Renaissance Technologies LLC Acquires Shares of 313,096 Alcoa Co. (NYSE:AA)

Renaissance Technologies LLC bought a new stake in Alcoa Co. (NYSE:AA) during the 4th quarter, HoldingsChannel reports. The fund bought 313,096 shares of the industrial products company’s stock, valued at approximately $11,829,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quantinno Capital Management LP acquired a new position in Alcoa during the 3rd quarter worth approximately $253,000. MML Investors Services LLC purchased a new stake in shares of Alcoa in the third quarter valued at approximately $308,000. Wilmington Savings Fund Society FSB acquired a new position in Alcoa during the third quarter worth $239,000. Synovus Financial Corp purchased a new position in Alcoa in the third quarter worth $456,000. Finally, Retirement Systems of Alabama lifted its holdings in Alcoa by 41.6% in the third quarter. Retirement Systems of Alabama now owns 313,822 shares of the industrial products company’s stock valued at $12,107,000 after acquiring an additional 92,201 shares during the period. 82.39% of the stock is currently owned by institutional investors and hedge funds.

Alcoa Price Performance

NYSE:AA opened at $24.67 on Wednesday. The firm has a market cap of $6.39 billion, a price-to-earnings ratio of -154.16, a price-to-earnings-growth ratio of 0.19 and a beta of 2.28. Alcoa Co. has a 12-month low of $21.53 and a 12-month high of $47.77. The company has a current ratio of 1.45, a quick ratio of 0.86 and a debt-to-equity ratio of 0.48. The company’s 50-day moving average is $31.82 and its two-hundred day moving average is $37.25.

Alcoa (NYSE:AA) last released its earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.91 by $0.13. Alcoa had a net margin of 0.50% and a return on equity of 5.54%. Research analysts expect that Alcoa Co. will post 4.43 EPS for the current year.

Alcoa Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Tuesday, March 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.40 annualized dividend and a yield of 1.62%. Alcoa’s dividend payout ratio (DPR) is presently -250.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AA. HC Wainwright increased their price target on shares of Alcoa to $90.00 and gave the company a “buy” rating in a report on Tuesday, March 11th. Jefferies Financial Group reduced their price target on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, January 6th. UBS Group lowered their price target on Alcoa from $47.00 to $32.00 and set a “buy” rating on the stock in a report on Tuesday. BMO Capital Markets lifted their price objective on Alcoa to $43.00 and gave the stock a “hold” rating in a report on Friday, January 17th. Finally, Morgan Stanley dropped their price target on Alcoa from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $45.00.

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.