Oppenheimer & Co. Inc. Purchases 23,258 Shares of Alcoa $AA

Oppenheimer & Co. Inc. increased its holdings in shares of Alcoa (NYSE:AA) by 275.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,704 shares of the industrial products company’s stock after acquiring an additional 23,258 shares during the period. Oppenheimer & Co. Inc.’s holdings in Alcoa were worth $1,332,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Alcoa during the second quarter worth $25,000. Western Wealth Management LLC purchased a new position in shares of Alcoa in the first quarter valued at $35,000. Root Financial Partners LLC purchased a new position in shares of Alcoa in the third quarter valued at $42,000. Orion Capital Management LLC acquired a new position in shares of Alcoa during the 2nd quarter worth $52,000. Finally, Costello Asset Management INC acquired a new position in shares of Alcoa during the 1st quarter worth $53,000.

Alcoa Stock Down 0.2%

Shares of Alcoa stock opened at $39.13 on Monday. Alcoa has a twelve month low of $35.12 and a twelve month high of $84.38. The stock has a market cap of $10.33 billion, a price-to-earnings ratio of 6.76, a price-to-earnings-growth ratio of 0.58 and a beta of 1.83. The company has a current ratio of 2.31, a quick ratio of 1.66 and a debt-to-equity ratio of 0.58. The company has a fifty day moving average price of $44.66 and a 200 day moving average price of $56.44.

Alcoa (NYSE:AA) last released its quarterly earnings results on Thursday, October 15th. The industrial products company reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.31. The firm had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.77 billion. Alcoa had a return on equity of 24.58% and a net margin of 10.77%. Alcoa’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.88 EPS. Equities research analysts forecast that Alcoa will post 6.70 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, October 27th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, October 27th. Alcoa’s payout ratio is 6.91%.

Insider Activity at Alcoa

In other news, EVP Renato Bacchi sold 700 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The stock was 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 directly owned 74,930 shares in the company, valued at approximately $3,822,928.60. The trade was a 0.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Tammi A. Jones sold 15,628 shares of the firm’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total value of $790,776.80. Following the transaction, the executive vice president directly owned 39,819 shares in the company, valued at $2,014,841.40. This trade represents a 28.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Analyst Ratings Changes

AA has been the subject of several research reports. B. Riley Financial cut their price objective on Alcoa from $80.00 to $63.00 and set a “buy” rating for the company in a research report on Tuesday, October 20th. Wells Fargo & Company restated an “overweight” rating on shares of Alcoa in a research report on Friday, October 16th. Barclays initiated coverage on Alcoa in a research note on Wednesday, October 14th. They set an “overweight” rating and a $55.00 price objective on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Alcoa in a research report on Monday, September 14th. Finally, Bank of America cut their target price on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating for the company in a research note on Thursday, July 9th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $58.23.

About Alcoa

Alcoa Corporation (NYSE:AA) is a global producer of bauxite, alumina and aluminum. Its operations span the aluminum value chain, including bauxite mining, alumina refining, aluminum smelting, casting and the production of value-added aluminum products. These materials serve customers in industries such as transportation, building and construction, packaging, aerospace and industrial manufacturing.

The company operates across multiple regions, with assets and activities in North America, South America, Europe, Australia and other international markets.