Canada Pension Plan Investment Board Invests $20.25 Million in Alcoa $AA

Canada Pension Plan Investment Board bought a new position in Alcoa (NYSE:AA) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 388,400 shares of the industrial products company’s stock, valued at approximately $20,251,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Checchi Capital Advisers LLC boosted its position in shares of Alcoa by 3.4% in the 1st quarter. Checchi Capital Advisers LLC now owns 5,138 shares of the industrial products company’s stock valued at $341,000 after purchasing an additional 170 shares during the period. Essential Partners LLC raised its holdings in Alcoa by 0.9% during the 1st quarter. Essential Partners LLC now owns 20,525 shares of the industrial products company’s stock worth $1,361,000 after buying an additional 193 shares during the period. Northwestern Mutual Investment Management Company LLC raised its holdings in Alcoa by 0.4% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 57,940 shares of the industrial products company’s stock worth $3,079,000 after buying an additional 229 shares during the period. Crossmark Global Holdings Inc. lifted its stake in Alcoa by 1.8% during the fourth quarter. Crossmark Global Holdings Inc. now owns 13,596 shares of the industrial products company’s stock valued at $722,000 after buying an additional 241 shares in the last quarter. Finally, Himension Capital Singapore PTE. LTD. lifted its stake in Alcoa by 1.3% during the first quarter. Himension Capital Singapore PTE. LTD. now owns 18,626 shares of the industrial products company’s stock valued at $1,235,000 after buying an additional 246 shares in the last quarter.

Alcoa Trading Down 1.6%

Shares of NYSE AA opened at $50.35 on Friday. Alcoa has a one year low of $30.21 and a one year high of $84.38. The firm has a market capitalization of $13.29 billion, a PE ratio of 10.36, a PEG ratio of 0.58 and a beta of 1.63. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. The business has a 50-day moving average price of $49.03 and a two-hundred day moving average price of $59.97.

Alcoa (NYSE:AA) last released its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.13). The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $3.99 billion. Alcoa had a net margin of 9.48% and a return on equity of 18.90%. During the same period last year, the firm earned $0.39 EPS. As a group, analysts predict that Alcoa will post 6.55 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, August 11th. This represents a $0.40 dividend on an annualized basis and a yield of 0.8%. Alcoa’s payout ratio is presently 8.23%.

Insider Buying and Selling

In other Alcoa news, EVP Tammi A. Jones sold 15,628 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total value of $790,776.80. Following the transaction, the executive vice president owned 39,819 shares in the company, valued at approximately $2,014,841.40. This represents a 28.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

AA has been the topic of several analyst reports. Argus dropped their target price on shares of Alcoa from $73.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Wall Street Zen upgraded shares of Alcoa from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Bank of America decreased their price objective on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating for the company in a research note on Thursday, July 9th. BMO Capital Markets lowered their price objective on shares of Alcoa from $60.00 to $55.00 and set a “market perform” rating on the stock in a research report on Friday, July 17th. Finally, Royal Bank Of Canada set a $70.00 price objective on shares of Alcoa in a research report on Wednesday, July 1st. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $61.09.

Alcoa Profile

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.