Picton Mahoney Asset Management Purchases New Stake in Alcoa Co. (NYSE:AA)

Picton Mahoney Asset Management acquired a new position in shares of Alcoa Co. (NYSE:AA) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 13,371 shares of the industrial products company’s stock, valued at approximately $454,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Invesco Ltd. grew its stake in Alcoa by 7.4% in the third quarter. Invesco Ltd. now owns 3,216,008 shares of the industrial products company’s stock valued at $93,457,000 after purchasing an additional 222,884 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Alcoa in the 3rd quarter valued at approximately $39,557,000. Charles Schwab Investment Management Inc. increased its holdings in Alcoa by 7.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,325,714 shares of the industrial products company’s stock worth $45,074,000 after buying an additional 91,242 shares during the last quarter. Douglas Lane & Associates LLC lifted its stake in Alcoa by 16.9% in the fourth quarter. Douglas Lane & Associates LLC now owns 1,197,317 shares of the industrial products company’s stock valued at $40,709,000 after acquiring an additional 173,367 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Alcoa by 9.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 939,128 shares of the industrial products company’s stock worth $27,291,000 after acquiring an additional 80,916 shares in the last quarter. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Insider Buying and Selling

In other Alcoa 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 transaction of $814,685.04. Following the sale, the executive vice president now directly owns 41,166 shares of the company’s stock, valued at $1,267,089.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.08% of the company’s stock.

Alcoa Price Performance

Shares of AA stock opened at $36.64 on Thursday. Alcoa Co. has a 12 month low of $23.07 and a 12 month high of $38.20. The company has a market capitalization of $6.58 billion, a P/E ratio of -9.74, a P/E/G ratio of 3.77 and a beta of 2.45. The stock has a 50 day moving average of $33.59 and a two-hundred day moving average of $29.95. The company has a current ratio of 1.61, a quick ratio of 0.93 and a debt-to-equity ratio of 0.45.

Alcoa (NYSE:AA) last issued its earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.62) by ($0.19). The firm had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.55 billion. Alcoa had a negative return on equity of 8.51% and a negative net margin of 6.41%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period last year, the business earned ($0.23) earnings per share. As a group, equities 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. Investors of record on Tuesday, March 5th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.09%. Alcoa’s payout ratio is currently -10.64%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AA. UBS Group lifted their price objective on shares of Alcoa from $27.00 to $32.00 and gave the company a “sell” rating in a research note on Friday, April 19th. StockNews.com downgraded Alcoa from a “hold” rating to a “sell” rating in a research note on Friday, April 19th. Bank of America raised their price objective on Alcoa from $31.00 to $32.00 and gave the company a “neutral” rating in a research note on Monday, March 18th. B. Riley upped their target price 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 lifted their price target on shares of Alcoa from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $33.54.

Alcoa 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.