Arrow Investment Advisors LLC bought a new stake in Alcoa Inc. (NYSE:AA) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 157,465 shares of the company’s stock, valued at approximately $1,460,000. Alcoa makes up approximately 0.3% of Arrow Investment Advisors LLC’s holdings, making the stock its 24th largest position.
Other hedge funds and other institutional investors also recently modified their holdings of the company. M&T Bank Corp increased its position in shares of Alcoa by 89.6% in the first quarter. M&T Bank Corp now owns 91,300 shares of the company’s stock valued at $875,000 after buying an additional 43,139 shares in the last quarter. Brookfield Asset Management Inc. increased its position in shares of Alcoa by 6.0% in the first quarter. Brookfield Asset Management Inc. now owns 33,322 shares of the company’s stock valued at $319,000 after buying an additional 1,900 shares in the last quarter. Shufro Rose & Co. LLC increased its position in shares of Alcoa by 11.8% in the first quarter. Shufro Rose & Co. LLC now owns 1,210,722 shares of the company’s stock valued at $11,599,000 after buying an additional 128,268 shares in the last quarter. Canandaigua National Bank & Trust Co. bought a new position in shares of Alcoa during the first quarter valued at approximately $122,000. Finally, NN Investment Partners Holdings N.V. bought a new position in shares of Alcoa during the first quarter valued at approximately $823,000.
Shares of Alcoa Inc. (NYSE:AA) traded down 0.20% during midday trading on Monday, reaching $10.12. The company had a trading volume of 16,137,772 shares. The firm’s 50 day moving average price is $9.97 and its 200-day moving average price is $9.92. Alcoa Inc. has a 1-year low of $6.14 and a 1-year high of $11.50. The stock’s market capitalization is $13.31 billion.
Alcoa (NYSE:AA) last posted its quarterly earnings data on Monday, July 11th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.06. The business earned $5.30 billion during the quarter. Alcoa had a positive return on equity of 3.44% and a negative net margin of 1.45%. Alcoa’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.19 earnings per share. Equities research analysts expect that Alcoa Inc. will post $0.44 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Stockholders of record on Friday, November 4th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.18%. The ex-dividend date is Wednesday, November 2nd. Alcoa’s payout ratio is -42.86%.
A number of brokerages have recently issued reports on AA. Argus reiterated a “hold” rating on shares of Alcoa in a research report on Friday, July 15th. Rosenblatt Securities reiterated a “buy” rating and set a $15.00 price target on shares of Alcoa in a research report on Friday, July 15th. Credit Suisse Group AG reiterated a “buy” rating on shares of Alcoa in a research report on Tuesday, July 12th. Cowen and Company restated a “hold” rating on shares of Alcoa in a research report on Tuesday, July 12th. Finally, Macquarie restated a “buy” rating on shares of Alcoa in a research report on Tuesday, July 12th. Ten research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $11.11.
In related news, Director Ulrich Schmidt acquired 5,000 shares of the stock in a transaction dated Wednesday, July 20th. The stock was acquired at an average cost of $10.40 per share, with a total value of $52,000.00. Following the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $104,000. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Alcoa Inc is engaged in lightweight metals engineering and manufacturing. The Company operates in five segments: Alumina, Primary Metals, Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. The Company’s multi-material products, which include aluminum, titanium and nickel, are used across the world in aerospace, automobiles, commercial transportation, packaging, building and construction, defense, consumer electronics, oil and gas, and industrial applications.
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