Geode Capital Management LLC Purchases 349,426 Shares of Alcoa $AA

Geode Capital Management LLC grew its position in shares of Alcoa (NYSE:AA) by 5.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 6,655,655 shares of the industrial products company’s stock after acquiring an additional 349,426 shares during the period. Geode Capital Management LLC’s holdings in Alcoa were worth $389,621,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Jackson Creek Investment Advisors LLC bought a new position in shares of Alcoa during the 4th quarter valued at about $1,625,000. Bleakley Financial Group LLC purchased a new stake in Alcoa during the 4th quarter valued at about $541,000. Wellington Shields Capital Management LLC purchased a new stake in Alcoa during the 4th quarter valued at about $1,030,000. Harbour Investments Inc. boosted its holdings in Alcoa by 83.2% during the 4th quarter. Harbour Investments Inc. now owns 872 shares of the industrial products company’s stock valued at $46,000 after acquiring an additional 396 shares during the period. Finally, Clearstead Trust LLC boosted its holdings in Alcoa by 431.7% during the 4th quarter. Clearstead Trust LLC now owns 755 shares of the industrial products company’s stock valued at $40,000 after acquiring an additional 613 shares during the period.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. B. Riley Financial increased their target price on Alcoa from $78.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, April 7th. UBS Group upgraded Alcoa from a “neutral” rating to a “buy” rating and increased their target price for the company from $75.00 to $80.00 in a report on Friday, May 22nd. Wells Fargo & Company set a $68.00 target price on Alcoa in a report on Thursday, March 12th. Wall Street Zen cut Alcoa from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings upgraded Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, April 29th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $68.60.

Alcoa Trading Down 0.1%

Shares of AA stock opened at $77.59 on Monday. The stock has a market capitalization of $20.48 billion, a PE ratio of 19.64 and a beta of 1.56. Alcoa has a 1-year low of $25.83 and a 1-year high of $77.72. The business has a 50-day moving average of $66.66 and a 200 day moving average of $58.89. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.48 and a quick ratio of 0.88.

Alcoa (NYSE:AA) last released its quarterly earnings results on Thursday, April 16th. The industrial products company reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.20). The business had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.35 billion. Alcoa had a net margin of 8.27% and a return on equity of 12.57%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.15 EPS. As a group, sell-side analysts anticipate that Alcoa will post 7.95 earnings per share for the current year.

Alcoa Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 5th. Shareholders of record on Tuesday, May 19th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $0.40 dividend on an annualized basis and a yield of 0.5%. Alcoa’s dividend payout ratio is presently 10.13%.

Alcoa Company Profile

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.