Renato Bacchi Sells 700 Shares of Alcoa (NYSE:AA) Stock

Alcoa (NYSE:AA) EVP Renato Bacchi sold 700 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $51.02, for a total transaction of $35,714.00. Following the completion of the transaction, the executive vice president owned 74,930 shares in the company, valued at approximately $3,822,928.60. This trade represents a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Alcoa Trading Up 2.0%

Shares of Alcoa stock traded up $1.00 during mid-day trading on Tuesday, hitting $50.95. 4,197,404 shares of the stock were exchanged, compared to its average volume of 6,170,392. The stock has a market capitalization of $13.45 billion, a price-to-earnings ratio of 10.48, a price-to-earnings-growth ratio of 0.57 and a beta of 1.63. Alcoa has a twelve month low of $30.21 and a twelve month high of $84.38. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. The company has a 50-day simple moving average of $48.86 and a 200 day simple moving average of $59.87.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.99 billion. Alcoa had a net margin of 9.48% and a return on equity of 18.90%. During the same period in the prior year, the firm earned $0.39 EPS. Research analysts forecast that Alcoa will post 6.55 EPS for the current year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, August 11th. Alcoa’s payout ratio is presently 8.23%.

Analyst Ratings Changes

A number of brokerages have weighed in on AA. Royal Bank Of Canada set a $70.00 price target on Alcoa in a research note on Wednesday, July 1st. Wall Street Zen raised Alcoa from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Argus dropped their target price on Alcoa from $73.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. Morgan Stanley reiterated an “equal weight” rating and set a $53.00 target price (down from $79.00) on shares of Alcoa in a research report on Wednesday, July 8th. Finally, Weiss Ratings raised Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Alcoa currently has a consensus rating of “Hold” and a consensus target price of $61.09.

Hedge Funds Weigh In On Alcoa

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Basepoint Wealth LLC purchased a new position in Alcoa during the fourth quarter worth approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Alcoa during the 2nd quarter valued at $25,000. Western Wealth Management LLC purchased a new stake in shares of Alcoa during the 1st quarter valued at $35,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Alcoa by 5,281.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock worth $31,000 after buying an additional 581 shares during the last quarter. Finally, Quarry LP increased its holdings in shares of Alcoa by 96.0% during the 4th quarter. Quarry LP now owns 694 shares of the industrial products company’s stock worth $37,000 after buying an additional 340 shares during the last quarter.

About Alcoa

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.