Paloma Partners Management Co Boosts Position in Alcoa Co. (NYSE:AA)

Paloma Partners Management Co raised its position in shares of Alcoa Co. (NYSE:AA) by 11,317.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,427,799 shares of the industrial products company’s stock after acquiring an additional 1,415,294 shares during the period. Alcoa makes up about 1.5% of Paloma Partners Management Co’s investment portfolio, making the stock its 2nd largest position. Paloma Partners Management Co owned 0.55% of Alcoa worth $55,084,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Erste Asset Management GmbH bought a new position in shares of Alcoa in the third quarter worth about $2,356,000. ARGA Investment Management LP grew its holdings in shares of Alcoa by 1.5% in the third 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 last quarter. Appian Way Asset Management LP bought a new position in shares of Alcoa in the third quarter worth about $1,350,000. Verition Fund Management LLC grew its holdings in shares of Alcoa by 18.7% in the third 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 last quarter. Finally, Captrust Financial Advisors grew its holdings in shares of Alcoa by 20.4% in the third 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 last quarter.

Insider Activity at Alcoa

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were 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 directly 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Alcoa Stock Performance

Shares of Alcoa stock opened at $46.43 on Monday. The firm has a market capitalization of $12.00 billion, a P/E ratio of -26.38, a PEG ratio of 0.93 and a beta of 2.42. 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 company has a 50 day moving average price of $41.70 and a 200 day moving average price of $38.23. Alcoa Co. has a 52 week low of $23.80 and a 52 week high of $47.77.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.23 by $0.34. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.97 billion. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. Alcoa’s revenue was up 11.6% on a year-over-year basis. During the same period last year, the firm posted ($1.14) EPS. Sell-side analysts expect that Alcoa Co. will post 0.9 EPS for the current year.

Alcoa Dividend Announcement

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

Analyst Ratings Changes

AA has been the topic of a number of research analyst reports. Argus upgraded shares of Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Wednesday, October 23rd. Morgan Stanley upped their price target on shares of Alcoa from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Wolfe Research upgraded shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 target price on the stock in a report on Wednesday, September 4th. JPMorgan Chase & Co. increased their target price on shares of Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, BMO Capital Markets increased their target price on shares of Alcoa from $42.00 to $45.00 and gave the stock a “market perform” rating in a report on Thursday, October 17th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $45.25.

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.