KLP Kapitalforvaltning AS Acquires Shares of 39,300 Alcoa Co. (NYSE:AA)

KLP Kapitalforvaltning AS bought a new position in shares of Alcoa Co. (NYSE:AA) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 39,300 shares of the industrial products company’s stock, valued at approximately $1,485,000.

Several other hedge funds also recently made changes to their positions in AA. SBI Securities Co. Ltd. bought a new position in Alcoa during the fourth quarter worth $29,000. Smartleaf Asset Management LLC raised its holdings in shares of Alcoa by 59.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,051 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 393 shares during the period. Quarry LP acquired a new stake in shares of Alcoa during the third quarter worth $43,000. Continuum Advisory LLC lifted its position in shares of Alcoa by 1,945.5% in the 3rd quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock worth $46,000 after buying an additional 1,070 shares during the last quarter. Finally, UMB Bank n.a. boosted its holdings in shares of Alcoa by 78.5% in the 4th quarter. UMB Bank n.a. now owns 1,360 shares of the industrial products company’s stock valued at $51,000 after buying an additional 598 shares during the period. Institutional investors and hedge funds own 82.39% of the company’s stock.

Analysts Set New Price Targets

AA has been the topic of several research reports. Jefferies Financial Group dropped their price objective on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. BMO Capital Markets raised their price target on Alcoa to $43.00 and gave the stock a “hold” rating in a report on Friday, January 17th. Morgan Stanley reduced their price objective on Alcoa from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. JPMorgan Chase & Co. increased their target price on Alcoa from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Finally, Bank of America boosted their price target on shares of Alcoa to $58.00 and gave the company a “buy” rating in a report on Friday, January 24th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.92.

Alcoa Stock Performance

Shares of AA opened at $30.58 on Friday. Alcoa Co. has a 52-week low of $27.12 and a 52-week high of $47.77. The firm has a market capitalization of $7.92 billion, a PE ratio of -191.15, a P/E/G ratio of 0.19 and a beta of 2.55. The firm has a 50-day moving average price of $34.75 and a 200 day moving average price of $38.06. The company has a quick ratio of 0.86, a current ratio of 1.45 and a debt-to-equity ratio of 0.48.

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

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Tuesday, March 4th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date was Tuesday, March 4th. Alcoa’s dividend payout ratio is presently -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.