Trade Report: The State of New Jersey Common Pension Fund D sells partial stakes of Alcoa Inc. (AA)

The State of New Jersey Common Pension Fund D sells partial stakes of Alcoa Inc. (AA)

State of New Jersey Common Pension Fund D lowered its stake in Alcoa Inc. (NYSE:AA) by 2.3% during the second quarter, Holdings Channel reports. The fund owned 4,200,000 shares of the company’s stock after selling 100,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Alcoa were worth $38,934,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AA. Orbis Allan Gray Ltd purchased a new position in Alcoa during the first quarter valued at $374,584,000. Geode Capital Management LLC boosted its position in Alcoa by 2.3% in the first quarter. Geode Capital Management LLC now owns 10,720,212 shares of the company’s stock valued at $102,493,000 after buying an additional 240,383 shares during the last quarter. Legal & General Group Plc boosted its position in Alcoa by 3.6% in the first quarter. Legal & General Group Plc now owns 5,817,728 shares of the company’s stock valued at $55,747,000 after buying an additional 200,712 shares during the last quarter. California State Teachers Retirement System boosted its position in Alcoa by 0.3% in the second quarter. California State Teachers Retirement System now owns 2,870,043 shares of the company’s stock valued at $26,605,000 after buying an additional 9,270 shares during the last quarter. Finally, Tocqueville Asset Management L.P. boosted its position in Alcoa by 5.8% in the second quarter. Tocqueville Asset Management L.P. now owns 2,410,510 shares of the company’s stock valued at $22,345,000 after buying an additional 132,310 shares during the last quarter.

Shares of Alcoa Inc. (NYSE:AA) traded up 0.53% during midday trading on Friday, reaching $28.37. The company’s stock had a trading volume of 8,937,600 shares. The company’s 50-day moving average price is $28.63 and its 200 day moving average price is $29.68. Alcoa Inc. has a 12-month low of $18.42 and a 12-month high of $34.50. The company’s market capitalization is $12.44 billion.

Alcoa (NYSE:AA) last announced its earnings results on Tuesday, October 11th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.21. The business had revenue of $5.21 billion for the quarter. Alcoa had a positive return on equity of 3.87% and a negative net margin of 0.88%. Alcoa’s revenue was down 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.07 earnings per share. On average, equities research analysts forecast that Alcoa Inc. will post $1.15 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Stockholders of record on Friday, November 4th will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date is Wednesday, November 2nd. Alcoa’s payout ratio is currently -63.15%.

Several research firms have recently issued reports on AA. BMO Capital Markets reissued a “hold” rating and set a $27.00 target price on shares of Alcoa in a report on Friday, October 21st. Macquarie reissued a “buy” rating on shares of Alcoa in a report on Tuesday, July 12th. Royal Bank Of Canada reduced their target price on Alcoa to $31.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 12th. Rosenblatt Securities reissued a “buy” rating and set a $15.00 target price on shares of Alcoa in a report on Friday, July 15th. Finally, Bank of America Corp. reissued a “buy” rating and set a $11.00 target price on shares of Alcoa in a report on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Alcoa has a consensus rating of “Hold” and a consensus target price of $18.55.

About Alcoa

Alcoa Inc is engaged in lightweight metals engineering and manufacturing. The Company operates in five segments: Alumina, Primary Metals, Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. The Company’s multi-material products, which include aluminum, titanium and nickel, are used across the world in aerospace, automobiles, commercial transportation, packaging, building and construction, defense, consumer electronics, oil and gas, and industrial applications.

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