Cinctive Capital Management LP Invests $2.52 Million in Alcoa Co. (NYSE:AA)

Cinctive Capital Management LP acquired a new position in shares of Alcoa Co. (NYSE:AA) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 66,646 shares of the industrial products company’s stock, valued at approximately $2,518,000.

Other hedge funds have also recently modified their holdings of the company. Mountaineer Partners Management LLC boosted its position in Alcoa by 4,023.0% during the third quarter. Mountaineer Partners Management LLC now owns 10,795,880 shares of the industrial products company’s stock worth $416,505,000 after purchasing an additional 10,534,036 shares during the period. Norges Bank purchased a new position in Alcoa in the 4th quarter valued at approximately $259,273,000. State Street Corp grew its stake in Alcoa by 23.3% in the 3rd quarter. State Street Corp now owns 9,563,645 shares of the industrial products company’s stock valued at $368,965,000 after buying an additional 1,805,915 shares in the last quarter. Geode Capital Management LLC raised its holdings in Alcoa by 42.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,193,744 shares of the industrial products company’s stock valued at $161,838,000 after acquiring an additional 1,239,479 shares during the period. Finally, ARGA Investment Management LP boosted its holdings in shares of Alcoa by 29.6% in the fourth quarter. ARGA Investment Management LP now owns 2,998,311 shares of the industrial products company’s stock worth $113,276,000 after acquiring an additional 684,505 shares during the period. Institutional investors own 82.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on AA. Jefferies Financial Group decreased their price target on Alcoa from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. BMO Capital Markets increased their target price on shares of Alcoa to $43.00 and gave the stock a “hold” rating in a research note on Friday, January 17th. Morgan Stanley decreased their price target on shares of Alcoa from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. HC Wainwright raised their price target on Alcoa to $90.00 and gave the company a “buy” rating in a report on Tuesday, March 11th. Finally, Bank of America lifted their target price on shares of Alcoa to $58.00 and gave the company a “buy” rating in a research report on Friday, January 24th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.92.

Alcoa Trading Up 2.3 %

Shares of AA stock opened at $30.83 on Thursday. The business has a 50-day moving average of $34.24 and a 200 day moving average of $38.11. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.45 and a quick ratio of 0.86. Alcoa Co. has a 1-year low of $27.12 and a 1-year high of $47.77. The stock has a market capitalization of $7.98 billion, a PE ratio of -192.69, a P/E/G ratio of 0.19 and a beta of 2.55.

Alcoa (NYSE:AA) last released its quarterly earnings data on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.13. Alcoa had a return on equity of 5.54% and a net margin of 0.50%. As a group, sell-side analysts anticipate that Alcoa Co. will post 4.43 earnings per share for the current year.

Alcoa Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Tuesday, March 4th were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.40 annualized dividend and a dividend yield of 1.30%. Alcoa’s dividend payout ratio (DPR) is presently -250.00%.

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.