Handelsbanken Fonder AB Cuts Position in Alcoa Co. (NYSE:AA)

Handelsbanken Fonder AB decreased its position in Alcoa Co. (NYSE:AA) by 87.8% during the 4th quarter, Holdings Channel reports. The fund owned 20,300 shares of the industrial products company’s stock after selling 145,821 shares during the quarter. Handelsbanken Fonder AB’s holdings in Alcoa were worth $690,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. acquired a new position in shares of Alcoa during the 3rd quarter worth about $39,557,000. Raymond James & Associates boosted its holdings in Alcoa by 3,731.1% in the fourth quarter. Raymond James & Associates now owns 799,705 shares of the industrial products company’s stock valued at $27,190,000 after purchasing an additional 778,831 shares in the last quarter. Monaco Asset Management SAM raised its holdings in Alcoa by 1,362.5% during the third quarter. Monaco Asset Management SAM now owns 585,000 shares of the industrial products company’s stock worth $17,000,000 after purchasing an additional 545,000 shares in the last quarter. Invesco Ltd. raised its holdings in Alcoa by 7.4% during the third quarter. Invesco Ltd. now owns 3,216,008 shares of the industrial products company’s stock worth $93,457,000 after purchasing an additional 222,884 shares in the last quarter. Finally, Algert Global LLC lifted its position in shares of Alcoa by 609.1% during the 3rd quarter. Algert Global LLC now owns 226,844 shares of the industrial products company’s stock worth $6,592,000 after buying an additional 194,854 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AA. JPMorgan Chase & Co. lifted their price target on shares of Alcoa from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, January 18th. Bank of America boosted their target price on Alcoa from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Monday, March 18th. BMO Capital Markets raised their price target on Alcoa from $35.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. B. Riley lifted their price target on Alcoa from $25.00 to $31.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. Finally, Jefferies Financial Group increased their price objective on Alcoa from $45.00 to $48.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $33.54.

Insider Transactions at Alcoa

In related news, EVP Tammi A. Jones sold 26,468 shares of Alcoa stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $30.78, for a total value of $814,685.04. Following the sale, the executive vice president now directly owns 41,166 shares in the company, valued at $1,267,089.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Alcoa Stock Performance

NYSE:AA opened at $37.66 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.61 and a quick ratio of 0.93. The firm has a market cap of $6.76 billion, a price-to-earnings ratio of -10.02, a price-to-earnings-growth ratio of 3.78 and a beta of 2.47. The firm’s fifty day moving average price is $32.26 and its 200 day moving average price is $29.47. Alcoa Co. has a 1-year low of $23.07 and a 1-year high of $38.20.

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

Alcoa Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Tuesday, March 5th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend was Monday, March 4th. Alcoa’s payout ratio is -10.64%.

About Alcoa

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.