Paloma Partners Management Co Purchases 1,415,294 Shares of Alcoa Co. (NYSE:AA)

Paloma Partners Management Co lifted its position in shares of Alcoa Co. (NYSE:AA) by 11,317.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,427,799 shares of the industrial products company’s stock after purchasing an additional 1,415,294 shares during the quarter. Alcoa accounts for approximately 1.5% of Paloma Partners Management Co’s portfolio, making the stock its 2nd largest holding. Paloma Partners Management Co’s holdings in Alcoa were worth $55,084,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Erste Asset Management GmbH acquired a new stake in shares of Alcoa during the 3rd quarter worth approximately $2,356,000. ARGA Investment Management LP grew its stake in shares of Alcoa by 1.5% during the 3rd quarter. ARGA Investment Management LP now owns 2,313,806 shares of the industrial products company’s stock worth $89,267,000 after purchasing an additional 34,878 shares during the period. Appian Way Asset Management LP acquired a new stake in shares of Alcoa during the 3rd quarter worth approximately $1,350,000. Verition Fund Management LLC grew its stake in shares of Alcoa by 18.7% during the 3rd quarter. Verition Fund Management LLC now owns 17,953 shares of the industrial products company’s stock worth $693,000 after purchasing an additional 2,823 shares during the period. Finally, Captrust Financial Advisors grew its stake in shares of Alcoa by 20.4% during the 3rd quarter. Captrust Financial Advisors now owns 6,208 shares of the industrial products company’s stock worth $240,000 after purchasing an additional 1,050 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AA. BMO Capital Markets lifted their price target on shares of Alcoa from $42.00 to $45.00 and gave the company a “market perform” rating in a research note on Thursday, October 17th. Argus raised shares of Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. lifted 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. Wolfe Research raised shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target on the stock in a research note on Wednesday, September 4th. Finally, StockNews.com raised shares of Alcoa from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Alcoa presently has a consensus rating of “Moderate Buy” and an average price target of $45.25.

Insider Transactions at Alcoa

In other news, EVP Renato Bacchi sold 23,867 shares of Alcoa stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the transaction, the executive vice president now owns 57,317 shares in the company, valued at $2,423,935.93. The trade was a 29.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Alcoa Stock Up 1.2 %

NYSE AA opened at $46.43 on Monday. Alcoa Co. has a 52 week low of $23.80 and a 52 week high of $47.77. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 0.47. The business’s fifty day simple moving average is $41.70 and its 200-day simple moving average is $38.23. The firm has a market cap of $12.00 billion, a PE ratio of -26.38, a P/E/G ratio of 0.93 and a beta of 2.42.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.23 by $0.34. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same quarter in the previous year, the firm earned ($1.14) EPS. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities analysts anticipate that Alcoa Co. will post 0.9 earnings per share for the current year.

Alcoa Dividend Announcement

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

Alcoa Profile

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.