sei Investments Co. now owns 107,460 shares of the industrial products company’s stock valued at $4,060,000 after buying an additional 21,918 shares in the last quarter. Finally, Quantbot Technologies LP grew its holdings in shares of Alcoa by 29.5% during the fourth quarter. Quantbot Technologies LP now owns 302,070 shares of the industrial products company’s stock valued at $11,412,000 after buying an additional 68,878 shares during the last quarter. 82.39% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on AA shares. Jefferies Financial Group dropped their price target on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. B. Riley raised Alcoa to a “strong-buy” rating in a research report on Tuesday, January 21st. Morgan Stanley lowered their price target on Alcoa from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Bank of America lifted their price objective on shares of Alcoa to $58.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Finally, JPMorgan Chase & Co. increased their target price on shares of Alcoa from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.17.

Alcoa Trading Down 1.1 %

NYSE:AA opened at $33.35 on Thursday. The firm’s 50 day moving average is $35.07 and its 200 day moving average is $38.09. Alcoa Co. has a 12 month low of $27.12 and a 12 month high of $47.77. The stock has a market capitalization of $8.63 billion, a PE ratio of -208.41, a price-to-earnings-growth ratio of 0.19 and a beta of 2.55. The company has a current ratio of 1.45, a quick ratio of 0.86 and a debt-to-equity ratio of 0.48.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.13. Alcoa had a return on equity of 5.54% and a net margin of 0.50%. Sell-side analysts expect that Alcoa Co. will post 4.43 earnings per share for the current year.

Alcoa Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Tuesday, March 4th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.40 annualized dividend and a dividend yield of 1.20%. Alcoa’s payout ratio is -250.00%.

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.