6,862,711 Shares in Alcoa Co. (NYSE:AA) Acquired by Norges Bank

Norges Bank purchased a new stake in Alcoa Co. (NYSE:AA) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 6,862,711 shares of the industrial products company’s stock, valued at approximately $259,273,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new stake in shares of Alcoa during the fourth quarter worth $29,000. Smartleaf Asset Management LLC raised its stake in shares of Alcoa by 59.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,051 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 393 shares during the period. Quarry LP bought a new stake in shares of Alcoa in the third quarter valued at about $43,000. Continuum Advisory LLC lifted its holdings in shares of Alcoa by 1,945.5% in the third quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 1,070 shares in the last quarter. Finally, UMB Bank n.a. grew its holdings in shares of Alcoa by 78.5% during the fourth quarter. UMB Bank n.a. now owns 1,360 shares of the industrial products company’s stock worth $51,000 after buying an additional 598 shares in the last quarter. Institutional investors and hedge funds own 82.39% of the company’s stock.

Analyst Upgrades and Downgrades

AA has been the topic of several research reports. HC Wainwright boosted their target price on Alcoa to $90.00 and gave the company a “buy” rating in a research note on Tuesday, March 11th. JPMorgan Chase & Co. boosted their price objective on shares of Alcoa from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Jefferies Financial Group decreased their target price on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Bank of America boosted their price target on shares of Alcoa to $58.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Finally, Morgan Stanley decreased their price objective on Alcoa from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Alcoa currently has a consensus rating of “Moderate Buy” and an average target price of $49.92.

Alcoa Price Performance

Shares of NYSE AA opened at $30.58 on Friday. The company has a quick ratio of 0.86, a current ratio of 1.45 and a debt-to-equity ratio of 0.48. The business’s 50 day moving average price is $34.75 and its two-hundred day moving average price is $38.13. The company has a market cap of $7.92 billion, a PE ratio of -191.15, a price-to-earnings-growth ratio of 0.19 and a beta of 2.55. Alcoa Co. has a twelve month low of $27.12 and a twelve month high of $47.77.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.13. Alcoa had a return on equity of 5.54% and a net margin of 0.50%. On average, analysts predict that Alcoa Co. will post 4.43 EPS for the current year.

Alcoa Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Tuesday, March 4th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.31%. The ex-dividend date of this dividend was Tuesday, March 4th. Alcoa’s payout ratio is presently -250.00%.

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.