Janney Montgomery Scott LLC Has $926,000 Stock Position in Alcoa Co. (NYSE:AA)

Janney Montgomery Scott LLC cut its position in Alcoa Co. (NYSE:AA) by 5.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 24,002 shares of the industrial products company’s stock after selling 1,349 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Alcoa were worth $926,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of AA. Fifth Third Bancorp raised its holdings in shares of Alcoa by 15.1% in the second quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company’s stock valued at $94,000 after buying an additional 309 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Alcoa by 12.0% in the third quarter. Blue Trust Inc. now owns 3,222 shares of the industrial products company’s stock worth $128,000 after acquiring an additional 344 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Alcoa by 1.4% during the second quarter. Pacer Advisors Inc. now owns 26,965 shares of the industrial products company’s stock worth $1,073,000 after purchasing an additional 368 shares in the last quarter. Rosenberg Matthew Hamilton grew its stake in shares of Alcoa by 15.3% during the third quarter. Rosenberg Matthew Hamilton now owns 3,452 shares of the industrial products company’s stock valued at $133,000 after purchasing an additional 459 shares during the last quarter. Finally, Eads & Heald Wealth Management increased its holdings in shares of Alcoa by 6.6% in the third quarter. Eads & Heald Wealth Management now owns 8,403 shares of the industrial products company’s stock valued at $324,000 after purchasing an additional 517 shares in the last quarter. Institutional investors and hedge funds own 82.39% of the company’s stock.

Alcoa Stock Performance

Shares of Alcoa stock opened at $44.02 on Friday. The company has a 50 day moving average of $38.94 and a 200-day moving average of $37.62. The company has a market cap of $11.37 billion, a PE ratio of -25.01, a price-to-earnings-growth ratio of 0.77 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. Alcoa Co. has a 1-year low of $23.80 and a 1-year high of $46.55.

Alcoa (NYSE:AA) last released its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share 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%. Alcoa’s revenue was up 11.6% compared to the same quarter last year. During the same period last year, the firm posted ($1.14) earnings per share. As a group, equities research analysts forecast that Alcoa Co. will post 0.89 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, October 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.91%. Alcoa’s payout ratio is presently -22.73%.

Insider Transactions 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 shares were sold at an average price of $42.29, for a total value of $1,009,335.43. Following the completion of the transaction, the executive vice president now owns 57,317 shares in the company, valued at $2,423,935.93. This trade represents a 29.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AA. JPMorgan Chase & Co. increased their price objective on shares of Alcoa from $36.00 to $39.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. B. Riley Financial reiterated a “neutral” rating and issued a $41.00 price target on shares of Alcoa in a research note on Tuesday, September 17th. UBS Group upped their target price on shares of Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. B. Riley upgraded Alcoa from a “neutral” rating to a “buy” rating and increased their target price for the stock from $41.00 to $50.00 in a research note on Thursday, October 17th. Finally, Argus raised shares of Alcoa from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.