Renaissance Technologies LLC Sells 80,700 Shares of Alcoa Co. (NYSE:AA)

Renaissance Technologies LLC reduced its position in shares of Alcoa Co. (NYSE:AA) by 11.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 601,096 shares of the industrial products company’s stock after selling 80,700 shares during the period. Renaissance Technologies LLC owned 0.33% of Alcoa worth $23,912,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in AA. Private Advisor Group LLC bought a new position in shares of Alcoa during the fourth quarter valued at about $247,000. Vanguard Personalized Indexing Management LLC lifted its position in shares of Alcoa by 34.3% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 19,788 shares of the industrial products company’s stock valued at $673,000 after purchasing an additional 5,058 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Alcoa by 4.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 37,158 shares of the industrial products company’s stock valued at $1,263,000 after purchasing an additional 1,676 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of Alcoa by 56.0% during the fourth quarter. Quadrant Capital Group LLC now owns 1,605 shares of the industrial products company’s stock valued at $55,000 after purchasing an additional 576 shares in the last quarter. Finally, Norges Bank purchased a new stake in Alcoa during the fourth quarter worth about $45,730,000. 82.39% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on AA shares. Morgan Stanley decreased their price objective on shares of Alcoa from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. B. Riley Financial restated a “neutral” rating and set a $41.00 price objective on shares of Alcoa in a report on Tuesday. Bank of America decreased their price objective on shares of Alcoa from $46.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, July 18th. B. Riley raised their price objective on shares of Alcoa from $37.00 to $41.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, UBS Group raised their price objective on shares of Alcoa from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $40.45.

Alcoa Price Performance

AA opened at $34.92 on Friday. The firm has a 50-day moving average price of $32.70 and a 200-day moving average price of $35.61. The company has a market capitalization of $6.27 billion, a price-to-earnings ratio of -9.29 and a beta of 2.42. Alcoa Co. has a twelve month low of $23.07 and a twelve month high of $45.48. The company has a quick ratio of 0.92, a current ratio of 1.55 and a debt-to-equity ratio of 0.46.

Alcoa (NYSE:AA) last issued 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 company had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.84 billion. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. Alcoa’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.35) earnings per share. Equities analysts expect that Alcoa Co. will post 0.7 EPS for the current year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Monday, August 12th were paid a dividend of $0.10 per share. The ex-dividend date was Monday, August 12th. This represents a $0.40 annualized dividend and a yield of 1.15%. Alcoa’s dividend payout ratio is currently -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.