Contravisory Investment Management Inc. Acquires Shares of 199,470 Alcoa Co. (NYSE:AA)

Contravisory Investment Management Inc. purchased a new position in shares of Alcoa Co. (NYSE:AA) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 199,470 shares of the industrial products company’s stock, valued at approximately $7,696,000. Contravisory Investment Management Inc. owned about 0.11% of Alcoa as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. UMB Bank n.a. boosted its holdings in Alcoa by 481.7% in the 3rd quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 631 shares during the period. CWM LLC increased its position in Alcoa by 133.7% in the 3rd quarter. CWM LLC now owns 8,533 shares of the industrial products company’s stock valued at $329,000 after acquiring an additional 4,882 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Alcoa in the 2nd quarter valued at about $296,000. Newbridge Financial Services Group Inc. acquired a new stake in Alcoa in the 2nd quarter valued at about $27,000. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Alcoa during the 2nd quarter worth approximately $304,000. Institutional investors and hedge funds own 82.39% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on AA. JPMorgan Chase & Co. started coverage on shares of Alcoa in a research report on Wednesday, September 25th. They set a “neutral” rating and a $36.00 price target for the company. Morgan Stanley decreased their price target on shares of Alcoa from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Wolfe Research raised Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a report on Wednesday, September 4th. B. Riley Financial reaffirmed a “neutral” rating and set a $41.00 price target on shares of Alcoa in a report on Tuesday, September 17th. Finally, UBS Group lifted their target price on Alcoa from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $41.64.

Alcoa Price Performance

Alcoa stock opened at $39.25 on Friday. Alcoa Co. has a one year low of $23.07 and a one year high of $45.48. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.55 and a quick ratio of 0.92. The stock’s 50 day moving average is $33.55 and its 200 day moving average is $36.44. The firm has a market cap of $7.05 billion, a P/E ratio of -10.44 and a beta of 2.42.

Alcoa (NYSE:AA) last released its quarterly earnings data on Wednesday, July 17th. The industrial products company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.11 by $0.05. The firm had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.84 billion. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The company’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.35) earnings per share. As a group, research analysts expect that Alcoa Co. will post 0.56 EPS for the current year.

Alcoa Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Monday, August 12th were given a dividend of $0.10 per share. The ex-dividend date was Monday, August 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.02%. Alcoa’s dividend payout ratio is presently -10.64%.

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.