Glenmede Trust Co. NA Boosts Holdings in Alcoa Co. (NYSE:AA)

Glenmede Trust Co. NA increased its holdings in Alcoa Co. (NYSE:AA) by 14.7% in the third quarter, Holdings Channel.com reports. The firm owned 89,791 shares of the industrial products company’s stock after acquiring an additional 11,484 shares during the period. Glenmede Trust Co. NA’s holdings in Alcoa were worth $3,464,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Tidal Investments LLC grew its position in Alcoa by 518.6% during the 1st quarter. Tidal Investments LLC now owns 51,311 shares of the industrial products company’s stock worth $1,734,000 after acquiring an additional 43,016 shares during the last quarter. Comerica Bank grew its holdings in shares of Alcoa by 74.4% in the first quarter. Comerica Bank now owns 134,705 shares of the industrial products company’s stock worth $4,552,000 after purchasing an additional 57,484 shares during the last quarter. Cetera Advisors LLC increased its stake in shares of Alcoa by 24.0% in the first quarter. Cetera Advisors LLC now owns 10,831 shares of the industrial products company’s stock worth $366,000 after buying an additional 2,096 shares during the period. Confluence Investment Management LLC raised its holdings in Alcoa by 9.9% during the 2nd quarter. Confluence Investment Management LLC now owns 11,428 shares of the industrial products company’s stock valued at $455,000 after buying an additional 1,027 shares during the last quarter. Finally, Douglas Lane & Associates LLC boosted its position in Alcoa by 3.2% during the 2nd quarter. Douglas Lane & Associates LLC now owns 1,394,738 shares of the industrial products company’s stock valued at $55,483,000 after buying an additional 43,018 shares during the period. Institutional investors own 82.39% of the company’s stock.

Insiders Place Their Bets

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of Alcoa 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 completion of the transaction, the executive vice president now directly owns 57,317 shares of the company’s stock, valued at approximately $2,423,935.93. The trade was a 29.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.08% of the company’s stock.

Wall Street Analyst Weigh In

AA has been the topic of a number of analyst reports. UBS Group boosted their price objective on shares of Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Wolfe Research upgraded Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target on the stock in a report on Wednesday, September 4th. Bank of America increased their price objective on Alcoa to $58.00 and gave the stock a “buy” rating in a report on Thursday. B. Riley raised Alcoa from a “neutral” rating to a “buy” rating and boosted their target price for the company from $41.00 to $50.00 in a research note on Thursday, October 17th. Finally, BMO Capital Markets raised their price target on Alcoa from $42.00 to $45.00 and gave the stock a “market perform” rating in a research note on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Alcoa presently has a consensus rating of “Moderate Buy” and an average price target of $45.25.

Alcoa Stock Up 1.2 %

NYSE:AA opened at $46.43 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 0.80. The firm’s 50-day moving average price is $41.70 and its 200-day moving average price is $38.24. The company has a market capitalization of $12.00 billion, a PE ratio of -26.38, a P/E/G ratio of 0.92 and a beta of 2.42. Alcoa Co. has a 1-year low of $23.80 and a 1-year high of $47.77.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share 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 analysts’ expectations of $2.97 billion. During the same quarter in the prior year, the company earned ($1.14) earnings per share. The business’s revenue was up 11.6% compared to the same quarter last year. On average, equities analysts predict that Alcoa Co. will post 0.9 EPS for the current fiscal year.

Alcoa Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Tuesday, October 29th. Alcoa’s payout ratio is -22.73%.

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.