Beaconlight Capital LLC Acquires 27,064 Shares of Alcoa Co. (NYSE:AA)

Beaconlight Capital LLC lifted its stake in shares of Alcoa Co. (NYSE:AA) by 19.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 167,354 shares of the industrial products company’s stock after acquiring an additional 27,064 shares during the quarter. Alcoa comprises approximately 2.6% of Beaconlight Capital LLC’s holdings, making the stock its 18th largest position. Beaconlight Capital LLC’s holdings in Alcoa were worth $6,457,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. MetLife Investment Management LLC boosted its holdings in Alcoa by 41.1% during the third quarter. MetLife Investment Management LLC now owns 133,386 shares of the industrial products company’s stock valued at $5,146,000 after acquiring an additional 38,853 shares during the period. CreativeOne Wealth LLC boosted its stake in Alcoa by 4.1% during the 3rd quarter. CreativeOne Wealth LLC now owns 9,114 shares of the industrial products company’s stock valued at $352,000 after purchasing an additional 360 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Alcoa during the 3rd quarter valued at approximately $2,546,000. Glenmede Trust Co. NA boosted its stake in Alcoa by 14.7% during the 3rd quarter. Glenmede Trust Co. NA now owns 89,791 shares of the industrial products company’s stock valued at $3,464,000 after purchasing an additional 11,484 shares during the period. Finally, Quantbot Technologies LP boosted its stake in Alcoa by 78.7% during the 3rd quarter. Quantbot Technologies LP now owns 233,192 shares of the industrial products company’s stock valued at $8,997,000 after purchasing an additional 102,692 shares during the period.

Alcoa Stock Performance

Shares of Alcoa stock traded down $0.27 on Wednesday, hitting $47.15. 133,936 shares of the company’s stock traded hands, compared to its average volume of 5,790,185. The firm’s 50-day moving average price is $40.73 and its two-hundred day moving average price is $38.02. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.80 and a current ratio of 1.41. Alcoa Co. has a one year low of $23.80 and a one year high of $47.77.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.34. The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.97 billion. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. Alcoa’s revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the business posted ($1.14) EPS. Equities analysts anticipate that Alcoa Co. will post 0.9 earnings per share for the current year.

Alcoa Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.85%. The ex-dividend date was Tuesday, October 29th. Alcoa’s payout ratio is presently -22.73%.

Insider Activity at Alcoa

In related news, EVP Renato Bacchi sold 23,867 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 57,317 shares of the company’s stock, valued at approximately $2,423,935.93. This represents a 29.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on AA shares. B. Riley raised Alcoa from a “neutral” rating to a “buy” rating and increased their price objective for the company from $41.00 to $50.00 in a research report on Thursday, October 17th. BMO Capital Markets increased their price target on shares of Alcoa from $42.00 to $45.00 and gave the company a “market perform” rating in a report on Thursday, October 17th. Wolfe Research upgraded shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 target price for the company in a research note on Wednesday, September 4th. JPMorgan Chase & Co. increased their target price on shares of Alcoa from $36.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Argus upgraded Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research report on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.75.

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.