Spire Wealth Management Buys 500 Shares of Alcoa Co. (NYSE:AA)

Posted by Defense World Staff on Apr 28th, 2023

Spire Wealth Management raised its stake in Alcoa Co. (NYSE:AA – Get Rating) by 384.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 630 shares of the industrial products company’s stock after purchasing an additional 500 shares during the quarter. Spire Wealth Management’s holdings in Alcoa were worth $29,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AA. State Street Corp increased its stake in shares of Alcoa by 5.6% during the first quarter. State Street Corp now owns 6,740,470 shares of the industrial products company’s stock valued at $606,845,000 after buying an additional 356,919 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Alcoa by 5.7% during the third quarter. Bank of New York Mellon Corp now owns 6,106,620 shares of the industrial products company’s stock valued at $205,549,000 after buying an additional 330,779 shares during the period. Renaissance Technologies LLC grew its stake in Alcoa by 26.4% in the third quarter. Renaissance Technologies LLC now owns 4,176,396 shares of the industrial products company’s stock worth $140,577,000 after purchasing an additional 871,861 shares during the period. Theleme Partners LLP grew its stake in Alcoa by 5.6% in the third quarter. Theleme Partners LLP now owns 3,401,530 shares of the industrial products company’s stock worth $114,495,000 after purchasing an additional 180,000 shares during the period. Finally, Two Sigma Investments LP grew its stake in Alcoa by 52.1% in the third quarter. Two Sigma Investments LP now owns 1,965,127 shares of the industrial products company’s stock worth $66,146,000 after purchasing an additional 673,362 shares during the period.

Alcoa Trading Up 2.3 %

Shares of NYSE:AA opened at $36.27 on Friday. The company has a market cap of $6.47 billion, a P/E ratio of -7.82, a PEG ratio of 3.07 and a beta of 2.43. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.78 and a quick ratio of 0.92. Alcoa Co. has a 1 year low of $33.55 and a 1 year high of $72.68. The stock’s fifty day moving average price is $43.15 and its 200-day moving average price is $45.30.

Alcoa (NYSE:AA – Get Rating) last announced its quarterly earnings results on Wednesday, April 19th. The industrial products company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.18). The business had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.77 billion. Alcoa had a negative net margin of 6.78% and a positive return on equity of 4.02%. The company’s revenue for the quarter was down 18.9% compared to the same quarter last year. During the same period in the previous year, the company earned $3.06 earnings per share. Sell-side analysts expect that Alcoa Co. will post 1.12 earnings per share for the current year.

Alcoa Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 23rd. Stockholders of record on Tuesday, March 7th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date was Monday, March 6th. Alcoa’s payout ratio is currently -8.62%.

Insider Activity

In other Alcoa news, EVP Harden Sonya Elam sold 4,514 shares of the stock in a transaction dated Tuesday, January 31st. The stock was sold at an average price of $51.87, for a total value of $234,141.18. Following the transaction, the executive vice president now owns 29,427 shares of the company’s stock, valued at $1,526,378.49. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Alcoa news, CEO Roy Christopher Harvey sold 30,000 shares of the stock in a transaction dated Wednesday, February 8th. The stock was sold at an average price of $51.34, for a total value of $1,540,200.00. Following the transaction, the chief executive officer now owns 950,140 shares of the company’s stock, valued at $48,780,187.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Harden Sonya Elam sold 4,514 shares of the firm’s stock in a transaction dated Tuesday, January 31st. The stock was sold at an average price of $51.87, for a total value of $234,141.18. Following the completion of the transaction, the executive vice president now directly owns 29,427 shares in the company, valued at approximately $1,526,378.49. The disclosure for this sale can be found here. Insiders have sold a total of 34,514 shares of company stock valued at $1,774,341 over the last ninety days.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AA. UBS Group upped their price target on Alcoa from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 1st. Morgan Stanley reduced their price target on Alcoa from $47.00 to $43.00 in a research note on Tuesday. B. Riley Financial reduced their price target on Alcoa from $44.00 to $43.00 and set a “neutral” rating on the stock in a research note on Friday, April 21st. StockNews.com cut Alcoa from a “hold” rating to a “sell” rating in a research note on Friday, April 21st. Finally, Citigroup raised Alcoa from a “neutral” rating to a “buy” rating and increased their target price for the stock from $55.00 to $65.00 in a research note on Tuesday, February 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $47.50.

About Alcoa

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Alcoa Corp. engages in the production of bauxite, alumina, and aluminum products. It operates through the following segments: Bauxite, Alumina, and Aluminum. The Bauxite segment represents the company’ global bauxite mining operations. The Alumina segment includes the company’s worldwide refining system, which processes bauxite into alumina.