The Manufacturers Life Insurance Company Invests $12.09 Million in Alcoa $AA

The Manufacturers Life Insurance Company acquired a new position in Alcoa (NYSE:AA) in the second quarter, Holdings Channel.com reports. The fund acquired 231,940 shares of the industrial products company’s stock, valued at approximately $12,093,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Fifth Third Bancorp grew its position in Alcoa by 3,061.2% during the 1st quarter. Fifth Third Bancorp now owns 63,098 shares of the industrial products company’s stock worth $4,185,000 after purchasing an additional 61,102 shares in the last quarter. Advisors Preferred LLC purchased a new stake in shares of Alcoa in the first quarter valued at $1,613,000. XY Capital Ltd purchased a new stake in shares of Alcoa in the first quarter valued at $1,662,000. Regal Partners Ltd boosted its position in shares of Alcoa by 567.4% in the first quarter. Regal Partners Ltd now owns 356,330 shares of the industrial products company’s stock worth $23,635,000 after buying an additional 302,940 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in shares of Alcoa in the second quarter worth $1,179,000.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Wells Fargo & Company dropped their price target on Alcoa from $72.00 to $71.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. UBS Group decreased their price objective on Alcoa from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Weiss Ratings raised Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. JPMorgan Chase & Co. dropped their target price on Alcoa from $55.00 to $52.00 and set a “neutral” rating on the stock in a report on Friday, July 17th. Finally, BMO Capital Markets reduced their price target on shares of Alcoa from $60.00 to $55.00 and set a “market perform” rating for the company in a research report on Friday, July 17th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Alcoa currently has a consensus rating of “Hold” and an average target price of $61.09.

Alcoa Trading Down 1.6%

Alcoa stock opened at $50.35 on Friday. Alcoa has a 12 month low of $30.21 and a 12 month high of $84.38. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30. The stock has a market cap of $13.29 billion, a P/E ratio of 10.36, a P/E/G ratio of 0.58 and a beta of 1.63. The company’s fifty day simple moving average is $49.03 and its 200-day simple moving average is $59.97.

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

Alcoa Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were paid 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 dividend yield of 0.8%. Alcoa’s dividend payout ratio (DPR) is 8.23%.

Insider Buying and Selling at Alcoa

In other news, EVP Tammi A. Jones sold 15,628 shares of Alcoa stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $50.60, for a total transaction of $790,776.80. Following the completion of the sale, the executive vice president directly owned 39,819 shares in the company, valued at $2,014,841.40. The trade was a 28.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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.