Victory Capital Management Inc. Purchases 133,345 Shares of Alcoa Co. (NYSE:AA)

Victory Capital Management Inc. raised its holdings in shares of Alcoa Co. (NYSE:AA) by 32.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 543,086 shares of the industrial products company’s stock after acquiring an additional 133,345 shares during the quarter. Victory Capital Management Inc. owned approximately 0.21% of Alcoa worth $20,952,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. State Board of Administration of Florida Retirement System boosted its holdings in Alcoa by 8.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 185,411 shares of the industrial products company’s stock worth $6,265,000 after purchasing an additional 13,721 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Alcoa by 0.7% during the first quarter. CANADA LIFE ASSURANCE Co now owns 105,839 shares of the industrial products company’s stock worth $3,571,000 after purchasing an additional 737 shares during the last quarter. Natixis boosted its holdings in Alcoa by 55.9% during the first quarter. Natixis now owns 12,852 shares of the industrial products company’s stock worth $434,000 after purchasing an additional 4,610 shares during the last quarter. Beaconlight Capital LLC acquired a new stake in Alcoa in the first quarter valued at $2,083,000. Finally, Toronto Dominion Bank lifted its stake in Alcoa by 1,501.9% in the first quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company’s stock valued at $57,000 after acquiring an additional 1,592 shares during the last quarter.

Alcoa Price Performance

NYSE:AA opened at $43.98 on Tuesday. Alcoa Co. has a 52 week low of $23.80 and a 52 week high of $46.55. The firm has a market cap of $11.36 billion, a price-to-earnings ratio of -24.99, a P/E/G ratio of 0.84 and a beta of 2.42. The firm’s 50-day simple moving average is $39.24 and its 200 day simple moving average is $37.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.80 and a current ratio of 1.41.

Alcoa (NYSE:AA) last released its quarterly 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. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same period last year, the firm earned ($1.14) earnings per share. Alcoa’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, sell-side analysts predict that Alcoa Co. will post 0.89 earnings per share for the current year.

Alcoa Announces Dividend

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

Insider Buying and Selling at Alcoa

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 57,317 shares of the company’s stock, valued at $2,423,935.93. This trade represents a 29.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

A number of brokerages have commented on AA. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. increased their price target on shares of Alcoa from $36.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Morgan Stanley increased their price target on shares of Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Wolfe Research upgraded shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 target price for the company in a research note on Wednesday, September 4th. Finally, B. Riley Financial restated a “neutral” rating and set a $41.00 target price on shares of Alcoa in a research note on Tuesday, September 17th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently 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.