Appian Way Asset Management LP Buys New Position in Alcoa Co. (NYSE:AA)

Appian Way Asset Management LP bought a new stake in Alcoa Co. (NYSE:AA) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 35,000 shares of the industrial products company’s stock, valued at approximately $1,350,000. Alcoa makes up about 0.3% of Appian Way Asset Management LP’s investment portfolio, making the stock its 29th biggest position.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Newbridge Financial Services Group Inc. purchased a new position in shares of Alcoa during the second quarter worth approximately $27,000. UMB Bank n.a. raised its stake in shares of Alcoa by 481.7% during the third quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 631 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of Alcoa by 15.1% during the second quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company’s stock worth $94,000 after acquiring an additional 309 shares in the last quarter. William B. Walkup & Associates Inc. purchased a new position in shares of Alcoa during the second quarter worth approximately $102,000. Finally, Blue Trust Inc. raised its stake in shares of Alcoa by 536.7% during the second quarter. Blue Trust Inc. now owns 2,878 shares of the industrial products company’s stock worth $114,000 after acquiring an additional 2,426 shares in the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.

Alcoa Stock Performance

NYSE:AA opened at $46.45 on Friday. The stock has a market cap of $12.00 billion, a P/E ratio of -26.39, a price-to-earnings-growth ratio of 0.92 and a beta of 2.42. The firm’s fifty day simple moving average is $41.44 and its 200 day simple moving average is $38.20. Alcoa Co. has a twelve month low of $23.80 and a twelve month 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.

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

Alcoa Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on AA shares. UBS Group lifted their price target on shares of Alcoa from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. BMO Capital Markets lifted their price target on shares of Alcoa from $42.00 to $45.00 and gave the stock a “market perform” rating in a research note on Thursday, October 17th. B. Riley Financial reissued a “neutral” rating and set a $41.00 price target on shares of Alcoa in a research note on Tuesday, September 17th. B. Riley upgraded shares of Alcoa from a “neutral” rating to a “buy” rating and raised their target price for the stock from $41.00 to $50.00 in a report on Thursday, October 17th. Finally, Bank of America raised their target price on shares of Alcoa to $58.00 and gave the stock a “buy” rating in a report on Thursday. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $45.25.

Insider Buying and Selling at Alcoa

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of the firm’s 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 completion of the transaction, the executive vice president now owns 57,317 shares of the company’s stock, valued at approximately $2,423,935.93. This trade represents a 29.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.08% of the company’s stock.

Alcoa Company 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.