PNC Financial Services Group Inc. Reduces Stock Position in Alcoa Co. (NYSE:AA)

PNC Financial Services Group Inc. cut its stake in shares of Alcoa Co. (NYSE:AA) by 3.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 184,668 shares of the industrial products company’s stock after selling 6,301 shares during the period. PNC Financial Services Group Inc. owned about 0.07% of Alcoa worth $7,124,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. ANTIPODES PARTNERS Ltd bought a new stake in Alcoa during the second quarter valued at approximately $93,061,000. L1 Capital Pty Ltd purchased a new stake in shares of Alcoa in the 1st quarter worth $72,658,000. Marshall Wace LLP raised its holdings in Alcoa by 770.9% in the 2nd quarter. Marshall Wace LLP now owns 1,422,797 shares of the industrial products company’s stock worth $56,599,000 after purchasing an additional 1,259,430 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Alcoa by 43.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,478,424 shares of the industrial products company’s stock valued at $49,958,000 after purchasing an additional 444,393 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Alcoa by 6.2% during the second quarter. Dimensional Fund Advisors LP now owns 6,665,106 shares of the industrial products company’s stock valued at $265,132,000 after purchasing an additional 390,930 shares during the period.

Analyst Upgrades and Downgrades

AA has been the topic of several recent research reports. Bank of America raised Alcoa from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $52.00 in a research note on Tuesday, October 1st. Morgan Stanley upped their price target on shares of Alcoa from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Wolfe Research upgraded shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price objective on the stock in a research report on Wednesday, September 4th. B. Riley raised shares of Alcoa from a “neutral” rating to a “buy” rating and upped their target price for the stock from $41.00 to $50.00 in a report on Thursday, October 17th. Finally, StockNews.com raised Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Alcoa has an average rating of “Moderate Buy” and an average price target of $44.75.

Alcoa Price Performance

NYSE:AA opened at $45.47 on Friday. The business’s 50-day moving average is $40.47 and its 200 day moving average is $37.94. Alcoa Co. has a 12 month low of $23.80 and a 12 month high of $46.60. The company has a market capitalization of $11.75 billion, a P/E ratio of -25.84, a P/E/G ratio of 0.89 and a beta of 2.42. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.34. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same period in the prior year, the firm earned ($1.14) EPS. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, equities research analysts forecast that Alcoa Co. will post 0.89 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 29th were issued a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, October 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.88%. Alcoa’s dividend payout ratio (DPR) is presently -22.73%.

Insider Activity at Alcoa

In related news, EVP Renato Bacchi sold 23,867 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the sale, the executive vice president now owns 57,317 shares in the company, valued at approximately $2,423,935.93. This represents a 29.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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.