Retirement Systems of Alabama Purchases 1,966 Shares of Alcoa $AA

Retirement Systems of Alabama grew its position in Alcoa (NYSE:AA) by 0.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 316,416 shares of the industrial products company’s stock after purchasing an additional 1,966 shares during the quarter. Retirement Systems of Alabama’s holdings in Alcoa were worth $9,337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Hantz Financial Services Inc. boosted its position in shares of Alcoa by 357.9% in the second quarter. Hantz Financial Services Inc. now owns 2,656 shares of the industrial products company’s stock worth $78,000 after purchasing an additional 2,076 shares during the period. Y Intercept Hong Kong Ltd grew its holdings in Alcoa by 138.8% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 108,411 shares of the industrial products company’s stock valued at $3,199,000 after buying an additional 63,010 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Alcoa by 29.0% during the second quarter. Envestnet Asset Management Inc. now owns 17,487 shares of the industrial products company’s stock worth $516,000 after acquiring an additional 3,926 shares during the last quarter. ARGA Investment Management LP boosted its position in shares of Alcoa by 2.8% during the second quarter. ARGA Investment Management LP now owns 3,018,772 shares of the industrial products company’s stock worth $89,084,000 after acquiring an additional 83,410 shares during the last quarter. Finally, Blume Capital Management Inc. boosted its position in shares of Alcoa by 3.5% during the second quarter. Blume Capital Management Inc. now owns 44,595 shares of the industrial products company’s stock worth $1,316,000 after acquiring an additional 1,510 shares during the last quarter.

Analyst Ratings Changes

AA has been the subject of a number of research reports. HSBC upped their target price on shares of Alcoa from $33.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday, October 17th. B. Riley upped their target price on shares of Alcoa from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Wells Fargo & Company initiated coverage on shares of Alcoa in a research report on Tuesday, October 7th. They set an “overweight” rating and a $40.00 target price for the company. UBS Group upped their target price on shares of Alcoa from $31.00 to $34.00 and gave the stock a “neutral” rating in a research report on Friday, September 19th. Finally, Argus set a $45.00 target price on shares of Alcoa in a research report on Thursday. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $42.35.

Alcoa Price Performance

Alcoa stock opened at $36.76 on Monday. The company has a market cap of $9.52 billion, a price-to-earnings ratio of 8.49, a PEG ratio of 0.21 and a beta of 2.26. The firm’s fifty day moving average is $34.29 and its 200 day moving average is $30.60. The company has a quick ratio of 0.91, a current ratio of 1.56 and a debt-to-equity ratio of 0.40. Alcoa has a 52-week low of $21.53 and a 52-week high of $47.77.

Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, October 22nd. The industrial products company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.13. The company had revenue of $3 billion for the quarter, compared to the consensus estimate of $3.03 billion. Alcoa had a net margin of 8.91% and a return on equity of 15.85%. Alcoa’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 earnings per share. Sell-side analysts forecast that Alcoa will post 4.43 EPS for the current fiscal year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 21st. Investors of record on Tuesday, November 4th will be given a $0.10 dividend. The ex-dividend date is Tuesday, November 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.1%. Alcoa’s dividend payout ratio (DPR) is currently 9.24%.

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.