Allspring Global Investments Holdings LLC Trims Stock Holdings in Alcoa Co. (NYSE:AA)

Allspring Global Investments Holdings LLC decreased its position in Alcoa Co. (NYSE:AA) by 37.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,276 shares of the industrial products company’s stock after selling 748 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Alcoa were worth $49,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Alcoa during the 1st quarter valued at about $422,000. Capstone Investment Advisors LLC acquired a new position in shares of Alcoa in the first quarter worth $275,000. Daiwa Securities Group Inc. grew its stake in shares of Alcoa by 30.8% during the first quarter. Daiwa Securities Group Inc. now owns 34,650 shares of the industrial products company’s stock worth $1,171,000 after purchasing an additional 8,165 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Alcoa during the first quarter worth $4,949,000. Finally, Texas Permanent School Fund Corp grew its holdings in shares of Alcoa by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 156,197 shares of the industrial products company’s stock worth $5,278,000 after purchasing an additional 2,089 shares during the last quarter. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Insiders Place Their Bets

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total value of $1,009,335.43. Following the completion of the transaction, the executive vice president now owns 57,317 shares in the company, valued at approximately $2,423,935.93. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.08% of the stock is owned by insiders.

Alcoa Price Performance

AA opened at $40.73 on Tuesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.80 and a current ratio of 1.41. Alcoa Co. has a 1-year low of $23.80 and a 1-year high of $45.48. The company has a 50-day moving average of $36.69 and a 200-day moving average of $37.15. The company has a market capitalization of $10.52 billion, a P/E ratio of -23.23, a PEG ratio of 0.76 and a beta of 2.42.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.34. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the prior year, the firm earned ($1.14) EPS. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities analysts expect that Alcoa Co. will post 0.89 EPS for the current fiscal year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.98%. The ex-dividend date is Tuesday, October 29th. Alcoa’s dividend payout ratio (DPR) is -22.73%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. B. Riley Financial restated a “neutral” rating and issued a $41.00 price objective on shares of Alcoa in a research report on Tuesday, September 17th. UBS Group lifted their price target on shares of Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Wolfe Research upgraded shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target for the company in a research report on Wednesday, September 4th. Finally, B. Riley raised shares of Alcoa from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $41.00 to $50.00 in a research note 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. Based on data from MarketBeat.com, Alcoa presently has an average rating of “Moderate Buy” and an average price target of $44.75.

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.