The Manufacturers Life Insurance Company Buys 15,315 Shares of Alcoa $AA

The Manufacturers Life Insurance Company increased its stake in Alcoa (NYSE:AA) by 7.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 232,642 shares of the industrial products company’s stock after buying an additional 15,315 shares during the period. The Manufacturers Life Insurance Company owned 0.09% of Alcoa worth $15,431,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Bank of New York Mellon Corp raised its holdings in Alcoa by 211.7% in the fourth quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company’s stock worth $332,338,000 after purchasing an additional 4,247,559 shares in the last quarter. Castle Hook Partners LP purchased a new stake in shares of Alcoa in the 4th quarter worth about $210,874,000. Maple Rock Capital Partners Inc. bought a new position in shares of Alcoa in the 4th quarter worth about $173,412,000. AQR Capital Management LLC increased its stake in shares of Alcoa by 153.4% in the 4th quarter. AQR Capital Management LLC now owns 4,134,425 shares of the industrial products company’s stock worth $219,703,000 after acquiring an additional 2,503,132 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Alcoa by 247.9% during the 4th quarter. Invesco Ltd. now owns 2,415,697 shares of the industrial products company’s stock valued at $128,370,000 after acquiring an additional 1,721,280 shares during the period.

Alcoa Trading Up 0.1%

Shares of NYSE:AA opened at $45.31 on Monday. The company has a market cap of $11.96 billion, a P/E ratio of 9.32, a PEG ratio of 0.51 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92. Alcoa has a 1 year low of $28.11 and a 1 year high of $84.38. The stock’s fifty day moving average price is $57.44 and its 200-day moving average price is $61.46.

Alcoa (NYSE:AA) last released its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a return on equity of 18.90% and a net margin of 9.48%.The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.99 billion. During the same quarter in the previous year, the business posted $0.39 earnings per share. Sell-side analysts expect that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be paid a $0.10 dividend. The ex-dividend date is Tuesday, August 11th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.9%. Alcoa’s payout ratio is currently 8.23%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AA shares. Wells Fargo & Company cut their price objective on shares of Alcoa from $72.00 to $71.00 and set an “overweight” rating on the stock in a report on Friday, July 17th. JPMorgan Chase & Co. dropped their price target on Alcoa from $55.00 to $52.00 and set a “neutral” rating on the stock in a research report on Friday, July 17th. B. Riley Financial reduced their price objective on Alcoa from $92.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Weiss Ratings upgraded Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $53.00 price target (down from $79.00) on shares of Alcoa in a research note on Wednesday, July 8th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $61.09.

Alcoa Company 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.