Fifth Third Wealth Advisors LLC Buys New Position in Alcoa Co. (NYSE:AA)

Fifth Third Wealth Advisors LLC bought a new stake in Alcoa Co. (NYSE:AA) during the 2nd quarter, Holdings Channel.com reports. The firm bought 6,030 shares of the industrial products company’s stock, valued at approximately $240,000.

Other institutional investors have also added to or reduced their stakes in the company. Spire Wealth Management lifted its stake in Alcoa by 252.5% in the first quarter. Spire Wealth Management now owns 899 shares of the industrial products company’s stock valued at $30,000 after buying an additional 644 shares during the period. Tennessee Valley Asset Management Partners acquired a new position in Alcoa in the fourth quarter valued at approximately $31,000. Private Wealth Management Group LLC acquired a new position in Alcoa in the fourth quarter valued at approximately $33,000. Scarborough Advisors LLC acquired a new position in Alcoa in the fourth quarter valued at approximately $39,000. Finally, Quest Partners LLC acquired a new position in Alcoa in the fourth quarter valued at approximately $40,000. 82.39% of the stock is currently owned by institutional investors.

Alcoa Price Performance

Shares of AA traded down $0.57 during mid-day trading on Thursday, reaching $32.72. 543,548 shares of the stock traded hands, compared to its average volume of 6,082,690. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. Alcoa Co. has a 1 year low of $23.07 and a 1 year high of $45.48. The company has a market cap of $5.88 billion, a price-to-earnings ratio of -8.85 and a beta of 2.45. The firm has a fifty day moving average price of $35.98 and a 200 day moving average price of $34.95.

Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.05. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The business had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.84 billion. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.35) earnings per share. As a group, equities research analysts predict that Alcoa Co. will post 0.7 earnings per share for the current year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Monday, August 12th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Monday, August 12th. Alcoa’s payout ratio is currently -10.64%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Morgan Stanley dropped their price target on Alcoa from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Citigroup upped their target price on Alcoa from $32.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, May 21st. Bank of America lowered their price target on Alcoa from $46.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, July 18th. UBS Group raised Alcoa from a “sell” rating to a “buy” rating and increased their price target for the company from $32.00 to $38.00 in a research report on Monday, August 12th. Finally, StockNews.com raised Alcoa from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Alcoa presently has an average rating of “Hold” and an average target price of $39.40.

Alcoa Company 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.