Allspring Global Investments Holdings LLC Acquires Shares of 12,477 Alcoa Co. (NYSE:AA)

Allspring Global Investments Holdings LLC acquired a new stake in Alcoa Co. (NYSE:AA) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 12,477 shares of the industrial products company’s stock, valued at approximately $424,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AA. Invesco Ltd. increased its stake in shares of Alcoa by 7.4% in the 3rd quarter. Invesco Ltd. now owns 3,216,008 shares of the industrial products company’s stock valued at $93,457,000 after purchasing an additional 222,884 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Alcoa in the 3rd quarter valued at $39,557,000. Charles Schwab Investment Management Inc. increased its stake in shares of Alcoa by 4.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,234,472 shares of the industrial products company’s stock valued at $35,874,000 after purchasing an additional 54,876 shares during the last quarter. Douglas Lane & Associates LLC increased its stake in shares of Alcoa by 16.9% in the 4th quarter. Douglas Lane & Associates LLC now owns 1,197,317 shares of the industrial products company’s stock valued at $40,709,000 after purchasing an additional 173,367 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Alcoa by 9.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 939,128 shares of the industrial products company’s stock valued at $27,291,000 after purchasing an additional 80,916 shares during the last quarter.

Insider Buying and Selling at Alcoa

In other Alcoa news, EVP Tammi A. Jones sold 26,468 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $30.78, for a total transaction of $814,685.04. Following the completion of the transaction, the executive vice president now directly owns 41,166 shares of the company’s stock, valued at $1,267,089.48. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AA. Bank of America lifted their price target on Alcoa from $31.00 to $32.00 and gave the company a “neutral” rating in a research note on Monday, March 18th. Jefferies Financial Group boosted their price objective on Alcoa from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. StockNews.com downgraded Alcoa from a “hold” rating to a “sell” rating in a research note on Friday, April 19th. B. Riley boosted their price objective on Alcoa from $25.00 to $31.00 and gave the stock a “neutral” rating in a report on Thursday, April 18th. Finally, BMO Capital Markets boosted their price objective on Alcoa from $35.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Alcoa presently has an average rating of “Hold” and a consensus target price of $33.54.

Alcoa Stock Performance

AA stock opened at $36.87 on Friday. The firm has a market cap of $6.62 billion, a PE ratio of -9.81, a P/E/G ratio of 3.70 and a beta of 2.47. The company has a quick ratio of 0.93, a current ratio of 1.61 and a debt-to-equity ratio of 0.45. The business has a 50 day moving average of $32.06 and a 200-day moving average of $29.38. Alcoa Co. has a 12-month low of $23.07 and a 12-month high of $38.20.

Alcoa (NYSE:AA) last released its earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.62) by ($0.19). The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.55 billion. Alcoa had a negative net margin of 6.41% and a negative return on equity of 8.51%. The business’s revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.23) earnings per share. As a group, sell-side analysts expect that Alcoa Co. will post 0.2 earnings per share for the current year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Tuesday, March 5th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.08%. The ex-dividend date was Monday, March 4th. Alcoa’s dividend payout ratio (DPR) is -10.64%.

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.