State of Alaska Department of Revenue Increases Holdings in Alcoa (NYSE:AA)

State of Alaska Department of Revenue lifted its position in shares of Alcoa (NYSE:AA) by 2.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 30,275 shares of the industrial products company’s stock after acquiring an additional 820 shares during the quarter. State of Alaska Department of Revenue’s holdings in Alcoa were worth $923,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Lesa Sroufe & Co bought a new position in Alcoa in the 1st quarter worth about $1,131,000. Robertson Stephens Wealth Management LLC purchased a new stake in Alcoa in the first quarter worth $4,041,000. FNY Investment Advisers LLC purchased a new stake in Alcoa in the first quarter worth about $173,000. QRG Capital Management Inc. boosted its holdings in Alcoa by 58.0% in the first quarter. QRG Capital Management Inc. now owns 11,236 shares of the industrial products company’s stock worth $343,000 after acquiring an additional 4,125 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Alcoa by 10.6% in the first quarter. Janney Montgomery Scott LLC now owns 19,087 shares of the industrial products company’s stock worth $582,000 after buying an additional 1,831 shares in the last quarter.

Alcoa Stock Up 6.2%

Alcoa stock opened at $29.91 on Friday. The stock has a market capitalization of $7.74 billion, a price-to-earnings ratio of 9.01, a PEG ratio of 0.17 and a beta of 2.26. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.71 and a quick ratio of 1.00. The business has a fifty day moving average price of $27.27 and a 200-day moving average price of $31.79. Alcoa has a 1-year low of $21.53 and a 1-year high of $47.77.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, April 16th. The industrial products company reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.42. Alcoa had a return on equity of 18.56% and a net margin of 6.79%. The firm had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $3.58 billion. Equities research analysts forecast that Alcoa will post 4.43 EPS for the current fiscal year.

Alcoa Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Tuesday, May 20th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend was Tuesday, May 20th. Alcoa’s dividend payout ratio (DPR) is presently 12.05%.

Analysts Set New Price Targets

Several analysts recently commented on AA shares. Wall Street Zen lowered Alcoa from a “buy” rating to a “hold” rating in a report on Sunday, June 22nd. JPMorgan Chase & Co. upped their price objective on Alcoa from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Wednesday, June 18th. HC Wainwright boosted their target price on Alcoa to $90.00 and gave the company a “buy” rating in a research report on Tuesday, March 11th. Bank of America reissued an “underperform” rating and set a $26.00 price target (down from $58.00) on shares of Alcoa in a research note on Tuesday, April 8th. Finally, UBS Group reiterated a “neutral” rating and issued a $31.00 price target on shares of Alcoa in a report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $42.33.

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.