Bank of Montreal Can Sells 6,898 Shares of Alcoa $AA

Bank of Montreal Can lessened its stake in Alcoa (NYSE:AA) by 9.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 63,975 shares of the industrial products company’s stock after selling 6,898 shares during the period. Bank of Montreal Can’s holdings in Alcoa were worth $1,888,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its position in Alcoa by 1,096.0% in the 2nd quarter. IFP Advisors Inc now owns 897 shares of the industrial products company’s stock valued at $26,000 after buying an additional 822 shares during the period. Montag A & Associates Inc. purchased a new stake in shares of Alcoa in the first quarter valued at approximately $40,000. Quarry LP purchased a new stake in shares of Alcoa in the first quarter valued at approximately $57,000. Banque Transatlantique SA bought a new position in Alcoa in the first quarter worth approximately $74,000. Finally, Hantz Financial Services Inc. increased its holdings in Alcoa by 357.9% during the 2nd 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.

Alcoa Stock Performance

Shares of Alcoa stock opened at $38.14 on Friday. The company has a market capitalization of $9.88 billion, a PE ratio of 8.81, a P/E/G ratio of 0.22 and a beta of 2.26. The company has a 50-day simple moving average of $35.31 and a two-hundred day simple moving average of $31.32. Alcoa has a one year low of $21.53 and a one year high of $47.77. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.91 and a current ratio of 1.56.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, October 22nd. The industrial products company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.13. The firm had revenue of $2.09 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%. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 EPS. Research analysts expect that Alcoa will post 4.43 EPS for the current fiscal year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 21st. Stockholders of record on Tuesday, November 4th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, November 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. Alcoa’s dividend payout ratio is presently 9.24%.

Analyst Ratings Changes

Several brokerages have weighed in on AA. BMO Capital Markets upped their target price on Alcoa from $35.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, October 23rd. HSBC lifted their price objective on Alcoa from $33.00 to $41.00 and gave the company a “buy” rating in a report on Friday, October 17th. UBS Group increased their target price on shares of Alcoa from $31.00 to $34.00 and gave the stock a “neutral” rating in a report on Friday, September 19th. JPMorgan Chase & Co. boosted their price target on shares of Alcoa from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Thursday, October 23rd. Finally, Bank of America upped their price target on shares of Alcoa from $26.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, July 17th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $42.35.

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.